Cash Suvidha ties up with StoreKing to disburse loans worth $5-6 million in Rural India by the end of FY 2018

~over a period of just one month, it has disbursed loans worth Rs 1 crore~

New Delhi, April 12, 2018: Cash Suvidha, a trade name of Usha Financial Services has today announced its partnership with rural digitisation and commerce optimisation platform, StoreKing. This technology -enabled distribution platform is connecting small towns and villages across the country to a range of products and services, all via an app. Through this partnership, Cash Suvidha has successfully disbursed loans worth Rs 1 crore in just one month.

Going forward, the company plans to extend loans worth Rs 30-40Crore to over 2500 retailers per year. With its strong network of 47,000 stores across 10 states, StoreKing has been enabling retailers to sell more products and services to the walk-in customers and now, with this strategic tie up, the two companies aim to bring access to financial services in the nooks and corners of the country.

Founded in 2016 by Mr. Rajesh Gupta, Mr. Anoop Garg and Ms. Geeta Goswami, Cash Suvidha has a strong presence in North India, empowering more than 32,000 SMEs, providing a variety of loans to SMEs and Individuals, particularly in Delhi NCR, Bangalore, Pune, Hyderabad, Mumbai, and Rajasthan. Through its tie-up with StoreKing, Cash Suvidha is being able to tap into new markets and geographies such as the rural parts of Gujarat, Karnataka and Tamil Nadu.

Commenting on the development, Mr. Utkarsh Gupta, Head of the Alliance from Cash Suvidha, said, “We are glad to partner with StoreKing, the voice of Rural India, to extend our customised lending services to retailers in the rural parts of the country. We are banking upon StoreKing’s transactional data with respect to over 50,000 retailers. We have achieved full data integration with StoreKing, 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”

 

“We chose to partner with Cash Suvidha because of its convenient & effective financing options. This is critical in building retailer loyalty to our company, giving them the confidence to increase their overall GMV, positively impacting revenues both for them and us. Through this partnership, Cash Suvidha has provided collateral free loans to our retailers who are mostly underserved by traditional financial institutions. Adding to the value of their services, Cash Suvidha provides loans within 48 hours which is perfect for retailers in the rural market, owing to their simple working capital requirements” said Sridhar Gundaiah, CEO, StoreKing.

 

“We enable and determine the lead generation  for credit , match them with the right product ,  also facilitating the disbursal of the loan to the StoreKing Retailer Balance and  enabling the timely collections through us .we ensure retailers  have a  customized finance option which helps them build cash flows with scalability. Not just that, they also get a chance to build a credit history in-order to become eligible for lending from traditional financers”, he further added.

 

Cash Suvidha receives around 15,000 plus loan applications per month and disburses loans within two working days. Since its inception the company has raised a total debt of $5.2 million and has successfully disbursed a total amount of 154 Cr. With a successful business model and management, the company has been profitable since the beginning of its operations. 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.

 

 

About Cash Suvidha:

Cash Suvidha is a StartupFintech company, which extends business loans to SMEs, MSMEs, and women entrepreneurs for income generation purpose & personal loans to individuals. Apart from stirring the journeys of budding and longstanding entrepreneurs, Cash Suvidha, also deals with women empowerment on a micro level.

Cash Suvidha aims to fill market gap that’s not allowing visionaries in uplifting their dreams towards real touch of business world – establishment or enlargement of a profit-making agency.

Cash Suvidha has efficiently served customers right from the era of cash to emerging cashless economy. Digital banking is an integral part of their operations. Through Cash Suvidha, digital-savvy entrepreneurs can avail financial services seamlessly as they navigate through their progressively digitized lives.

In terms of growth story, Cash Suvidha began its operations in June 2016 after which they have been playing a significant role in empowering people to fulfil their ambitions. Within a short span of one year of its operations, company has tied up with over 14-15 players to expand business across India and has targeted a 5x increase in processing loan applications. In terms of future plans, Cash Suvidha is targeting more tie-ups for business expansion.

Since its inception, Cash Suvidha has disbursed to 35,000+ borrowers and the average ticket size of loan is Rs 20,000- Rs. 5,00,000.