Mumbai: Digital supply chain finance platform, Cashinvoice announced its collaboration with Hero Fincorp to make financing available to a pool of MSMEs in India.
The collaboration will cater to supply chain finance offerings in order to keep up with the growing needs of corporates in India while also addressing liquidity issues for the MSME segment. With the forces aligned, Hero Fincorp’s strong capital base, combined with Cashinvoice’s flexibility and technological prowess, will help penetrate deep and fast into supply chain finance programs, enabling liquidity to vendor ecosystems and credit to small businesses in India.
Arun Poojari, CEO and Co-founder, Cashinvoice added, “We are constantly looking for ways to enhance the flow of credit within the business ecosystem to ensure an undisturbed supply chain among various stakeholders. Access to timely MSME funding, complex regulatory procedures, and insufficient financial knowledge are some of the daunting obstacles faced by MSMEs in India. Understanding these challenges and streamlining MSME business financing in India is important to achieve India’s goal of becoming a global economic power. We are thrilled to have Hero FinCorp, India’s leading NBFC, on board to act as financial aid on our journey to create solutions to solve the working capital gap in India. Through this association, we aim at facilitating INR 10,000 Crores of MSMEs purchases in FY24 .”
Tarul Agarwal, Head Supply chain finance, Hero FinCorp commented, “Working cash crunch has been an age-old bottleneck for many of the corporates and MSMEs, innovative solutions like supply chain finance is providing tailor-made solutions to resolve the daunting issue. We are glad to associate with Cashinvoice to bridge gaps in the ecosystem. This collaboration will benefit SMEs and MSMEs seeking business loans by making the overall process faster and more seamless.”
With the digital onboarding process, dealers will have a hassle-free onboarding, sanction and end-to-end digital financing experience. Through this partnership, Cashinvoice continues to provide financial inclusion in the economy, pushing beyond traditional boundaries and extending lending to tier 2 and tier 3 cities.
