Business

PrimaDollar aims to save top Indian importers $50 mn

Updated : December 18, 2020 09:08 PM IST

Following its launch in the UK, PrimaDollar is bringing its market-leading “supply chain trade finance” platform to India.

Following its launch in the UK, PrimaDollar is bringing its market-leading “supply chain trade finance” platform to India.

Supply chain trade finance is a different way for large corporates to manage how international suppliers are funded and paid. Replacing LCs and other bank trade finance instruments, it delivers immediate cost savings, reduces street prices for goods, and improves India’s international competitiveness. With the top 100 Indian importers bringing in over $30 billion in goods every year,

PrimaDollar is targeting savings for this sector of at least $50 million.

Fully aligned with the “Make in India” program, PrimaDollar’s platform can help Indian companies to compete both locally and internationally by reducing the input cost of materials and components required in the development and manufacture of goods for sale.

Supply chain trade finance brings immediate savings for importers without an upfront IT project. The platform enables the corporate importer to take control over how his international suppliers are funded and paid.

PrimaDollar has adjusted the platform to fit with Indian regulations, the customs, practices and norms of the Indian banks, and the Indian foreign exchange control regime. This process has been supported by the leading Indian and international corporate law firm.

The supply chain trade finance platform connects importers, exporters, local banks, logistics providers and funders together. The entire international supply chain is then being managed, funded and controlled by the importer through one process, irrespective of how the goods are being moved and where they are coming from. This allows whole import supply chain to move onto standard open account terms, whilst Indian banks or international partners provide funding to ensure that exporters are paid at shipment whilst importers pay later.

PrimaDollar aims to save top Indian importers $50 mn

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