Swiggy, India’s largest food ordering and delivery platform, today announced the launch of its partner financing program – Swiggy Capital Assist, in partnership with fintech company Indifi Technologies. Swiggy Capital Assist will provide its restaurant partners seamless access to additional working capital, helping them grow and expand their business both on Swiggy and offline.
Swiggy Capital Assist will enable partner restaurants to avail collateral-free loans without initial deposits at a fair interest rate. For Swiggy's restaurant partners, Indifi will complete the credit evaluation in less than 24 hours of document submission, and the entire loan disbursal in a week.
“Our restaurant partners are at the heart of our success. Through Swiggy Capital Assist, we want to leverage our credibility to provide fair and hassle-free financing options to our restaurant partners, much like our seamless delivery service.” said Sriharsha Majety, CEO, Swiggy. “With this program, our objective is to enable small and medium scale restaurants to get quick access to capital, expand their presence, and continue on their journey to greater success.”
“Indifi’s partnership with Swiggy creates a seamless financing platform for restaurant owners, as well as the data infrastructure to enable strong credit quality for lenders,” said Siddharth Mahanot, COO, Indifi.
Since launching its pilot in mid-September, the program has received over 200 applications from restaurant partners across the eight Swiggy cities, namely Delhi, Mumbai, Bangalore, NCR, Hyderabad, Kolkata, Pune and Chennai.
“As a self-employed new restaurateur, it was a challenge to get a loan as banks require a lot of documentation for any substantial personal loan, let alone business loans when you don’t have a collateral to provide,” said Amit Roy, owner of Peetuk, Mumbai. “Once I applied through Swiggy Capital Assist, I was surprised by the swift processing of my loan in under two weeks, that too at a nominal interest rate. With this loan we have opened our fourth outlet, and will surely approach Swiggy when we’re ready for the fifth.”
“Swiggy has had a tremendously positive impact on our business over the last two years,” said Reevu Wangi, owner of Momo I am, Kolkata. “We were unable to secure sufficient capital through traditional funding methods, and this infusion of capital through Swiggy Capital Assist has come at the right moment for us. The loan will enable us to execute our plans of opening more outlets of Momo I am in the city.”