Paytm, India’s largest mobile commerce platform has entered into a partnership to assist small merchants on its platform. It has tied up with Aditya Birla Finance Limited, a part of Aditya Birla Financial Services Group, to assist 50,000+ sellers with easily accessible and hassle-free finance options. The move is expected to greatly benefit small and medium sellers while scaling their business.
Commenting on the association Renu Satti, VP - SME Business said, “We are creating an ecosystem which helps our merchants to grow their business faster. Accessibility to short-term loans and working capital loans is often a major roadblock for smaller sellers which we are working towards removing. Aditya Birla Finance is a trusted player in the field and is setting up a dedicated system and infrastructure to cater to the financing requirements of smaller sellers.”
Rakesh Singh, CEO – Aditya Birla Finance Limited said, “Majority of the MSMEs in India do not have access to formal financing channels. ABFL is looking for such mutually benefitting partnerships which will help these SMEs get access to formal channels of financing. The partnership with Paytm also creates the opportunity for ABFL to penetrate the unbanked MSME space faster.”
Paytm has partnered with other NBFCs and is in talks with several banks with the aim of offering a wide choice of financing options to its registered merchants. Through such associations, Paytm envisions boosting the business of the 50,000 merchants on board its platform and taking this figure to a total of one lakh by the end of 2015.
About Paytm
Paytm is India’s largest mobile commerce platform. With its mobile first strategy, Paytm does more than 80 million orders of various digital and physical goods every month. Launched in 2014, Paytm wallet is India's dominant mobile payment service platform.
Consumer brand of India’s leading mobile internet company One97 Communications, Paytm is head-quartered in Delhi NCR. The company’s investors include Ant Financials (AliPay), SAIF Partners, Sapphire Venture and Silicon Valley Bank.
About Aditya Birla Finance
Aditya Birla Finance Limited (ABFL) is one of India's most reputed non-banking financial companies (NBFC). Incorporated in 1991, the company was certified as ISO 9001:2008 across all its core functional processes in March 2013 by BSI, a leading global independent business services organization. ABFL offers customized solutions in areas of Capital Market, Corporate Finance, Commercial Real Estate & Mortgages and Infrastructure Project & Structured Finance. Through its lending and financing solutions, ABFL enables its customers to pursue ambitious growth strategies and execute value-creating transactions. Aditya Birla Finance is a part of the Aditya Birla Financial Services Group (ABFSG).
About Aditya Birla Financial Services Group
Aditya Birla Financial Services Group (ABFSG) ranks among the top 5 fund managers in India (excluding LIC) with an AUM of INR 1,64,995 Crore. Having a strong presence across the life insurance, asset management, housing finance, NBFC, private equity, retail broking, distribution & wealth management, online money management, and general insurance broking, ABFSG is committed to serve the end-to-end financial services needs of its retail and corporate customers. The eight companies representing ABFSG are: Birla Sun Life Insurance Company Ltd., Birla Sun Life Asset Management Company Ltd., Aditya Birla Housing Finance Ltd., Aditya Birla Finance Ltd., Aditya Birla Capital Advisors Pvt. Ltd., Aditya Birla Money Ltd., Aditya Birla Money Mart Ltd. and Aditya Birla Insurance Brokers Ltd. In FY 2014-15, ABFSG reported consolidated revenue from these businesses close to INR 7,926 Crore and earnings before tax of approx INR 849 Crore. Anchored by about 12,000 employees and trusted by over 6.5 million customers, ABFSG has a nationwide reach through 1,500 points of presence and about 200,000 agents / channel partners.
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