Tata Capital partners with Snapdeal for an online 'Marketplace Financing Program' under Capital Assist
Tata Capital to provide loans to sellers engaged on Snapdeal's marketplace platform
Delhi, July 20th, 2015 - Tata Capital has entered into a tie-up with Snapdeal under its Capital Assist program for financing Snapdeal's sellers and online merchants. Under the arrangement, Tata Capital will provide unsecured loans in the range of Rs.5 lakhs to Rs.2 crore to meet the working capital needs of Snapdeal's sellers at competitive rates and with flexible tenures.
Snapdeal, India's largest online marketplace, caters to a wide array of categories and products through over 150,000 connected sellers from over 5000 locations across the country. Tata Capital, the financial services arm of the Tata Group, caters to the diverse financial needs of retail and corporate consumers. Tata Capital's Supply Chain Finance is one of its key product offerings with a book size of over Rs.5000 crore.
Commenting on the partnership with Snapdeal, Mr. Pradeep Bandivadekar, COO - Corporate Finance Division, Tata Capital, states "Tata Capital aims to be truly customer-centric by customizing our products and providing superior digital services to our wide range of customers. The partnership with Snapdeal is a step in this direction. We recognize that e-commerce has tremendous potential and are extremely pleased to partner with one of the largest names in the space."
Vijay Ajmera, Senior Vice President, Snapdeal added "Snapdeal's millions of customers are served by over 150,000 online merchants, big and small alike. The partnership with Tata Capital for Capital Assist, Snapdeal's Seller financing program provides them easy access to capital and helps them scale their business on our platform. Partnerships like this will help us achieve our goal of creating 1 million successful online entrepreneurs within the next three years."
About Tata Capital Limited
Tata Capital Limited, registered with the Reserve Bank of India as a Core Investment Company, is a holistic financial services provider that caters to the diverse needs of retail, corporate and institutional customers, directly or indirectly through its subsidiaries. Its range of offerings includes Consumer Finance, Advisory Services, Commercial Finance, Infrastructure Finance, Securities, Investment Banking, Private Equity Advisory, Credit Cards and Travel & Forex Services. For more information about Tata Capital, please visit www.tatacapital.com.
Snapdeal's vision is to create India's most impactful digital commerce ecosystem that creates life-changing experiences for buyers and sellers. In February 2010, Kunal Bahl along with Rohit Bansal, started Snapdeal.com - India's largest online marketplace, with the widest assortment of 12 million+ products across 500+ diverse categories from thousands of regional, national, and international brands and retailers. With millions of users and 150,000 sellers, Snapdeal is the shopping destination for internet users across the country, delivering to 5000+ cities and towns in India. With its acquisition of Freecharge in 2015, a leading mobile transactions platform, Snapdeal has become the largest mCommerce company in the country. In its journey till now, Snapdeal has partnered with several global marquee investors and individuals such as SoftBank, BlackRock, Temasek, eBay Inc., Premji Invest, Intel Capital, Bessemer Venture Partners, Mr. Ratan Tata, among others.
For further information, please contact:
Stuart Pereira - Asst. Vice President - Corporate Communication | Contact: +91 9029080385 | Email: Stuart.Pereira@tatacapital.com
Rashmi Shetty - Account Director | Contact: +91 917738076387 | Email: Rashmi.Shetty@edelman.com