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Ujjivan SFB partners with Progcap to offer supply chain finance

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Bengaluru-based Ujjivan Small Finance Bank has entered into a strategic partnership with Progcap, a fintech company, to widen its reach and offer invoice-based financing services to MSMEs.

Ujjivan SFB partners with Progcap to offer supply chain finance
Bengaluru-based Ujjivan Small Finance Bank (Ujjivan SFB) has entered into a strategic partnership with Desiderata Impact Ventures Private Limited (Progcap), a fintech company, with Progcap offering end-to-end digitised invoice-based financing services for Ujjivan SFB.
Progcap will also offer its invoice-based financing services towards repayments of loan applications received from micro, small and medium enterprise (MSME) units seeking small tenor working capital for their businesses.
With this partnership, Ujjivan SFB will be adding another portfolio to its lending division -- supply chain finance. The partnership works with Ujjivan SFB funding dealers and sub-dealers against their purchases made from recognised brands through short-term overdraft facility, with Progcap offering its end-to-end digital data driven tech platform. The platform will handle lead generation, lead screening, loan sanctioning, document execution, customer on-boarding and repayments too.
Rajiv Kumar Pathak, Business Head, Medium and Small Enterprise, Ujjivan Small Finance Bank, said, "This is a win-win arrangement for all stake holders. The customer gets working capital in the form of supply chain finance against the invoices raised along with freedom to clear dues with regular cash flow."
Dheemant Thacker, Head, Digital Banking, Ujjivan Small Finance Bank, 
said, "In a short period of time, we have been able to offer supply chain financing to a significant number of businesses and will continue to ramp up."
An advantage in this partnership is the access to larger geographical locations for Ujjivan SFB, where they do not have branches.
Pallavi Shrivastava, co-founder, Progcap, said, "We aim to offer this product to a large number of underserved MSMEs."

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Grasim1,549.50 -32.55 -2.06
Larsen1,611.75 -30.40 -1.85
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