One97 Communications Ltd, homeowners of the model Paytm, on Friday mentioned it has partnered with retail non-banking finance firm Shriram Finance Ltd to supply monetary companies to its customers, together with mortgage merchandise.
By this three way partnership, Shriram Finance merchandise can be made accessible on the digital platform to additional increase Paytm’s enterprise to credit score companies as properly, and drive monetary inclusion.
With its technology-led lending, Paytm has strengthened the credit score ecosystem by partnering with marquee monetary establishments to digitally distribute loans.
“India is witnessing excessive progress in retail credit score demand. It’s only prone to enhance with higher participation from rural and semi-urban India. Numerous this demand will come from a digitally literate, younger technology introduced up within the cellular phone proliferation period and people having consolation in making all their transactions by way of handheld units,” mentioned Shriram Finance Ltd government vice chairman Umesh Revankar.
Retailers on the Paytm community would get an opportunity to avail loans from Shriram Finance after which it could be prolonged to client loans.
“Our dedication to increasing credit score distribution will get an additional increase with our new strategic accomplice Shriram Finance. We’re pleased that collectively we will create credit score choices to serve small service provider companions and entrepreneurs of India,” Paytm founder and CEO Vijay Shekhar Sharma mentioned.
With Property below administration of Rs 1.85 lakh crore, an worker base of 64,052 and a pair of,922 branches in operation, Shriram Finance is among the largest retail non-banking finance firms within the nation.
“We’re pleased to onboard Shriram Finance as our newest marquee accomplice, as we proceed to drive the expansion momentum within the credit score distribution enterprise whereas remaining targeted on digital lending compliance and high quality of loans,” Paytm President and COO Bhavesh Gupta mentioned.
“With Shriram Finance’s robust presence, particularly in southern India, we goal to spice up entry to credit score by empowering customers throughout the nation with simplified mortgage distribution,” Gupta added.
