udaanCapital, fintech player, today announced that it had partnered with Northern Arc Capital Limited and facilitated disbursal of credit to over 50,000 kiranas and small retailers.
How it works
udaanCapital enables such retailers to make purchases for their stores from a wide array of suppliers on the udaan platform with credit lines provided by its lender partners. Thereby udaanCapital also catalyses kirana commerce on the udaan platform.
udaanCapital currently facilitates disbursal of over Rs 8,000 crores of credit per annum to over 1.5 lakh kiranas/small businesses across the country. The credit limits offered range from Rs 10,000 to Rs 25 lakhs and the credit tenures offered are short-term, it said.
Chaitanya Adapa, Head – udaanCapital said, “In Northern Arc we found a like-minded partner, who shared our vision and came onboard at a very early stage. I am very happy to see our partnership hit this milestone of putting productive capital in the hands of 50,000 small businesses”
Northern Arc is a financial services platform with a diversified business model that provides credit to MSMEs, households, financial institutions and emerging businesses. Over the past year, it has disbursed over 5 million loans across business loans, personal loans and BNPL facilities, through a completely digital journey. By leveraging its data insights and scorecards, Northern Arc said it has cumulatively raised over Rs One trillion in funds for its clients since the inception of its platform in 2009. Through the AltiFi platform, it offers fixed income investments for individual retail investors. Along with its asset management subsidiary that manages seven AIFs, the company manages a total AUM of over Rs 9,000 crore.
Speaking about this partnership, Ashish Mehrotra, MD & CEO, Northern Arc Capital said, “We are delighted to have joined forces with udaanCapital since their early days and meeting the credit needs of over 50,000 kirana stores across the country.”