Godrej Finance Partners Muthoot FinCorp to Expand MSME Lending via Property-Backed Loans

• Aims to achieve disbursals of INR 250 crore in FY26.

Godrej Capital, is the financial services arm of Godrej Industries Group. Godrej Capital’s subsidiary, Godrej Finance (GFL), has entered a co-lending partnership with Muthoot FinCorp to enhance credit access for MSMEs in Tier-2 and Tier-3 cities, building on Muthoot FinCorp’s strong presence and deep market reach in these regions.

L to R: Vinod Reddy, CBO – Secured & Unsecured Lending Business, Muthoot FinCorp, Manish Shah, MD & CEO, Godrej Capital, Shaji Varghese, CEO, Muthoot FinCorp, Pankaj Gupta, MD & CEO, Godrej Finance – a subsidiary of Godrej Capital, Shalinee Mimani, CRO, Godrej Capital

The co-lending partnership will offer loan against property ranging from INR 10 lakh to INR 75 lakh, with an average ticket size of INR 15 lakh. With operations spanning pan-India, this offering is well-positioned to tap into markets with strong demand for accessible and timely credit. The partnership will soon be expanded to include other products such as gold loans and housing loans.

Through a seamless digital integration, this partnership will ensure faster approvals, greater transparency, and compliance with RBI’s co-lending framework. Under the terms of the agreement, the company will assume 80% of the risk, with Muthoot FinCorp covering the remaining 20%. Muthoot FinCorp will oversee underwriting, collections, and the customer journey, while the company will ensure regulatory compliance through a jointly defined policy framework.

Manish Shah, MD & CEO of Godrej Capital stated, “Access to timely credit can make all the difference for a growing business, especially in Tier-2 and Tier-3 cities where it is needed the most. With our partnership with Muthoot FinCorp, we aim to bridge this gap for MSMEs by offering simpler, transparent, and faster lending solutions. Our endeavour is to help businesses grow with confidence while contributing to a stronger and more inclusive financial system.”

Shaji Varghese, CEO of Muthoot FinCorp added, “MSMEs are the largest contributor of employment in the country after agriculture but access to credit is a pertinent challenge faced by the sector. With our 3700+ branches and Muthoot FinCorp ONE app, we have expanded our reach to the hinterlands ensuring accessibility to these MSMEs. With our new partnership with Godrej Capital for Loan Against Property offering to the sector, I am sure we will further contribute to the growth of MSMEs by meeting their financial requirements timely and effectively”.

Through its subsidiary GFL, the company offers a diverse range of loan products to meet the varying needs of MSMEs and individual borrowers. These include offers such as Loan Against Property, Udyog Loan Against Property for smaller-ticket requirements, and unsecured Business Loans.

The alliance is targeting disbursals of INR 250 crore in this fiscal year, with a strong focus on high-potential markets across North, South, and Western India. As one of the few co-lending partnerships between NBFCs, it reflects a robust digital-first approach and sets the stage for broader participation in the fast-growing MSME lending space.

SBI Launches MSME CoE in Gurugram to Drive Capacity Building and National Development Goals

State Bank of India (SBI), the country’s largest bank, inaugurated its Centre of Excellence (CoE) for MSMEs at the State Bank Academy (SBA), Gurugram. The Centre has been established with an objective of strengthening the MSME ecosystem through capacity building, research, and industry collaboration, thereby contributing to India’s vision of becoming a developed nation.

The Centre was inaugurated by Shri M. Nagaraju, Secretary, Department of Financial Services (DFS) and Shri C.S. Setty, Chairman, in the presence of Shri Vinay M. Tonse, MD (RB&O), Shri Surender Rana, DMD (Retail-Agri, SME & FI), Shri Anindya Sunder Paul, DMD (SME & SCF) and Smt. Suranjana Dutta, CGM STU. SBA is an institute imparting specialized training in Credit, International Banking, Risk & Compliance and carrying out Research & Development in various spheres of banking.

State Bank Academy Gurukul, Gurgaon, Haryana

Shri M. Nagaraju, Secretary, Department of Financial Services, said, “MSMEs are the true engines of growth, creating widespread employment and driving prosperity in rural India, which is critical for our journey towards becoming a developed nation. I urge this SBI Centre of Excellence to benchmark itself against the best MSME institutions in the country. My expectation is that the CoE will engage in making case studies and undertaking research, creating a rich repository of knowledge and sharing it online for the benefit of all, especially those in remote areas. Continuous innovation and deep engagement with entrepreneurs, fintechs, and startups will be the key to its success.”

Speaking on the occasion, Shri C.S. Setty, Chairman, SBI, stated, “As the largest lender to MSMEs, with the widest network of SME branches, SBI is responsible to build capacity and the Centre of Excellence will serve as a hub of ideas and innovation, supporting the development of new SME-focused products and processes that can benefit the entire banking sector.”

Shri C.B.K. Singh, GM & Director, State Bank Academy, said, “The Centre has been established based on the vision articulated by the Chairman and would play a significant role in supporting the growth and development of the MSME sector.”

The CoE has been designed with an inclusive approach, engaging with MSME promoters, startups, industry associations, academia, government, regulators, and banking professionals. This collaborative model will ensure that the Centre’s initiatives remain relevant, impactful, and aligned with the needs of the sector.

What Every SME Should Know About GST Number Search

Understanding GST number search is central to the way small and medium enterprises operate today. The importance of verifying a GST number extends far beyond simple compliance, as it helps protect your SME from potential fraud, loss of input tax credit and audit issues.

A GST number or GSTIN functions as a unique identifier for businesses registered under India’s Goods and Services Tax regime. It plays a key role in ensuring trustworthy transactions and transparent tax practices for every business owner and partner.

Many SMEs face challenges when managing suppliers or onboarding new customers. Without a solid GST number search process, you risk dealing with unregistered or non-compliant entities. That can lead to avoidable legal complications, delayed input credits and operational hurdles.

This blog explains everything you need to know about GST number search. You will learn what it is, how to perform it and why it matters for every SME aiming for sustainable growth and reliability in Indian business.

What is a GST number and why does it matter?

A GST number is a 15-digit code assigned to businesses registered under GST in India. It’s built from your PAN, a state code, entity number and a unique check digit. For SMEs, knowing and verifying GST numbers is part of building resilient relationships with vendors, clients and statutory bodies.

