XSTOK.com Launches “Xpress Finance”
XSTOK.com launched Xpress Finance, an online finance facility for its buyers, in partnership with various finance partners. XSTOK buyers can have a revolving credit line up to INR 1 Crore under this facility.
NEW DELHI: XSTOK.com, an online B2B marketplace for wholesale and surplus stocks of Fabrics, Denims, Home Textiles, Apparels and Yarns, announced the launch of Xpress Finance, an online finance facility for its buyers, in partnership with various finance partners. XSTOK buyers can have a revolving credit line up to INR 1 Crore under this facility.
Launched in July 2015, XSTOK.com facilitates medium and small size textile producers, cutters, wholesalers, retailers, traders and agents, in buying wholesale and surplus products from mills across India. Currently XSTOK.com has completed more than 700 transactions in one year and buyers have made online payments for the same. Buyers in a traditional textile wholesale set-up are used to a finance facility extended by the suppliers. Xpress Finance is a value added service for the buyers who are used to the traditional way of doing business.
Sanjiv Khandelwal, Founder XSTOK said, “XSTOK wants to give its buyers more choices, whether it is for purchasing textiles or for availing finance. XSTOK’s buyers will have access to finance facility, at the click of a button, via XSTOK’s app and website. The finance facility extension is based on our buyers’ request and we hope that the simplicity of the process will help our buyers in the long run.”
The buyers at XSTOK.com can avail this facility of having a revolving limit either by getting pre-approved limits from the finance partner (valid for one year) or by applying at point of purchase. XSTOK will then share the contact details of the buyer with the finance partner. Thereafter, the finance partner and the buyer would discuss the terms and conditions of the financing, as per individual relevance and requirement.
XSTOK.com at present has onboarded 750+ premium suppliers, including Arvind, Welspun, Nahar, Oswal Denim, D’Décor, Trident and Mafatlal, to name a few. Within just a year, it also has 12,000 registered members. XSTOK aims to have 30,000 registered members by the end of the year and desires to be the preferred choice for sourcing and trading of textiles in India.