MSME Lending Platform Disburses Loans of Rs 2,800 crore, with 50 percent going to Women Entrepreneurs
By: WE Staff | Friday, 30 September 2022
Indifi Technologies, a lending platform for Micro Small and Medium Enterprises (MSMEs), revealed on Thursday that it had disbursed loans of about Rs 2,800 crore to microbusinesses in India. Additionally, among the 50,000 small enterprises that have received loans, 15% are owned by women. 25% of the women business owners in this sector are taking out loans for the first time, and 25% of them are from Tier II, III, or IV cities.
The survey also noted that women are 50% more likely to take out loans for e-commerce and food delivery firms than for retail or offline businesses.
According to information provided by the Micro, Small, and Medium Enterprises Ministry, the MSME sector makes up around 30% of India's GDP, produces 45% of the country's exports, and employs the second-largest workforce after agriculture. Prime Minister Narendra Modi has frequently emphasised how important this sector will be in assisting India's transition to a $5 trillion economy.
Alok Mittal, Co-founder, and CEO of Indifi Technologies, acknowledged this development and added, “Customer impact is at the core of our inspiration. We believe MSMEs are a key driver in India’s economic ambitions and we are committed to empowering their true potential.” He added, “The progress we have made so far in driving financial inclusion for underserved MSMEs only strengthens our commitment to bridging the MSME credit gap. We are cognizant that we have only scratched the surface but we are determined to go the distance.”
The fintech business, situated in Gurgaon, was founded in 2015 to solve the MSME credit gap. Additionally, it has focused on providing loans to creditworthy but underrepresented enterprises that frequently face issues like locked-in working capital, access issues, impediments to digital solutions, and more.