Citing the correct GST number ensures you get input tax credit and lowers your risk during audits. The GSTIN must be included on all invoices, e-way bills and tax returns. Missing or incorrect GST numbers can result in compliance issues and potential financial penalties.

How SMEs can conduct a GST number search

Knowing the correct process helps you avoid costly errors, prevent fraudulent dealings and build stronger relationships with your suppliers or clients. SMEs can use both official government sites and trusted third-party platforms to conduct these searches efficiently.

1. Official GST portal

Visit the official GST website and click ‘Search Taxpayer’. Enter the GSTIN, PAN or business name. This shows registration status, addresses and more official details.

2. Search by GSTIN

Enter the 15-digit GST number to instantly view business details, registration status and filing compliance.

3. Search by PAN

If you only have a PAN, use the portal’s option to list all GSTINs linked with that PAN. This is handy when suppliers have multiple registrations.

4. Company name search

Some secure third-party tools let you search using a trade or legal name. After locating a GSTIN, always cross-check it using the GST portal or another reliable site for absolute certainty.

What SMEs gain from GST number verification

GST number search adds a critical layer of security. For entrepreneurs and SME managers, the biggest benefits include:

• Staying away from suppliers using fake or deregistered GST numbers
• Safeguarding input tax credit claims by using only genuine GSTINs
• Getting all business invoices and statutory records in perfect order
• Protecting your business during government audits and tax assessments
• Ignoring GST verification exposes your SME to fraud, compliance slips and unnecessary financial losses.

4 tips to perfect your GST number search

Mastering GST number search goes beyond simply locating a GSTIN; it is about refining your verification process to safeguard your SME from potential errors or compliance issues.

Here are practical tips that every business owner should integrate into their regular workflow for reliable and secure GST operations.

1. Always use the official GST portal or reputable third-party sites when checking GST numbers.
2. Verify the registration status, business name and address linked to each GSTIN.
3. Double-check the GST number structure: valid GST numbers follow a specific pattern with identifiable state and PAN details.
4. Keep a record of every GST verification for future reference and audits.

Careful checks now can save hours of trouble later. Together, these steps can make your verification process more reliable and audit-ready.

Secure your SME: Take action with a reliable GST number search

Staying proactive with GST number search can define your SME’s long-term success in India’s competitive market. Every verification you carry out helps prevent costly errors and ensures your tax input credits are legitimate and traceable. With GST compliance integral to audits and partnerships, your efforts today create lasting trust and credibility for your business.

Ready to take control of your SME’s compliance and credibility? Start your GST number search today with a trusted tool from Pine Labs. Validate every new partner, and ensure every transaction meets the highest standard of trust. Learn more at https://www.pinelabs.com.

Tata Steel Unveils DigECA, a one-stop digital steel Buying Platform, for MSME customers

Tata Steel today launched a new version of DigECA, expanding access beyond channel partners to include Micro, Small and Medium Enterprises (MSMEs), broadly classified as Emerging Corporate Accounts (ECA) by Tata Steel. DigECA is a groundbreaking B2MSME e-commerce platform specifically designed to meet the needs of ECA customers, enabling them to transact directly with ease and convenience while accessing the highest quality products and services.

Building on the success of Tata Steel’s B2C e-commerce portal, Aashiyana, DigECA envisions a revolution in the customer journey for ECAs. The platform focuses on flat products such as Tata Astrum, Tata Steelium, and Galvano, providing MSMEs with hassle-free purchase experience with Tata Steel and its channel partners.

Since the pilot launch in Q4 FY25, DigECA has experienced impressive growth, onboarding over 2,000 ECA customers and achieving significant milestones in its Gross Merchandise Value (GMV). This growth reflects our commitment to empowering customers with complete transparency regarding material availability and order fulfillment, ensuring a seamless process from enquiry to delivery, further augmented with post-supply services.

Prabhat Kumar, Vice President, Marketing & Sales (Flat Products), Tata Steel, said: “At Tata Steel, we are committed to enhancing customer satisfaction through digital innovation. With the launch of DigECA for our ECA customers, we are simplifying the steel buying experience and strengthening their direct engagement with Tata Steel. The platform is designed to enable a more connected and efficient relationship between customers and our distribution network, helping us better align our offerings with evolving market needs.”

With DigECA, Tata Steel reinforces its expertise in technology and innovation to deliver an unparalleled experience for customers, setting the stage for a thriving future. The Company is dedicated to ensuring that its ECAs feel supported and valued in the collective pursuit of meeting the business aspirations.

Meta Partners ONDC To Enable Small Businesses Build Conversational Buyer-Seller Experiences on WhatsApp

• Meta will enable and educate small businesses, through an ecosystem of our business and technical solution providers capable of building seamless conversational buyer and seller experiences on WhatsApp.
• With you ONDC partnership, Meta will digitally upskill five lakh MSMEs through the Meta Small Business Academy.

Meta, the parent of social media giant Facebook, today announced its partnership with Open Network for Digital Commerce (ONDC) to enable and educate small businesses in building seamless conversational buyer and seller experiences on WhatsApp through an ecosystem of Meta's business and technical solution providers. As part of this collaboration, ONDC will help these business solution providers become seller apps, bringing the businesses they service onto the ONDC network and helping them drive commerce.

To kick-off the partnership, over the next two years, Meta will also digitally upskill 5 lakh MSMEs through the Meta Small Business Academy. Born out of Meta's commitment to up-skill 10 million small businesses across the country, Meta Small Business Academy offers a certification to empower entrepreneurs and marketers to gain critical digital marketing skills to grow on our apps.

“At ONDC, we are committed to accelerating and democratizing the digital landscape and towards that, we aim to empower MSMEs, help them build digital visibility, and boost their businesses. Today, for any business to grow, it is critical for them to market themselves and reach a wider audience. Our partnership with Meta will not only digitally upskill these businesses but will also enable them to connect with a customer base far and wide. I am confident that our collaborative efforts will pave the way for millions of small businesses by providing them with the right impetus for growth.” – T Koshy, MD & CEO of ONDC. 

