Zomato partners with InCred on credit to restaurant partners

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    New Delhi, Dec 21 | There is good news for Zomato’s restaurant partners as the food-tech unicorn on Monday said it has entered into a strategic partnership with fintech lender InCred for “hassle-free” credit facilities.

    The food delivery industry was one of the worst-affected segments during the pandemic with its Gross Merchandise Value (GMV) falling short of the pre-COVID levels.

    “While the food delivery business has made a strong comeback, overall food service industry is still far from reaching pre-Covid levels. We have been working on many initiatives to boost its recovery and one such is our partnership with InCred,” Rakesh Ranjan, Chief Sales Officer, Zomato, said in a statement.

    “It will help our restaurant partners with easy, risk-free credit options designed to achieve their operational and bottom-line goals.”

    The InCred-zomato tie-up aims to extend financial assistance to cash-strapped businesses for meeting their business growth and working capital needs.

    InCred offers tech-driven credit services to its customers that are time-efficient and cost-effective.

    “The COVID-19 outbreak has led to a sharp decrease in footfall, order volume, and bucket size within the food services segment. In this context, platforms such as zomato have emerged as a true game-changer by enabling physical businesses to recover seamlessly,” said Saurabh Jhalaria, CEO (SME Business), InCred.

    “We are happy to join hands with zomato and are confident that it will further aid the economic recovery of the vertical.”

    Apart from its SME loans which comprises working capital loans, term loans, and channel finance, the product portfolio of InCred also includes personal loans — wedding loans, medical loans, and travel loans — and education loans.

    Source: IANS

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    Weekly Fundamental Market Outlook

    Weekly Fundamental Market Outlook

    Indian share market posted its first weekly gain in Jun by rising 2.7%.

    This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

    While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

    Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

    In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

     

    Post Disclaimer by BhaskarLive.in

    The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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