Cash Suvidha, a digital fintech platform under Usha Financial services has recently made an announcement of its partnership with StoreKing, a rural digitalization and commerce optimization platform that links rural India with technology.
With a view to extend lending services to retailers in rural part of India, this partnership between two has been formed.
With this partnership, the two companies aim to bring access to financial services in the nooks and corners of the country and thus in this direction, they plans to extend loans worth Rs 30-40 crore to over 2500 retailers per year.
Through this partnership, Cash Suvidha has already successfully disbursed loans worth Rs 1 crore in just one month.
On one hand Cash Suvidha has a strong presence in North India, empowering more than 32,000 SMEs by providing variety of loans in Delhi NCR, Banglore, Pune, Hyderabad, Mumbai and Rajasthan. On the other hand, StoreKing with its strong network of 47,000 stores across 10 states has been enabling retailers to sell more products and services to the walk-in customers.
Therefore, through this strategic tie-up Cash Suvidha is being able to tap into new markets and geographies such as the rural parts of Gujarat, Karnataka and Tamil Nadu.
Commenting over the recent development, Utkarsh Gupta, Head of the Alliance from Cash Suvidha in a press interview said, that with the help of StoreKing’s transactional data of over 50,000 retailers, we have achieved full data integration with StoreKing.
He said that this integration is allowing us to use our proprietary Artificial Intelligence (AI) driven systems to determine the best leads for credit, and match them with the perfect kind of product.
Since its operation, the company has been profitable and has raised a total debt of $5.2 million with successful disbursal of 154 Cr. Loan.
With its vision to provide easy access to credit and working capital to SMEs, 80% of its loans are targeted towards SME sector in India.