Industrybuying offers credit solution to SMEs

Industrybuying, one of India’s leading B2B ecommerce startup, has joined hands with Capital Float, the largest digital lending platform in the country, to offer ‘Pay Later’, a credit solution to businesses across India.

The loan product enables small and medium enterprises (SMEs) to procure industrial products using a pre-defined credit line that gets reset upon repayment. ‘Pay Later’ comes as a convenient feature for SMEs and SMBs looking to procure industrial products as it allows them to avail online credit of up to Rs 25 lakh almost instantaneously without paperwork and hassles associated with getting a loan from elsewhere, a release said.

To avail the Pay Later option, companies need to register themselves on the Industrybuying website and Industrybuying will share customer details with Capital Float for processing. Post verification done by Capital Float, the credit line will be setup on IndustryBuying and ready for use within 72 hours. Payment through Pay Later is available for a purchase amount of Rs 25,000 or higher, the release added.

 “Working capital management is a problem faced by most SMEs. Along with solving this problem for existing businesses, the availability of hassle-free loans can help numerous entrepreneurs lead the establishment of various SMEs and SMBs in tier II and tier III cities of India wherein the real bulk of India’s bustling industrial sector lies,” Industrybuying co-founder and chief executive officer Swati Gupta said.

 “The market opportunity is sizeable and encouraging. Our collaboration with IndustryBuying will incorporate the strengths of two growing businesses, taking finance to tier II and tier III markets, which were previously ignored due to inadequate infrastructure. We intend to make convenient finance accessible to SMEs at a granular level,” Capital Float co-founder Gaurav Hinduja said.