Meesho and Klub Join Forces for Local Manufacturing through Financing Partnership
Fintech startup, Klub has partnered with India’s social e-commerce giant, Meesho to support the local economy. This partnership aims to provide financing options for MSMEs on Meesho’s platform to enable domestic sourcing and manufacturing in the current COVID-19 economy.
Emphasizing on the honourable Prime Minister’s call for self-reliance and lending support to Indian industries, the financing partnership of Klub and Meesho will provide end-to-end solutions to suppliers on the Meesho platform to raise capital for the growth of their businesses. Additionally, this Vocal for Local collaboration will ensure flexible financing for select Meesho suppliers to source input material through domestic manufacturing units, and in turn, expand their business.
Commenting on the financing partnership, Anurakt Jain, Co-founder and CEO , Klub, said, “ As an embedded financing partner for Meesho, we look forward to combining our expertise and unique financial solutions with Meesho’s reach to provide some relief to small businesses. Klub’s goal is to enable local brands to reach their growth potential by offering flexible financing solutions.” Founded by Anurakt Jain and Ishita Verma, and backed by Surge, Sequoia Capital India’s rapid scale-up program, Klub is actively building a platform to offer much-needed capital to local entrepreneurs in the Indian market.
Founded by Vidit Aatrey and Sanjeev Barnwal, Meesho currently has close to 4 million women entrepreneurs and 50,000 suppliers on its platform, who have in turn created more than 100,000 jobs in Tier 2 and 3 cities. “We are very excited to come together with Klub with a shared vision of converting business dreams to reality despite the challenges of the current economic situation,” highlighted Vidit Aatrey, CEO, Meesho. The brand aims to encourage more local entrepreneurs to start up their businesses and eventually bolster the Indian economy by providing capital assurance through this partnership.
At a time when Indian MSMEs are reeling from the COVID-19 credit impact and are seeking alternative options for financing and growth, this partnership between the two home-grown startups further enables local manufacturing in the country.
