Food delivery firm Swiggy is expanding its offerings and has now entered into fintech space with the launch of Swiggy Capital Assist for restaurant partners on its platform.
Swiggy has partnered with fintech firm Indifi Technologies, which will offer loans to the company’s restaurant partners. The access to loans will help the restaurants to expand their business in both the online and offline space.
“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.
He added that with this program, his 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.
In this financial programme, Swiggy’s financial program will offer partner restaurants collateral-free loans without initial deposits; interest rates will remain as per the market standards. Besides, Indifi will also do the background check of the applicants and will undertake the credit evaluation exercise within 24 hours of the document submission and will process loans within a week.
Swiggy has also kept some additional benefits for high performing restaurants as the Swiggy Capital Assist program will provide a rebate on the loan, depending on the volume of sales the restaurant clocks on the platform. The food delivery platform expects the move will be especially beneficial for small and medium-sized restaurant partners who find it challenging to secure loans through traditional financing methods.
The program will be open to all 18,000 restaurant partners on Swiggy’s platform. The pilot program was launched in mid-September and has so far received over 200 applications from restaurant partners across the eight cities such as Delhi, Mumbai, Bangalore, NCR, Hyderabad, Kolkata, Pune and Chennai.