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Just Buy Live, an online distributor that connects mom-and-pop retailers to consumer brands, today said it has given credit lines of over Rs 100 crore to 5,000 retailers to help small businesses with their working capital needs. Under its 'Udhaar' programme, Just Buy Live offers small retailers structured credit between Rs 2 lakh and Rs 50 lakh. Sahil Sani, CEO and Co-Founder of Just Buy Live, said the company plans to "exponentially" increase the lines deployed to retailers and registered businesses. "Just Buy will now accelerate opening lines to tens of thousands of its customers with lines between Rs 2 lakh to Rs 2 crore," he said. The government had announced scrapping of old Rs 500 and 1,000 notes on November 8, leading to a liquid cash crunch and serpentine queues at banks and ATMs. The move had a severe impact on small retailers who rely heavily on cash payments for their stock-in-trade needs.
Many faced grave financial difficulty in buying stocks from consumer goods distributors. Unlike e-commerce companies, Just Buy Live uses the digital platform to connect brands with offline retailers. It has on board brands like Xiaomi, Samsung, Micromax, YU Mobiles, Oppo, Patanjali, ITC, P&G, Unilever, Coca Cola, Pepsico, Amul and Nestle.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)