“India’s digital transformation story is unfolding at a revolutionary pace, and for this growth to continue, we need the right ecosystem and partnerships that enable millions of small businesses to build and deepen their digital presence. Meta has been a frontrunner in partnering with the government and the industry to advance digital inclusion, especially for MSMEs across India. Our partnership with ONDC builds on supporting the government’s vision for Digital Public Infrastructure (DPI) and furthering our ongoing commitment to skilling small businesses and aiding this rapid digital transformation and growth story in the country.” – Sandhya Devanathan, Vice President, Meta in India. 

As part of the partnership, Meta will also support Sahayak, ONDC’s WhatApp chatbot, in enhancing the services offered on the bot as the single point of seller communication and customer communication for ONDC.

Earlier this year, Meta launched ‘WhatsApp Se Wyapaar’ program to upskill 10 million traders across 29 states in 11 Indian languages on the WhatsApp Business app. Today, there are more than 200 million users of the WhatsApp Business app across the world, and more than 60% of people on WhatsApp in India message a business account.

In April this year, Meta partnered with NIESBUD, AICTE and CBSE, to train students, Entrepreneurs, Startups and small-businesses in Digital Marketing. The partnership agreement was inked through Ministry of Education, Ministry Skill Development & Entrepreneurship.

National Stock Exchange and Uttarakhand Govt Sign MoU To Enable The State's SMEs Raise Funds via IPOs

Also discussed, issuances of Sustainability Linked Bonds towards financing infrastructure and development projects. 

India’s leading stock exchange, National Stock Exchange (NSE) and the Government of Uttarakhand have signed a Memorandum of Understanding (MoU) to spread awareness amongst MSMEs of the state for fund raising via IPO mechanism using NSE SME Platform - Emerge.

A team of Senior officials of Uttarakhand Government led by Hon’ble Chief Minister, Shri Pushkar Singh Dhami, visited NSE, Head Office at BKC, Mumbai today.

The MoU was exchanged between the Government of Uttarakhand and National Stock Exchange on 6th November 2023 at NSE BKC office, Mumbai. As part of the understanding, NSE with the support of the Government of Uttarakhand, will conduct awareness drive through seminars, MSME camps, knowledge sessions, road shows, workshops to guide corporates across the state for fund raising on NSE Emerge platform and handhold the companies in the listing process.

In addition to the customa5ry bell ringing ceremony, a high-level meeting was held among Uttarakhand Government & NSE officials in the presence of Hon’ble Chief Minister Shri Pushkar Singh Dhami and Shri Ashishkumar Chauhan, Managing Director & CEO, NSE. During the meeting various issues including the launch of Sustainability Linked Bonds/Green bonds, Outcome funding on Social Stock Exchange (SSE), generating employment opportunities for rural and urban youth, opportunities in the sector of Power trading and Investor Awareness Sessions across the state were discussed.

Hon’ble Chief Minister Shri Pushkar Singh Dhami, Government of Uttarakhand, said: “The Dev Bhoomi of Uttarakhand is a spiritual land brimming with natural destinations including rivers, glaciers and multiple such attractions. I congratulate the Directorate of Industries (MSME) of the Government of Uttarakhand for signing a MoU with the National Stock Exchange to encourage and support the MSMEs of our state and enable them to pursue the capital market for growth opportunities. As a part of the MOU, we shall jointly conduct awareness sessions for the MSMEs to help them understand the process of fund raising and the benefits of listing on the stock exchange and providing financial literacy programs for youth of the state. We envision launch of Sustainability Linked Bond / Green Bond for infrastructure projects.”

Shri Ashishkumar Chauhan, MD & CEO, NSE said, “Today, at NSE BKC Office, Government of Uttarakhand and National Stock Exchange have entered in a MoU to collaborate and support the growth of MSMEs via NSE Emerge, an alternative fund-raising platform for MSMEs. NSE Emerge enables SMEs to raise capital in an efficient manner and increase their visibility through the listing on the stock exchange.in collaboration with the Government and provide a walk-through of the fund-raising process. We urge the state MSMEs to come forward and avail the new source of financing through NSE Emerge. We are also committed to work with the state government to facilitate issuance of Sustainability Linked Bonds, Outcome funding on Social Stock Exchange (SSE), generating entrepreneurship opportunities for rural and urban youth, opportunities in the sector of Power trading and Investor Awareness Sessions across the state. We look forward for long term association with Government of Uttarakhand for exploring new opportunities under financial market development activity.”

National Stock Exchange of India (NSE) is the world’s largest derivatives exchange by trading volume (contracts) as per the statistics maintained by Futures Industry Association (FIA) for calendar year 2022. NSE is ranked 3rd in the world in the cash equities by number of trades as per the statistics maintained by the World Federation of Exchanges (WFE) for calendar year 2022. NSE was the first exchange in India to implement electronic or screen-based trading. It began operations in 1994 and is ranked as the largest stock exchange in India in terms of total and average daily turnover for equity shares every year since 1995, based on SEBI data. NSE has a fully integrated business model comprising exchange listings, trading services, clearing and settlement services, indices, market data feeds, technology solutions and financial education offerings. NSE also oversees compliance by trading, clearing members and listed companies with the rules and regulations of SEBI and the exchange. NSE is a pioneer in technology and ensures the reliability and performance of its systems through a culture of innovation and investment in technology.

For more information, please visit: www.nseindia.com

Kinara Capital Commits ₹ 575+ Cr in Business Loans Disbursement for MSMEs in Karnataka by FY24

myKinara App, available in Kannada, simplifies process for MSMEs to avail Business Loan

Kinara Capital, a fast-growing fintech driving MSME financial inclusion, today reiterated its commitment to fostering MSMEs in Karnataka. It aims to disburse over INR 575+ crores in business loans in FY24 and support the growth of MSMEs in the state.

Elaborating about the plan, Thirunavukkarasu R (Thiru R), Chief Operating Officer (COO), Kinara Capital, said, “Karnataka is a vibrant, growing region with a diverse MSME sector. Kinara Capital is proud to be headquartered in Karnataka and for over a decade, we have supported thousands of small business entrepreneurs in this state. Our commitment to disburse over INR 575+ crores in FY24 to MSMEs in Karnataka will boost business growth and lead to the creation of 6000+ new jobs in local economies.”

MSME business owners can start the process at their convenience with our easy to use myKinara App, available in Kannada. In FY23, Kinara Capital had disbursed over INR 341 crores, 141% higher than FY22 in the state.

