PremiumCreditVidya, a lending-as-a-service platform, and Flipkart Wholesale, the digital B2B marketplace of India’s home-grown Flipkart Group, have joined hands to offer an ‘Embedded Buy Now, Pay Later’ credit solution to Flipkart Wholesale’s 1.5 lakh merchants. With the CreditVidya integration, the marketplace will now have access to $100 million in capital through multiple financial institutions to address the credit needs of its merchants, said the press release.
Abhishek Agarwal, co-founder and CEO, CreditVidya, said, “We are absolutely elated to launch a B2B BNPL solution in association with Flipkart Wholesale. Our shared vision of leveraging technology for good will empower and uplift Indian MSMEs by bringing in cost and operational efficiencies. At the helm of this collaboration, it is our endeavour to democratize access to credit by playing off each other’s strengths to create a conducive ecosystem for the MSMEs to grow and prosper."
Flipkart Wholesale and CreditVidya’s team have designed a simple and easy-to-use multilingual application for easy onboarding of businesses. Following onboarding in less than a minute, businesses on Flipkart Wholesale can opt for entirely digital and instant credit with a ticket size as small as ₹500, as per the press release.
Adarsh Menon, senior vice president and head, Flipkart Wholesale, said, “Today ‘buy now, pay later’ has disrupted the traditional payment market and emerged as a credit alternative. Our MSME members are aggressively adopting new flexible payment solutions offered by companies like CreditVidya. It enables them to make larger purchases to scale their inventory, even if they don’t have that amount of cash on hand. We are delighted to collaborate with CreditVidya for providing a seamless delayed payment alternative, further deepening our commitment towards our partners and stakeholders."
