Update On :25 July 2015
Online recharge and payments company Paytm has tied up with Aditya Birla Finance to offer hassle-free finance options to more than 50,000 sellers on its platform. The move is expected to help small and medium sellers to scale up their business, the company said in a news release.
"We are creating an ecosystem which helps our merchants to grow their business faster," said Renu Satti, vice present for small and medium business at Paytm. "Accessibility to short-term loans and working capital loans is often a major roadblock for smaller sellers which we are working towards removing."
Satti said Aditya Birla Finance was setting up a dedicated system and infrastructure to cater to the financing requirements of smaller sellers.
A majority of micro, small and medium enterprises (MSME) in India do not have access to formal financing channels, said Aditya Birla Finance Chief Executive Rakesh Singh. "The partnership with Paytm also creates the opportunity for ABFL to penetrate the unbanked MSME space faster."
Paytm has partnered with other non-bank finance companies as well and is in talks with several banks with the aim of offering a wide choice of financing options to its registered merchants. Through such associations, Paytm envisions boosting the business of the merchants on board its platform and double their number to one lakh by the end of 2015.
News Source From : http://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/paytm-ties-up-with-aditya-birla-finance-to-offer-finance-options-to-sellers/48200795