Flipkart has partnered with Davinta to provide finance to SMEs
Flipkart Wholesale, the Flipkart Group’s digital B2B marketplace, has partnered with SME financing platform DaVinta to offer finance to its connected shops. One of the difficulties the firm hopes to solve, according to Adarsh Menon, Senior Vice President and Head, Flipkart Wholesale, is access to reasonable and transparent loans.
“By partnering with DaVinta, members will have instant access to credits on our site. The experience for merchants is smooth and entirely digital, which is only possible because both of our companies prioritise technology,” he said in a statement on Saturday.
As the collaboration grows, more Flipkart Wholesale kirana and MSME members will be able to take use of accessible and affordable finance in order to further their growth on the platform, he said. MSMEs and Kiranas will be able to use the Flipkart Wholesale-Davinta combination’s BNPL lending facility. BNPL is a credit innovation from new age fintechs that is being offered as an option to customers who are unable to obtain traditional credit such as credit cards.
With over 60 million small businesses in India, the majority of which struggle to obtain traditional credit, BNPL presents a great opportunity to advance financial inclusion and give much-needed affordable credit access to these small company owners. Is. Bengaluru-based Ravi Garikipati, the former CTO of Flipkart, and Raj Vattikuti, a US-based entrepreneur, launched Davinta. The two-year-old company concentrates on microbusinesses, with Vyapar Shakti, a BNPL loan facility for small merchants, as its main offering.
Garikipati, CEO of DaVinta, said, “We are very happy to work with Flipkart Wholesale and introduce our BNPL goods to over 1.5 million members of Wholesale.” DaVinta is now allowing retailers around the country to release themselves from cash crunch and experience simple one-click credit access when acquiring goods thanks to BNPL, he added.