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Swiggy partners with Indifi Technologies to provide loans to restaurants

Indifi Technologies will offer collateral-free loans without any initial deposit and at fair interest rates

Alnoor Peermohamed  |  Bengaluru 

Swiggy
Swiggy

and delivery service has partnered with to launch Capital Assist, a programme to provide unsecured to listed on the platform.

The programme will look to provide restaurant partners with working capital that will be processed in under 24 hours and disbursed within a week. said the will help partners expand their business both through it as well as offline.

"Through 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 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 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 that was kicked off in mid-September saw the company receiving over 200 loan applications from across eight cities.

"Indifi's partnership with 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 to share data and help them expand into new locations, using data to suggest where they could find maximum business. The Capital Assist will go a step further to offer capital in order to expand their businesses, helping the online platform serve more customers.

First Published: Thu, October 12 2017. 18:14 IST
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