The ambitious disbursement plan for this fiscal (FY24) will be supported by operational enhancement. Recently, Kinara Capital has opened 3 new branches in Haveri, Humnabad and Ramanagara and expanded its geographical presence to over 28 branches and 658 pincodes. Furthermore, the company plans to increase its employee strength in Karnataka to 930 employees, with over 300 new hires across Kinara Capital’s Offices in this fiscal .

Headquartered in Bengaluru, Karnataka, Kinara Capital Capital provides MSMEs with collateral-free loans in the range of INR 1 lakh to INR 30 lakhs through its various products such as Long-term Working Capital and Short-term Working Capital, Machinery Purchase, Bill Discounting and HerVikas loans to across 300 sub sectors.

Till date Kinara has disbursed more than INR 1,089 crores across 20,717 business loans in Karnataka. The support from Kinara has led to over INR 79 crores in incremental income generation for the small business entrepreneurs, and created over 21,437 new jobs in the local economies. Food Products , Construction Material, Machine Components, Textiles, Fabrication, Auto Components, Automobiles etc are some of the leading sub-sectors for Kinara Capital in the state.

Kinara Capital has also been working towards empowering MSME women entrepreneurs through its focused program HerVikas. Under the program, women entrepreneurs are supported with an upfront automatic discount on their business loans. Through HerVikas program, Kinara Capital has disbursed more than INR 87 crores across 956+ business loans to women entrepreneurs in Karnataka. The company is looking at scaling up its commitment and extending its support to more women-owned MSMEs in the state.

Kinara Capital is a fast-growing fintech company and is globally recognized for disrupting the small business lending model in India by democratising access to collateral-free business credit in India. Kinara Capital has disbursed over INR 5,000+ crores to date across 90,000+ collateral-free business loans thereby propelling vast financial inclusion of India’s MSME sector. Leading with a women- majority management team, Kinara Capital has raised the bar for gender inclusivity internally as an organisation and externally with its HerVikas program for women entrepreneurs. The company is qualified as a Systemically Important NBFC by the Reserve Bank of India (RBI) and is a debt-listed entity on the Bombay Stock Exchange (BSE). Founded in 2011, and headquartered in Bengaluru, Kinara Capital has 133 branches serving MSMEs across 100+ cities in India with a workforce of 1,600+ employees. Visit kinaracapital.com for more information and follow us on Twitter @KinaraCapital.

IIMA’s CIIE.CO Partners Reserve Bank Innovation Hub (RBIH) To Launches Swanari Techsprint 2023 Supporting Financial Solutions for Women-owned MSMEs

Launches Swanari Techsprint 2023

The initiative Swanari Techsprint aims to support SMEs/MSMEs building gender transformative financial solutions, and making a positive impact on the financial inclusion landscape

IIMA’s CIIE.CO has joined hands with the Reserve Bank Innovation Hub (RBIH) to launch Swanari Techsprint 2023 - an initiative of RBIH - focuses on advancing ‘End to End Digital Straight Through Process (STP) Lending Solutions for Micro to Medium-sized Women-owned Enterprises’, empowering them to access the financial resources they need to flourish. This edition of Swanari Techsprint will aim to address the large credit gap faced by women owned MSMEs.

The Swanari Techsprint 2023 winners will have an opportunity to do a paid Proof of Concept (POC) with one of India’s leading financial institutions HDFC Bank, and pitch for fast track pre-seed investment at CIIE.CO. Selected startups will also gain access to CIIE.CO's extensive mentoring and networking opportunities, providing them with a strong foundation for growth and success.

Commenting on the partnership, Supriya Sharma from CIIE.CO expressed, "Swanari Techsprint 2023 aligns with our focus on financial inclusion, especially women’s financial inclusion. Women entrepreneurs own and lead less than 20% of the MSMEs in India. Among several other factors, access to capital is a huge barrier for women looking to set up and grow their businesses. We are thrilled to collaborate with RBIH to help address this massive need. We are sure that this will go a long way in supporting early stage startups that are committed to making a meaningful difference in the lives of women entrepreneurs."

The Reserve Bank Innovation Hub recognises the significance of ensuring women's financial inclusion as a driving force behind economic growth. RBIH's Swanari Program taps into technology and innovation to enable 'Frictionless Finance for Every Woman in India.' RBIH works closely with the ecosystem through its various programs to help build solutions to specific problem statements. The current edition of TechSprint focuses on narrowing the gender gap by fostering innovative digital STP lending solutions tailored for women entrepreneurs. By extending chosen startups the opportunity to tap into its extensive resources and networks, RBIH aspires to drive impactful change in the financial ecosystem.

Applications for Swanari Techsprint 2023 are now open, and interested startups are invited to apply by 11th September 2023. More about this initiative here.

Built at IIM Ahmedabad, CIIE.CO is the country’s leading entrepreneurship centre and early stage technology investing platform. CIIE.CO backs fearless entrepreneurs building disruptive solutions and stands with the startups at their risky early stages, when they need most support while there is hardly any available. Through the continuum of incubation, acceleration, capital and insights – CIIE.CO offers everything it takes for these driven entrepreneurs to make a superlative impact. CIIE.CO is a Centre of Excellence backed by the Government of India’s DST. Over the last 20 years, CIIE.CO has made equity investments in more than 350 startups, accelerated over 1500 and mentored over 5000 startups over the last 20 years.

The Reserve Bank Innovation Hub (RBIH) – a wholly-owned subsidiary of the Reserve Bank of India (RBI) – is an organisation that enables frictionless finance to a billion Indians. RBIH functions as a focal platform, bringing together members of financial, technological and academic institutions, to promote and accelerate innovation across the financial sector. With a robust ecosystem that enables the exchange of ideas, research and development of prototypes, RBIH aims to not only strengthen the Indian financial system but also keep India at the forefront of global financial innovation.

Fintech Platform Payworld Disburses Rs. 15+ Cr Loans to SMEs in Last 3 Months

PayWorld, one of Bharat’s leading fintech platforms, which is on a mission to bridge the Digital Financial Divide between India & Bharat facilitated loans worth 15+ Crores to Micro and Small enterprises (SME), in a span of just 3 months. These loans were given to retailers under PayWorld’s new scheme for Business Loans through its partners.

