According to a PTI report: Under the new arrangement, sellers on Snapdeal, Shopo and Freecharge will be able to access working capital in a time efficient and cost effective manner to grow their businesses.
Capital Assist, launched by Snapdeal in August 2014, enables banks and NBFCs to provide working capital to sellers based on their performance and track record at Snapdeal’s marketplace. It has signed up with 25 financial institutions including SBI, HDFC Bank, ICICI Bank, Axis Bank and Yes Bank.
Speaking about this integration, Senior Vice President (Partnerships and Strategic Initiatives), Snapdeal, Tony Navin was quoted by PTI as saying, “Our unique partnership with Uber, a global leader in smart mobility, is an important step in that direction. We are confident that this integration will further provide an exemplary experience to our customers.”