Flipkart Wholesale’s New Credit Program to Boost Kiranas & Retail Stores

Over 1.5 million kiranas & retailers will be able to avail credit in just two minutes through Flipkart Wholesale’s partnership with lending partners and fintech institutions.

Flipkart Wholesale, the digital B2B marketplace, has launched industry-first credit programs aiming at helping Kiranas and retailers to manage their working capital requirements and grow their businesses, respectively. 

Flipkart Group, an eminent Indian eCommerce entity, has announced a series of initiatives to provide backup support to local pain points of Kiranas and retailers in the country. These initiatives are launched using newer technology and assure a boosting growth to small business owners. For this, the company has introduced Flipkart Wholesale’s credit offerings, offered in partnership with IDFC First Bank. 

Flipkart has privileged relationships with the IDFC bank since the moment that Flipkart got a loan worth Rs 300 Crores from the IDFC bank. Under the new provisions, Kiranas and retailers can easily avail funds in just two minutes at absolutely zero costs by using the end-to-end digital onboarding partnership with the IDFC First Bank and other well-known fin-tech institutions. 

The credit limit is flexible and starts from Rs 5,000 to Rs. 2 Lakhs with an interest-free period of upto 14 days. Moreover, the new initiative allows beneficiaries to avail themselves of flexible repayment options through the case and online transfers and instant refunds in case of order cancellation while carefully monitoring their credit balance and bills.

Speaking on this new launch, Adarsh Menon, Senior Vice President, and Head - Flipkart Wholesale, said, “The company’s key goal is to make business easier for kiranas & retailers and speed up their growth journey. The new credit plan proves effective in resolving local challenges that Indian Kiranas face. We assist them in managing their cash flow while improving their purchase experience on our platform, thereby ensuring the digitization trickle to the entire B2B retail ecosystem.”

“Kirana and retail stores occupy over two-thirds of the country’s retail segment, which is evolving with a rapid speed in terms of retail formats and business models. IDFC FIRST Bank, with a vision of a digital-first approach and focus on serving the retail landscape, is excited to contribute to the growth of this perspective. The association between Flipkart and the IDFC FIRST bank gives birth to an opportunity to enable kiranas to access formal credit and grow their business.”

Currently, Flipkart Wholesale has over $1.5 million nationwide members, including; kiranas/retailers, HoReCa (hotels, restaurants, and cafeterias), and O&I.(offices and institutions) added, Amit Kumar, Head-Retail Liabilities & Branch Banking – IDFC FIRST Bank.

Flipkart's initiative, ‘Flipkart Wholesale,’ aimed at adding value propositions for customers by offering them a wide range of Flipkart-assured quality products, easy and convenient order returns, and prompt product delivery to the shops/stores with a dependable order tracking facility with assured margins on every product.