According to a statement, Flipkart Wholesale’s credit offering, which includes ‘Easy Credit’ in partnership with IDFC First Bank, is in line with a series of initiatives taken to address local pain points of kirana in the country. (representative image)
Flipkart Wholesale, the Walmart-owned digital B2B marketplace, on Tuesday announced a new credit program to help kiranas manage their working capital needs and grow their business.
According to a statement, Flipkart Wholesale’s credit offering, which includes ‘Easy Credit’ in partnership with IDFC First Bank, is in line with a series of initiatives taken to address local pain points of kirana in the country.
Through these new offerings, kiranas (neighborhood mom-and-pop stores) can avail credit at zero cost through end-to-end digital onboarding in partnership with IDFC First Bank and other fintech institutions.
The credit line will range from Rs 5,000 to Rs 2 lakh with an interest free period of up to 14 days.
Adarsh Menon, Senior Vice President and Head, Flipkart Wholesale, said the company’s main goal is to make it easier for grocers and retailers to do business and fuel their growth journey.
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“We believe that our new credit plan is designed to address the local challenges that kiranas in India face and will help them manage their cash flow and improve their buying experience on our platform , thereby ensuring that the benefits of digitization permeate the entire B2B retail ecosystem,” he added.
Flipkart Wholesale serves over 1.5 million members across the country which includes Grocery/Retailer, Horeka (Hotels, Restaurants and Cafeteria) and O&I (Offices and Institutions).
“India’s kirana stores account for more than two-thirds of the country’s retail landscape. This traditional business is now evolving in terms of retail formats and business models.
Amit Kumar, Head (Retail Liabilities & Branch Banking), IDFC First Bank said, “As a bank with a digital-first approach and focus on serving the retail ecosystem, we are keen to contribute to the growth of this segment.”
The partnership with Flipkart gives the bank an opportunity to access formal loans and enable it to grow business, he added.
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