The online food delivery and ordering platform, Swiggy has decided to join hands with fintech company Indifi Technologies to provide working capital loans for its partner restaurant under Swiggy Capital Assist.
With more than 18000 restaurants under its belt, the online food delivery platform will provide capital especially to the restaurants who are running small- and medium- scale business. A spokesperson from the company informed IDG that Swiggy is focusing on small- and medium- scale restaurants, who looking for funds to expand their business in the market. The process is relatively simpler as there is just a form to fill and then Indifi will complete the credit evaluation within 24 hours and the entire loan will be given in a week’s time without initial deposits at a fair interest rate.
“Our restaurant partners are at the heart of our success. Through Swiggy Capital Assist, we want to leverage our credibility to provide fair and hassle-free financing options to our restaurant partners, much like our seamless delivery service,” said Sriharsha Majety, CEO, Swiggy. “With this program, our objective is to enable small and medium scale restaurants to get quick access to capital, expand their presence, and continue on their journey to greater success.”
The program will provide the company’s restaurant partners seamless access to additional working capital, helping them grow and expand their business, Swiggy said in a statement.