Tuesday, November 28, 2017

StoreKing Enabling Financial Inclusion in Rural India with Capital Float

StoreKing, a rural retail commerce provider is undertaking a strategic initiative with Capital Float, India’s leading digital lender to SMEs. Through this alliance, Capital Float intends to bridge the credit gap in the rural market by providing customized working capital solutions to small retailers. With over 40,000 retail stores as part of their growing network, StoreKing serves around 1.4 million customers on a daily basis.

The company, which prides in being the voice of rural India has associated with Capital Float to strategically extend their existing product offerings and build a customized commerce solution to the aspirational retailers of rural India. StoreKing’s is enabling and building a credit score mechanism which will facilitate financial inclusion in rural India. The company is exploring possibilities to ascertain how the end consumer can imbibe the benefits of this initiative.

“StoreKing is excited to partner with Capital Float - A digital lending platform which aims to provide hassle free credit to SMEs and micro entrepreneurs. This partnership will empower us to digitally strengthen rural India and enable us to take innovative financial products to the bottom of the pyramid, said Sridhar Gundaiah, Founder & CEO, StoreKing. “With Capital Float on-board, we have disbursed loans of Rs 4 Crore to retailers in rural India, which has impacted the business and brought immense joy to our customers. The current potential of the financial inclusion market within StoreKing’s Reach is about  Rs 5000 Cr. Storeking intends to be the biggest financial inclusive distribution platform in India.

“We’re excited to collaborate with Storeking in our efforts to further facilitate our efforts of extending specialized credit services to traditionally under-served SME segments. Storeking caters to a wide market of approximately 30 lakh small retail stores spread across several tier 3 and below towns & villages. We believe that by partnering with Storeking, we can provide these small retailers with the right impetus to scale their operations and achieve tremendous socio-economic growth.” said Gaurav Hinduja, co-founder, Capital Float

StoreKing’s vision is to become one of the largest rural retail players by 2020 with 100,000 retailers across the country. The company sells over 100,000 products through their kiosks installed in retail stores wherein the retailer facilitates digital transactions and sells fast moving consumer goods.

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