New Delhi: Swiggy, the online food delivery platform, announced on Tuesday that it has facilitated the disbursement of over Rs 450 crore in loans to more than 8,000 restaurant owners through its Capital Assist Program. Launched in 2017, this program is a pioneering solution aimed at bridging the financing gap and empowering restaurant proprietors.
As per the company’s statement, more than 8,000 restaurants have taken advantage of these loans, with 3,000 of them doing so in 2022 alone. Swiggy collaborates with various lending partners, including Indifi, Incred, FT Cash, PayU Finance, and IIFL, to offer customized financial solutions such as term loans and credit lines.
Swapnil Bajpai, VP-Supply at Swiggy, stated, “The NBFCs (Non-Banking Financial Companies) will soon introduce more exciting solutions like pre-approved loans to provide our partners with easier and quicker access to capital, further boosting their business growth.”
Through the Capital Assist Program, NBFCs adopt a swift, straightforward, and efficient approach, ensuring rapid sign-ups and approvals for restaurant partners’ financial needs.
Aarti and Sumit Rastogi, owners of ARTINCI – Indulge Guilt Free! in Bengaluru, commented, “We have completed three rounds of financing so far and have utilized these funds for our working capital requirements. The entire process, from application to fund receipt, is remarkably quick, efficient, and transparent.”
