Walmart Owned Flipkart Expands Benefits Under its Seller Financing Program!

The leading eCommerce player, Flipkart, has announced plans to expand benefits under its “Flipkart Growth Capital” program to encourage and empower the growth and continuity of millions of its seller partners. The company aims to build a strong partnership with lenders to facilitate new and improved credit options ranging from Rs 500,000 to Rs 50 million for partner sellers. They have announced early payment options under the scheme as well.

According to company sources, Flipkart has entered into various new partnerships under its much-talked-about scheme, “Working Capital Loan program,” creating a pool of options and opportunities for unlimited marketplaces through its reliable network of multiple lenders based on specific business needs. 

The Growth Capital Program Scheme

The scheme allows sellers to get secured and unsecured loans at the lowest minimum possible interest rates at 9%. Making the best use of technology synergies present in the ecosystem, it is possible to get an immediate loan sanction, and money dispersal will be done within 24 hours of the application submission. The move is taken in light to provide financial inclusion and independence to MSMEs struggling online for their existence. It is expected that through this program, seller partners can enjoy a returning result of over 18% year-on-year in average lending.

Through its program, Flipkart aims to widen the reach of financial institutions and connect them with underserved people. A new product, “early payment,” was introduced as a part of this program which helps sellers manage their cash flows and procurement requirements without much financial liability. Moreover, the company has cleared that the seller partner who uses this facility will likely benefit from additional fee exemptions during the period.

Ranjith Boyanapalli, Group Senior Vice President, Flipkart’s Marketplace, Fintech. & Payment said,” E-commerce has played a transformative role for sellers and micro-enterprises in recent years, especially since the pandemic, by providing new means for their growth and expansion. The scope and benefits of the Growth Capital Program are: It helps speed up cash flow and better manage procurement. The application process is faster, and you can choose from a broader range of lenders according to your requirements.”

Notably, Flipkart is an eCommerce market player that has put efforts into making affordable credit accessible to all its seller partners, regardless of their size and nature of business. The company has made its application process simple while making the overall experience better, smooth, and faster in the interests of both the lender as well as the seller partners. Also, with this new scheme, partners can enjoy payment timelines along with improved sanctions.