Snapdeal, in another major relief for its merchants, has now signed up with
Tata Capital to provide loans from Rs 5 lakh to Rs 2 crore. As reported by business daily Economic Times, the pact, signed between Snapdeal and Tata Capital, allows its sellers and merchants to get loans.
A fresh statement released by Tata Capital says, "Tata Capital has entered into a tie up with Snapdeal under Capital Assist program."
Pradeep Bandivadekar, Tata Capital’s COO, corporate finance division has also said, "Tata Capital aims to be truly customer-centric by customizing our products and providing superior digital services to our wide range of customers. The partnership with Snapdeal is a step in this direction. We recognize that e-commerce has tremendous potential and are extremely pleased to partner with one of the largest names in the space."
The ET report also talks about the connected sellers of the eCommerce biggie. It says that Snapdeal has about 1, 50,000 connected sellers from around 5,000 locations across nation. "Tata Capital, the
financial services arm of the
Tata Group, caters to the diverse financial needs of retail and corporate consumers. Tata Capital's Supply Chain Finance is one of its key product offerings with a book size of over Rs.5000 crore," the statement added.
Snapdeal senior vice-president
Vijay Ajmera has said, “Snapdeal's customers are served by over 150,000 online merchants. The partnership with Tata Capital for Capital Assist, Snapdeal's Seller financing program provides them easy access to capital and helps them scale their business on our platform."
