Just Buy Live, an online distributor that connects mom-and-pop retailers to consumer brands, said it has given credit lines of over Rs 100 crore to 5,000 retailers to help small businesses with their working capital needs.
According to a PTI report: Under its ‘Udhaar’ programme, Just Buy Live offers small retailers structured credit between Rs 2 lakh and Rs 50 lakh.
CEO and Co-Founder, Just Buy Live, Sahil Sani said the company plans to exponentially increase the lines deployed to retailers and registered businesses.
“Just Buy will now accelerate opening lines to tens of thousands of its customers with lines between Rs 2 lakh to Rs 2 crore,” he was quoted by PTI as saying.
The Government had announced scrapping of old Rs 500 and Rs 1,000 notes on November 8, leading to a liquid cash crunch and serpentine queues at banks and ATMs.
The move had a severe impact on small retailers who rely heavily on cash payments for their stock-in-trade needs. Many faced grave financial difficulty in buying stocks from consumer goods distributors.
Unlike e-commerce companies, Just Buy Live uses the digital platform to connect brands with offline retailers. It has on board brands like Xiaomi, Samsung, Micromax, YU Mobiles, Oppo, Patanjali, ITC, P&G, Unilever, Coca Cola, Pepsico, Amul and Nestle.