ReshaMandi starts new venture to offer credit services for textile entrepreneurs

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ReshaMandi unveiled its new venture ReshaMudra, which offers personalised credit solutions for the textiles industry. ReshaMudra will give business partners across the ecosystem access to working capital solutions as well as long-term loans, enabling them to secure crucial funding to help them grow their businesses or tide over challenging times. All of these offerings are subject to regulatory approvals from respective authorities. 

Mayank Tiwari, Founder and CEO, ReshaMandi’s commented on this announcement and said, “India’s textile sector is on course to becoming a $190 billion powerhouse by 2025-26. But lack of access to credit could stifle that potential as nearly 80% of the country’s MSMEs today are faced with this challenge. Our vision is to be the partner of choice to stakeholders across the textile industry by providing customised, financial products that are cost-effective and easy to use. ”

Kshitij Kuthiala, AVP, ReshaMudra, says “With the textile industry picking up pace, it is imperative to provide the stakeholders in the supply chain with credit solutions that cater to their needs and facilitate their growth. With 75% of their costs being towards the inputs they purchase, working capital support is crucial for their growth. At ReshaMudra, our aim is to address the credit needs of Bharat-first textile entrepreneurs across the country so their businesses can thrive and the textile industry can fulfill its immense promise.”

ReshaMudra with its strong focus on PSL and MSME segment for lending across Tier II – IV cities aims to have exclusive tie- ups with banks and NBFCs to facilitate business growth with moratorium period upto 3 months, attractive interest rates and a turnaround time of seven days for farmers, yarn manufacturers, manufacturers, exporters, traders/distributors and mill owners.

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