The brand in partnership launched this credit facility to support their retailers in expanding their businesses and strengthening their income. The loans were disbursed to around 3500 retailers associated with PayWorld. Uttar Pradesh, Bihar, Jharkhand, Rajasthan, Haryana, Gujrat, Madhya Pradesh, and West Bengal are among the states where most of the loans were disbursed. Typically, these small merchants find it difficult to secure loans from banks owing to a lack of collateral. Furthermore, transaction time in these cases is often lengthy, negating the benefit of timely disbursements. However, PayWorld was able to provide these merchants the benefit of their association and they could leverage the data and get these loans without any collateral and that too in a timely manner.

Talking about the loan disbursement, Mr. Amit Tyagi, CEO of, PayWorld mentioned, “We at PayWorld are working continuously towards financial inclusion in Bharat, through an array of financial solutions that aim at easing people’s life. With our new partnership-driven Business Loan facility, we are helping retailers who are new to credit or thin file bureau customers, expand their business by providing access to hassle-free loans. Over the years, there has been a surge in digital lending by fintech startups, who are using technology to make the application process completely paperless. With this scheme, PayWorld aims at assisting micro, small, and medium-sized businesses, as well as retailers, with short-term cash flow”.

About PayWorld

Payworld Digital Services Pvt Ltd is focused on bringing financial inclusion and wellness to all the citizens of Bharat. PayWorld is aligned towards building a Digital India by providing an array of online financial services like AePS, Aadhar Pay, Remittances, Recharges, CMS & Digi Gold among others. Incepted in the year 2006 the company has a strong distribution presence in India, with close to 1 million+ banking points spread throughout 720 districts and 28 states.

PayWorld through its wholly owned subsidiary; Smart Payment Solutions Pvt Ltd holds a perpetual PPI license from RBI. Smart Payment is one of the select non-banking entities to have the ability to perform an eKYC from UIDAI. PayWorld aims to drive financial wellness by empowering MSMEs and providing them with easy access to various financial solutions.

ICICI Lombard Partners with Singapore-based actyv.ai to Introduce Revolutionary Insurance Solutions for SMEs

The partnership aims to enhance supply chain risk protection for enterprises and their partners

ICICI Lombard, India's leading private general insurance company, has announced a strategic partnership with actyv.ai, a Singapore-based enterprise SaaS platform with embedded B2B, BNPL (Buy Now Pay Later) and insurance. This collaboration aims to co-create innovative insurance products specifically tailored for enterprises and their supply chain partners, empowering sustainable growth and mitigating business risks in the evolving market landscape.

Under this partnership, ICICI Lombard will collaborate with actyv.ai to design comprehensive insurance offerings for the entire supply chain ecosystem, encompassing distributors, retailers, and suppliers. By providing group insurance options to supply chain partners, enterprises can foster continuous growth, while simultaneously ensuring the wellbeing and security of all stakeholders. Leveraging actyv.ai's technological capabilities, ICICI Lombard will embed bite-sized insurance products within the actyv.ai platform, enabling seamless access to enterprises and small businesses alike.

Sanjeev Mantri, Executive Director at ICICI Lombard, highlighted the significance of the partnership: “We recognize that MSMEs are the driving force behind the economy, and we are committed to safeguard their interests through accessible and comprehensive insurance policies. Through our collaboration with actyv.ai and their advanced technology platform, we aim to offer customized insurance products to the supply chain ecosystem that is an integral component of the MSME business, thereby shielding them from potential business disruptions We have been pioneers in the MSME insurance space from offering seamless digital solutions to settling claims of Rs. 5 lacs within just 10 days, and are happy to offer yet another feature that is customised to their unique needs.”

“Through our partnership with ICICI Lombard, we will now be able to offer innovative insurance products, embedded on our technology platform, to all enterprises and their distributors, retailers, and suppliers. We are excited about our partnership, and together, we are eager to leverage technology to enable relevant risk-protection to the MSME segment. Our combined offerings will ensure sustainable growth for all players in the supply chain ecosystem, allowing for an environment of surety and support”, said Raghu Subramanian, Founder and Global CEO of actyv.ai.

This partnership signifies a crucial step in fortifying the long-term success and sustainability of MSMEs in India by offering robust and accessible insurance solutions. ICICI Lombard and actyv.ai are committed to empowering businesses with the necessary risk protection, fostering growth, and contributing to the overall economic development of the country.

ICICI Lombard is the first in India to establish a digital platform specifically designed for MSMEs to acquire risk coverage (sme.icicilombard.com). This platform is a testament to our dedication in partnering with MSMEs through their journey towards growth and effective risk management.

About ICICI Lombard General Insurance Company Limited

ICICI Lombard is the leading private general insurance company in the country. The Company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. With a legacy of over 21 years, ICICI Lombard is committed to customer centricity with its brand philosophy of ‘Nibhaaye Vaade’. The company has issued over 32.7 million policies, settled 3.6 million claims and has a Gross Written Premium (GWP) of ₹217.72 billion for the year ended March 31, 2023. ICICI Lombard has 305 branches and 12,865 employees, as on March 31, 2023.

ICICI Lombard has been a pioneer in the industry and is the first large scale insurance company in India to migrate its entire core systems to cloud. With a strong focus on being digital led and agile, it has launched a plethora of tech-driven innovations, including the industry first Face Scan on its signature insurance and wellness App - IL TakeCare, with over 4.6 million downloads. The company has won several laurels including ET Corporate Excellence Awards, Golden Peacock Awards, FICCI Insurance Awards, National CSR awards etc. for its various initiatives. For more details log on to www.icicilombard.com

About actyv.ai:

actyv.ai is an AI-powered enterprise SaaS platform with embedded B2B Buy Now Pay Later (BNPL) and insurance, transforming the global B2B supply chain by making business transactions faster and easier. Through its partnerships with financial institutions, actyv.ai enables enterprises, suppliers, distributors and retailers to grow. actyvGo, actyvScore, actyvPayLater, actyvInsure and actyvInvest are the various product categories on the platform. For more information, please visit: https://www.actyv.ai, 

Godrej Capital Launches NIRMAAN, a Digital Platform to Help MSMEs Grow their Businesses to their Potential

• Curated platform to provide MSME owners an all-inclusive opportunity to grow their businesses to their potential. 
• Godrej Capital has partnered with trusted brands like Amazon Global Selling, Onsurity, Zolvit, and MSMEx to provide solutions around core challenges faced by MSMEs and will look to enhance its partner network in the near future. 

