Online food delivery platform Swiggy on Tuesday said it has given loans worth over Rs 450 crore to over 8,000 restaurant owners under its capital assist programme. Launched in 2017, the ‘Capital Assist Programme’ is a first-in-segment solution designed to bridge the financing gap and empower restaurant owners. The company said in a statement that more than 8,000 restaurants have taken the loan so far, of which 3,000 have taken the loan in 2022.
By partnering with multiple lending partners including Indifi, InCred, FT Cash, PayU Finance and IIFL, Swiggy offers financial solutions such as term loans and credit lines. Swapnil Bajpai, Swiggy, said, “The NBFC will soon facilitate solutions like pre-approved loans, so that our partners can get easy access to loans, thereby driving even more growth for their business From quick sign-ups to quicker approvals, through capital assist programs, NBFCs take a simple and efficient approach to providing funds for restaurant partner’s business needs. Aarti and Sumit Rastogi, owners of Artinsee Indulge Guilt Free, said, “We have done three rounds of financing so far and have used these funds for our working capital requirements. The entire process from application to receiving funds is incredibly quick, efficient and transparent.