Payworld disburses Rs. 10 crore loans to SMEs in three months

New Delhi [India], Jan 19 (ANI): Among India's largest assisted wallet Payworld on Friday announced disbursing loans of Rs. 10 crores to the Micro and Small enterprises (SME), within three months of partnership with Non-Banking Financial Companies (NBFC) and digital lending platforms like Capital Float, Happy Loan and e - Paylater.

The average loan ticket size is Rs. 30,000 to 50,000 while for end users the average loan amount is below Rs. 10,000.

"We've seen very strong uptake of our loans and with the support of current and upcoming partners, we aim to achieve Rs 250 crore disbursement mark to a a prospect base of over one lakh 55 thousand retailers by financial year 2018- 19," said COO Payworld, Praveen Dhabhai.

For a long time, the Indian SME sector has had little options for loans and the availability was not very wide-spread.

However, over the last few years there has been a spurt in digital lending and fintech startups that leverage technology to make the application process completely paperless.

Payworld is helping micro, small and medium enterprises and retailers meet short- term cash flow.

Normally, collaterals like mortgage are also required to raise funds from the banking system.

Also, transaction time in these cases is lengthy often nullifying the advantage associated with timely disbursements. The facilitation of timely loans will help to cut down on non-performing assets in the system.

The added advantage is that channel partners will be able to increase their market size by tapping into Payworld Omnichannel retail network and sales force in tier ll and tier lll cities across the country. (ANI)

This story has not been edited. It has been published as provided by ANI