Godrej Capital, the financial services arm of the Godrej Group, today announced its new digital platform, Nirmaan, to provide MSME owners an all-inclusive opportunity to grow their businesses. Carefully curated, Godrej Capital Nirmaan packs a range of partners that provide services critical to the growth of MSMEs.

The MSMEs in the country today face challenges like limited access to the market and the ability to expand beyond their regional reach, lack of know-how about legal and regulatory compliance requirements, Limited access to technology, hiring and retaining a skilled workforce, and limitation of access to credit. Godrej Capital Nirmaan aims to solve these challenges and provide services under the categories of ''Grow the Business,'' ''Ease Business Operations,'' and ''Transformation through upskilling.''

The company has initially partnered with Amazon Global Selling, Onsurity, Zolvit, and MSMEx to help increase the potential market reach, simplify legal and compliance, enhance employee health and welfare, and provide business coaching for small businesses. In addition, while Godrej Capital Nirmaan users get product & pricing offerings at a discounted price point, Godrej Capital customers will be entitled to additional and exclusive pricing benefits.

Furthermore, the flagship platform is the first in the BFSI industry in India. It goes beyond its core lending offering and provides value-added services encompassing business growth opportunities, ease of business, and knowledge and network avenues.

Speaking on the launch, Manish Shah, MD & CEO at Godrej Capital, said, "The Godrej Group has a longstanding commitment to contributing to the growth of the Indian economy, and through Godrej Capital, we are proud to launch Nirmaan, which will enable MSMEs to grow their fullest potential and thus drive economic growth of the country. We have closely studied the growth challenges of MSMEs in the country, and along with the lending services we already provide, with Nirmaan, we can help solve some of those challenges and support the sector's growth."

Godrej Capital is focused on bringing more value-adding services to the platform through strategic partnerships and keeping updated with the challenges that must be solved.

In this initial launch phase, services will be promoted in 30 key markets across India but available in all corners of India.

Godrej Capital has, so far, has disbursed over INR 5300 crores since inception in November 2020 across housing, SME, and MSME loans. In addition, it has expanded its presence across 13 cities in India.

DMI Finance Announces the Closure of a $400 Mn Equity Investment Round Led by Mitsubishi UFJ Financial Group, Inc. With Participation From Existing Investors Including Sumitomo Mitsui Trust Bank Limited

DMI Finance Private Limited (“DMI Finance”) today announced the closure of a USD 400 million equity investment round led by Mitsubishi UFJ Financial Group, Inc. through its consolidated subsidiary MUFG Bank, Ltd (“MUFG”), with participation from existing investor Sumitomo Mitsui Trust Bank Limited (“SuMi TRUST Bank”). This round includes primary and secondary transactions.

DMI Finance is a pure-play digital lender with products including consumption, personal and MSME loans. It leverages technology to optimize every step in the lending stack, from sales and underwriting through to customer service and collections.

DMI Finance sources and services customers through multiple digital channels – in particular it is an embedded digital finance partner of choice for leading businesses including Samsung, Google Pay and Airtel which work with DMI Finance to provide diverse financial products to their customers across India.

DMI Finance covers 95% of India's pincodes and has an accessible customer base of 25 million which is expected to grow to 40 million+ in FY24. It is projected to disburse over USD 2.5 billion in FY24 across products.

DMI Finance is AA- rated by ICRA and supported by leading Indian and international banks.

Shivashish Chatterjee, Co-Founder and Joint Managing Director of DMI Finance said: “Powered by world-leading digital infrastructure, India is in the midst of an unprecedented transformation. DMI Finance aims to be the trusted partner for Indian households and small businesses in addressing their rapidly growing financial needs. We are delighted to welcome MUFG and SuMi TRUST Bank on this pioneering mission, on which we embarked in 2016, of providing credit in real time to our clients. We are grateful to them for this display of confidence in the ability of our team to deliver superior results, both for our clients and our investors.”

Yuvraja C. Singh, Co-Founder and Joint Managing Director of DMI Finance said “We feel that the Indian financial market has huge potential for growth over the next decade (or two) and are fortunate to have the strategic investors that we do, who share our values and long-term vision. There is a large underserved population when it comes to financial services in India, and it is our goal to promote financial inclusion and support this market. It is very important to us that all stakeholders have a positive experience working with DMI, and this requires us and our investors to have philosophical and strategic alignment. With their patience and deep experience in the financial markets, we feel that MUFG and SuMi TRUST Bank, are the perfect investors for us. We look forward to working together.”

Masashige Nakazono, Managing Director, Head of Global Commercial Banking Planning Division of MUFG Bank said: “For MUFG, Asia is a significantly important and second home market, and India is one of our most expected growing markets with the rapid population growth and foundation of digital infrastructure, showing a strong trend and potential of expansion on digital financial services to the unbanked customers. We strongly believe that DMI Finance has been building up a robust and distinguished business model with external partnership based on the power of its cutting-edge technologies. We’re excited to support DMI Finance’s growth through our investment as a strategic partner and to contribute to the financial inclusion in India. We are looking forward to accompanying DMI Finance’s promising voyage in the digital financial market.”

Masaya Noda, Managing Executive Officer of SuMi TRUST Bank said: “We feel honoured to participate in this equity investment round and contribute to DMI’s growth as a “Strategic Investor”, following our initial investment that was also the first by a Japanese company in December 2021. We are confident that DMI’s digital financial services, which organically combine fintech and last-mile reach capabilities, will continue to contribute significantly to India’s growth, and that DMI itself will achieve further growth. We also look forward to creating business opportunities to collaborate with DMI as its business partner, and to growing together with DMI through India-related business.”

About the DMI Group

DMI Finance is a Systemically Important Non-Banking Financial Company and part of the DMI Group. For more information, please visit: https://www.dmifinance.in.

Founded in 2008 and supported by a deeply experienced team across 40+ offices in India, the DMI Group is a pan-India financial services platform with core businesses in digital finance, housing finance and asset management. It has raised over USD 1.5 billion of equity investment and is supported by global institutional investors, strategic family offices and leading Indian and international banks.

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,100 locations in more than 50 countries. The Group has about 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our clients, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english.

