NEW DELHI: Adding a fillip to India’s burgeoning food tech industry, Zomato has recently entered a strategic partnership with InCred, one of the leading fintech lenders in India. As part of the tie-up, InCred will extend hassle-free credit facilities to Zomato’s restaurant partners.
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. However, we can now see a revival trend in the industry. The food delivery business has crossed the pre-Covid run rate and is expected to grow further in the months to come. The InCred-Zomato partnership will extend financial assistance to cash-strapped businesses for meeting their business growth and working capital needs.
InCred empowered Indian businesses with unsecured business loans even during the peak of the lockdown. The tech-driven lender offers loans with minimal documentation and gives loan approval within 48 hours with zero physical interactions.
InCred CEO (SME business) Saurabh Jhalaria said, “At InCred, we understand the value of financial assistance for businesses, especially the SMEs. The Covid2019 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 gamechanger by enabling physical businesses to recover seamlessly. We are happy to join hands with Zomato and are confident that it will further aid the economic recovery of the vertical.”
“While the food delivery business has made a strong comeback, the 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. It will help our restaurant partners with easy, risk-free credit options designed to achieve their operational and bottom-line goals,” added Zomato chief sales officer Rakesh Ranjan.
InCred offers tech-driven credit services to its customers that are time-efficient and cost-effective. Apart from its SME loans (which comprises working capital loans, term loans, and channel finance), the product portfolio of the company also includes personal loans (wedding loans, medical loans, and travel loans) and education loans.