The programme will look to provide restaurant partners with working capital loans
that will be processed in under 24 hours and disbursed within a week. Swiggy
said the loans
will help partners expand their business both through it as well as offline.
Capital Assist, we want to leverage our credibility to provide fair and hassle-free financing options to our restaurant partners, much like our seamless delivery service," said Sriharsha Majety, CEO of Swiggy, in a statement.
will offer collateral-free loans
without any initial deposit and at fair interest rates. The move is similar to what large e-commerce players did for their vendors, by arranging quick working capital loans
based on the financial data of partners that the online platforms had collected.
In turn, they were able to tap these sellers for additional business driven through their online platforms. For Swiggy, which is continually looking at entering new locations on the back of partnering with restaurants, is looking at ways to get them to expand their service for it to serve more customers.
Swiggy's pilot offering to restaurants
that was kicked off in mid-September saw the company receiving over 200 loan applications from across eight cities.
"Indifi's partnership with Swiggy
creates a seamless financing platform for restaurant owners, as well as the data infrastructure to enable strong credit quality for lenders," said Siddharth Mahanot, COO, Indifi.
is also working with select restaurants
to share data and help them expand into new locations, using data to suggest where they could find maximum business. The Swiggy
Capital Assist will go a step further to offer restaurants
capital in order to expand their businesses, helping the online platform serve more customers.