About Sumitomo Mitsui Trust Bank, Limited (SuMi TRUST Bank)

Established in 1925, SuMi TRUST Bank is Japan's largest trust bank with JPY 224 trillion (~USD 1.95 trillion) of custody assets and JPY 87 trillion (~USD 760 billion) of assets under management. SuMi TRUST Bank provides a wide range of services concerning commercial bank business, asset management and administration, and disposal of assets, with trustee business such as pension trusts and investment trusts, and complementary businesses such as real estate brokerage and stock transfer agency services. SuMi TRUST Group's purpose is "Creating new value with the power of trusts and let prosperous future for our clients and society bloom" and is promoting initiatives to achieve both social value creation and economic value creation. For more details, please visit www.smtb.jp/english.

Best Funding Options for SME to Expand their Business

Expansion is essential for a business to meet the increased demand and diversify revenue streams. From large companies to Small and Medium Enterprises (SMEs), every business requires an expansion for business growth and development.

SMEs are common in India and have contributed significantly to India's GDP. An SME is similar to a large organisation, except it generates revenues and assets and has fewer employees to carry out all operations of the business. Still, the SME sector needs assistance in business funding to improve its day-to-day functions and long-term business growth.

Despite growing constantly, an SME faces many challenges in accessing funding for business development. Without sufficient funds, it can be difficult for the SME to expand its operation, invest in new technologies, and stay competitive in the market. So, in this article, we understand SME finance meaning and take a look at options available for SME lending India.

Which Companies are Covered Under the SME sector?

Before learning about the most suitable option for SME lending India, let us understand the difference between micro, small, and medium enterprises.

According to the Micro, Small, and Medium Enterprises Development Act, businesses are classified into micro, small, and medium enterprises depending upon the investment made in plant and machinery. A business is considered a Micro Enterprise if it has an investment limit of ₹1 Cr, while those having an investment range between ₹1 Cr to ₹10 Cr are small enterprises. And enterprises with investments up to ₹50 Cr are categorised under Medium Enterprises.

To have a better understanding of the classification of MSMEs, have a look at the table below.

Enterprises	Investment in Plant & Machinery or Equipment
Micro Enterprises	Not more than ₹ 1 crore
Small Enterprises	₹ 1 crore to ₹10 crores
Medium Enterprises	₹ 10 crores to ₹ 50 crores

How does SME Funding help in Business Growth?

An SME can improve and expand its business with the right funding and sufficient funds. Yet SMEs face a significant financing hindrance. As finance is crucial for the success of an SME, and here are some reasons why finance is essential for an SME:

• Funding for operations: Finance supplies the money required to carry out daily tasks like purchasing inventory and paying other expenses.
• Investment in growth: Finance enables a business to invest in expansion opportunities like entering new markets, creating new products, or acquiring smaller businesses.
• Risk Management: Finance aids in risk management by offering insurance coverage and building financial reserves.
• Compliance with Regulations: Finance ensures that a company complies with legal and regulatory obligations, like tax laws, financial reporting standards, and rules unique to a given industry.

Best Funding Options for an SME to Expand its Business

Here are several funding options available to SMEs:

Legal Grants

SMEs can obtain funds from the government or non-profit organizations. These grants are usually awarded to SMEs that are working on projects that align with the goals of the organisation providing the funding. SMEs don't need to repay these grants. However, these grants often come with specific conditions, such as reporting requirements or restrictions on how the funds can be used.

Equity Financing

Equity financing is a common way for startups and early-stage SMEs to raise funds without taking on debt. This approach involves selling company shares to investors in exchange for capital. These individuals become shareholders and have a say in the company's decision-making process by investing.

Debt Financing

Debt financing is when SMEs borrow money from a lender, like a bank or financial institution, to finance their operations or specific projects. The terms of the loan, such as interest rates and repayment periods, are determined by the lender. SMEs can obtain loans or lines of credit to fit their financial needs and are obligated to make regular payments until the loan is fully repaid.

Crowdfunding

In crowdfunding, funds are raised from a large number of people through an online platform. SMEs can launch a crowdfunding campaign to attract investors who are interested in supporting the particular SME business.

Venture Capital

Venture capital involves raising capital from specialized investors who are looking for high-growth potential in exchange for equity in an SME. Venture capital is typically used by SMEs that have already established their business and are looking to expand rapidly.

What is the Best Solution for SME Lending? 

Now that we have understood SME finance meaning, it can be seen that they are essential for a country’s economic growth. The SME sector of India has made an enormous contribution to the economic growth of the country and a significant upsurge in job creation. To achieve such goals, SMEs need the right financing. SMEs can mitigate their cash flow problems with effective working capital solutions by HDFC Bank. And to help business owners, HDFC Bank is providing adequate financial assistance.

HDFC Bank offers working capital services across India with multi-location banking. Any SME can opt for fund-based and non-fund-based finance, including cash credit, overdraft, LoC, etc. In addition, the SME bank offers term loans with customised repayment options. SMEs can take a business loan of up to 50 lahks. With such features, HDFC Bank is the ideal choice for SMEs looking for business expansion funding.

India Post Partners with Shiprocket & Pickrr; To Benefit Startups and SMEs

India Post, the world’s largest delivery network, has signed an MoU with Shiprocket to boost last-mile Ecommerce delivery services across the country.

India Post has announced partnership with Shiprocket, a leading logistics aggregator company, to enhance its last-mile delivery services for various E-commerce products. The Memorandum of Understanding (MoU) was signed today between India Post, Shiprocket & Pickrr at Dak Bhawan in New Delhi., Director General, Postal Services Shri Alok Sharma, senior officers of the Department of Posts, and representatives of Shiprocket and Pickrr were present during the event.

 

M/s Bigfoot Retail Solutions (Shiprocket) is an emerging logistics aggregator company with three lakh sellers and 70 million consumers annually. This partnership between India Post and Shiprocket will provide shipping and last-mile delivery services to Shiprocket's three lakh strong seller base which includes Startups and a large number of small and medium businesses. The MoU marks a significant milestone for taking e-commerce to the last mile and is expected to benefit millions of customers all over country.

Speaking on occasion Director General, Postal Services Shri Alok Sharma said that today is a momentous occasion and this partnership will fulfil the aspirations of rural youth to be benefitted from the e-commerce revolution in the country.

