Flipkart Wholesale rolls out credit programs to support kiranas, retailers
The credit offerings are a part of Flipkart’s initiatives to solve the problems of kiranas across the country and boost their prosperity by making their business easier using technology
- Aug 24, 2021,
- Updated Aug 24, 2021 2:21 PM IST
E-commerce major Flipkart Group’s digital B2B marketplace, Flipkart Wholesale, on Tuesday announced the launch of credit programs to help kiranas manage their working capital requirements and grow their business. The programs include ‘Easy Credit’ in partnership with IDFC FIRST Bank as well as other fintech institutions.
The credit offerings are a part of Flipkart’s initiatives to solve the problems of kiranas and make their business easier using technology. Through these offerings, kiranas can avail credit in two minutes at zero cost, through end-to-end digital onboarding.
The credit line will range from Rs 5,000 to Rs 2 lakh with an interest-free period of up to 14 days. Kiranas can also avail the benefits of flexible repayment options through cash and online transfers as well as instant refunds in case of order cancellation while keeping a tab on their credit balance and bills.
“Our key goal at Flipkart Wholesale is to make business easier for kiranas & retailers and boost their growth journey. We believe our new credit plan is tailored to solve local challenges that kiranas in India face and will help them manage their cash flow and improve their purchase experience on our platform, thereby ensuring that the benefits of digitisation trickle to the entire B2B retail ecosystem,” said Adarsh Menon, Senior Vice President and Head, Flipkart Wholesale.
Flipkart Wholesale serves over 1.5 million kiranas, retailers, hotels, restaurants and cafeterias as well as offices and institutions across the country. However, kiranas will continue to be the company's most important customer segment.
The company also said it plans to triple its reach by December, with the aim to serve kirana stores in 2,700 cities across the country.
Also Read: Online shopping in India gets pandemic boost, e-retail market grows 25% in FY21
“India’s kirana stores account for over two-thirds of the country’s retail landscape. This traditional trade is now evolving in terms of retail formats and business models. As a bank with a digital-first approach and focus on serving the retail ecosystem, we are keen to contribute to the growth of this segment. The partnership with Flipkart gives us an opportunity to enable kiranas to access formal credit and scale up business,” said Amit Kumar, Head-Retail Liabilities & Branch Banking, IDFC FIRST Bank.
Launched in September 2020, Flipkart Wholesale serves as an online B2B marketplace for retailers to make purchases across grocery and fashion categories. The platform witnessed a 17 per cent growth in its kirana customer base between January and June 2021, as an increased number of kiranas and retailers adopted the digital channel.
Also Read: Flipkart to create 4,000 jobs, opens 4 new facilities in Maharashtra
E-commerce major Flipkart Group’s digital B2B marketplace, Flipkart Wholesale, on Tuesday announced the launch of credit programs to help kiranas manage their working capital requirements and grow their business. The programs include ‘Easy Credit’ in partnership with IDFC FIRST Bank as well as other fintech institutions.
The credit offerings are a part of Flipkart’s initiatives to solve the problems of kiranas and make their business easier using technology. Through these offerings, kiranas can avail credit in two minutes at zero cost, through end-to-end digital onboarding.
The credit line will range from Rs 5,000 to Rs 2 lakh with an interest-free period of up to 14 days. Kiranas can also avail the benefits of flexible repayment options through cash and online transfers as well as instant refunds in case of order cancellation while keeping a tab on their credit balance and bills.
“Our key goal at Flipkart Wholesale is to make business easier for kiranas & retailers and boost their growth journey. We believe our new credit plan is tailored to solve local challenges that kiranas in India face and will help them manage their cash flow and improve their purchase experience on our platform, thereby ensuring that the benefits of digitisation trickle to the entire B2B retail ecosystem,” said Adarsh Menon, Senior Vice President and Head, Flipkart Wholesale.
Flipkart Wholesale serves over 1.5 million kiranas, retailers, hotels, restaurants and cafeterias as well as offices and institutions across the country. However, kiranas will continue to be the company's most important customer segment.
The company also said it plans to triple its reach by December, with the aim to serve kirana stores in 2,700 cities across the country.
Also Read: Online shopping in India gets pandemic boost, e-retail market grows 25% in FY21
“India’s kirana stores account for over two-thirds of the country’s retail landscape. This traditional trade is now evolving in terms of retail formats and business models. As a bank with a digital-first approach and focus on serving the retail ecosystem, we are keen to contribute to the growth of this segment. The partnership with Flipkart gives us an opportunity to enable kiranas to access formal credit and scale up business,” said Amit Kumar, Head-Retail Liabilities & Branch Banking, IDFC FIRST Bank.
Launched in September 2020, Flipkart Wholesale serves as an online B2B marketplace for retailers to make purchases across grocery and fashion categories. The platform witnessed a 17 per cent growth in its kirana customer base between January and June 2021, as an increased number of kiranas and retailers adopted the digital channel.
Also Read: Flipkart to create 4,000 jobs, opens 4 new facilities in Maharashtra