Micro-small and medium-sized enterprise (MSME) lending platform, Indifi Technologies, has disbursed around Rs 2,800 crore in loans to micro-enterprises in India, the company announced on Thursday. Moreover, of the 50,000 small businesses to which the loans have been granted, a fifth are owned by women. Within this segment, 25% of women entrepreneurs are taking out a loan for the first time and 25% of them belong to Tier II, III and IV cities.
The report also pointed out that women in e-commerce and restaurant delivery businesses who take out loans are 50% higher than those operating in retail or offline.
The MSME sector accounts for around 30% of Indian GDP and 45% of Indian exports and is also the second largest employer of labor after agriculture, according to data shared by the Ministry of Micro, Small and Medium Enterprises. Prime Minister Narendra Modi has often stressed that this sector will play a key role in helping India become a $5 trillion economy.
Alok Mittal, co-founder and CEO of Indifi Technologies, acknowledged this development and added, “Customer impact is at the heart of our inspiration. We believe that MSMEs are a key driver of India’s economic ambitions and we are committed to enhancing their true potential. He added, “The progress we have made so far in fostering the financial inclusion of underserved MSMEs only reinforces our commitment to closing the credit gap for MSMEs. We know we’ve only scratched the surface, but we’re determined to go the distance.
The Gurgaon-based fintech company was established in 2015 to bridge the credit gap in the MSME sector. Additionally, its focus has been on providing loans to underserved and creditworthy businesses that often face challenges such as tied up working capital, lack of access, barriers to digital solutions, and more.
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