Flipkart to bankroll ₹200-cr loans to sellers by end of festive season
BENGALURU: Ecommerce company Flipkart on Thursday said it expects to disburse ₹200 crore worth of loans to its sellers by end of this festive season.
The company said that since the launch of “Flipkart Growth Capital” in July 2015, the company has so far disbursed loans amounting to over ₹125 crore to more than 800 sellers on its platform. The number of sellers who have availed of the loans account for less than 1% of the over 90,000 sellers on Flipkart’s network.
Flipkart has partnered with eight financial institutions to offers collateral-free loans with interest rates starting at 11.4%.
Flipkart Growth Capital programme the company said had received over 3,000 applications in the initial months of the launch. Around 80% the loans availed where in the collateralfree format and 95% of the total loans disbursed are overdraft working capital loans.
Anil Goteti, head-marketplace, Flipkart, said, “Considering the increasing demand for the initiative, we are estimating it to hit the ₹200-crore mark by the end of this festive season”
Interestingly, reports in the last few months have said that talks to raise fresh capital by Flipkart — for its own operations — have not made any headway due to disagreement in the valuation of its business.