ShopClues, India’s largest managed marketplace on Friday announced the launch of Capital Wings, a financing platform for its vendors.
ShopClues has tied up with third party finance providers (Nationalised Banks and NBFCs) to offer working capital to vendors at competitive rates and without collateral in order to enable merchants with to scale their business to newer heights.
Speaking on the initiative, ShopClues Co-founder & CEO, Sanjay Sethi said, “Merchant satisfaction is a very important business metric for us at ShopClues. They are equal stakeholders in our success and we wish to help them infuse new blood and energy into their businesses with this financing platform. Those who aspire to grow their ventures manifold, will be provided with a convenient platform where the process from application to loan amount disbursement will be complete within a week.”
In its initial phase, ShopClues has partnered with Capital Float. It is also in talks with other players in this domain to offer more choices in financing solutions to its sellers. The pilot project has been successfully completed and now ShopClues is ready to launch the platform in a phased manner for its merchant base of over 1,50,000 vendors.
The merchants can apply for loans simply on the vendor dashboard by clicking on the merchant financing section. After the online application, on the basis of the merchant’s past performance and his rating on ShopClues, the merchant will be eligible for the loan amount which will be processed in the speediest and most hassle-free ways.