Saahil Goel, Co-founder & CEO, Shiprocket said, the India Post network will provide last-mile connectivity to the e-commerce market player and will facilitate in the penetration of E-commerce services beyond large cities and towns. It would enable automated shipping and faster delivery for merchants, resulting in cost-effectiveness and business growth.

To facilitate this partnership and to provide better services to customers, India Post has ensured IT integration with the IT systems of Shiprocket. This integration has been done through various API for Tariff, Booking, Label Generation, Pickup and Track & Trace

To Provide Global Competitiveness for Indian MSMEs, PM Shares Link of MSME Competitive (LEAN) Scheme

The Prime Minister, Shri Narendra Modi has shared the link of MSME Competitive (LEAN) Scheme and said that this is a a part of our efforts to strengthen the MSME sector, which is a key pillar of India’s economic growth. The MSME Competitive (LEAN) Scheme has been launched under MSME Champions Scheme.

In response to the tweet by Union Minister for MSME, Shri Narayan Rane, the Prime Minister tweeted;

"A part of our efforts to strengthen the MSME sector, which is a key pillar of India’s economic growth. lean.msme.gov.in"

A part of our efforts to strengthen the MSME sector, which is a key pillar of India’s economic growth. https://t.co/ZBm5rF4kRa https://t.co/i6OHYJeXmj

— Narendra Modi (@narendramodi) March 13, 2023

Ministry of MSMEs recently launched the MSME Competitive (LEAN) Scheme to provide a roadmap to global competitiveness for the MSMEs of India.

The idea is to improve quality, productivity, performance and capability to change the mind-sets of manufacturers and transform them into world class manufacturers.

Lean Manufacturing or Lean Production, known simply as LEAN, is a production process based on an ideology of maximising productivity while simultaneously minimising waste within a manufacturing operation. The lean principle sees waste is anything that doesn't add value that the customers are willing to pay for.

BSE SME Platform - Resgen Ltd and ITCONS E-Solutions Ltd Get Listed

Resgen Limited and ITCONS E-Solutions Limited became the 423rd and 424th companies to get listed on the BSE SME Platform on March 13, 2023 after successfully completing its public issue on March 2nd.

Resgen Limited is a Mumbai registered company, engaged in the process of Manufacturing Pyrolysis Oil (Substitute for Furnace Oil) from all kinds of plastics (waste/scrap) during the manufacturing of the Pyrolysis Oil, some of its by products are generated such as Carbon (Substitute for Coal) and Gas (Substitute for LPG).

For details on the issue, please visit

https://www.bseindia.com/markets/publicIssues/DisplayIPO.aspx?id=2943&type=IPO&idtype=2&status=H&IPONo=6065&startdt=28-02-2023

ITCONS E-Solutions Limited is a New Delhi registered company, engaged in the business of providing human resource services. The company offers its services mainly in the organized sector to both public and private organizations. The service of the entity are primarily in the domain of Manpower Supply/Recruitment Services and Manpower Sourcing/Staffing Services.

For details on the issue, please visit

https://www.bseindia.com/markets/publicIssues/DisplayIPO.aspx?id=2944&type=FPO&idtype=2&status=H&IPONo=6066&startdt=28-02-2023

BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualised entity, with a broad shareholder base. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.

BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market, and stimulate innovation and competition across all market segments.

Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE and other exchanges trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.

Tide and WE Hub Launch ‘Sarthika’ to Operationalise Government Schemes for Women MSMEs

Aims to bridge the information and last mile delivery gap in public schemes and initiatives

Targets ease of doing business for 500,000 women entrepreneurs across India by 2027

Tide, the UK’s leading SME-focused business financial platform, that recently launched in India, and WE Hub, Telangana’s state-led incubator for women entrepreneurs have launched the ‘Sarthika’ programme, to bridge the information and last mile delivery gaps in state and central government schemes for women-led micro, small and medium-sized enterprises (MSMEs).

Through this initiative, Tide aims to reach women entrepreneurs across India and enhance the ease of doing business by improving access to information and uptake of public schemes and initiatives.

The Sarthika web portal (https://www.tide.co/en-in/wehub-tide/) will work with the cohort at the grassroots level to help them navigate through the application process, eligibility criteria, and other important aspects of the schemes. After the completion of full KYC process, Tide India and WE Hub will work with relevant government departments to quicken operationalisation of the schemes.

The programme’s first phase consists of three schemes

1. Prime Minister's Employment Generation Programme (PMEGP): The scheme focuses on credit subsidy for self-employment.
2. Raw Material Assistance Scheme: This scheme offers access to higher quality raw materials.
3. Barcode Registration Subsidy: This scheme enables businesses to conform to global standards of trade and commerce.

The Government of India has rolled out a series of measures to boost growth and opportunities for women in business. However, lack of information about eligibility and availability of schemes, poor allocation of resources, and complex processes have led to weak demand from the people these schemes could best serve.

The Sarthika programme comes at a time when W20, under India’s G20 presidency, is focused on realising the vision of women-led development, with women as active change agents of India’s growth story rather than passive recipients of development. The W20 is an official G20 engagement group focused on gender equity.

WE Hub CEO, Deepthi Ravula said, “Enabling access and opportunity for women to partake in the economic workforce of the nation is of pivotal importance to the growth of the nation. While there have been efforts to ease this process, awareness and handholding support is often amiss. In our collaboration with Tide, we are looking at addressing this problem statement and are positive that this will lead to a monumental change!”

This move also elevates Tide’s India Chapter of ‘Women in Business’ and the company’s plan to work as an incubator to digitally transform women-led SMEs beyond Tier 2 and 3 regions of India.

Kumar Shekhar, Deputy Country Manager, Tide India said, “As India presides over G20, there is an increased need to focus on the inclusion of women in finance and creating an enabling and non-discriminatory ecosystem. Last mile delivery of schemes and incentives is a common challenge faced by governments across the globe. While there is no magic bullet to bridge this gap, we are proud to launch a programme that will not just remove barriers to women-led development but help them realise their full potential.”

Earlier this year, Tide also conducted a mentorship programme for women entrepreneurs to decode the Union Budget 2023 and help them understand how new government policies, tax laws, and funding opportunities may affect their businesses.

About Tide:

Founded in 2015 and launched in 2017, London-based Tide is now the leading business financial platform in the UK. Tide helps SMEs save time (and money) in the running of their businesses by not only offering business accounts and related banking services, but also a comprehensive set of highly usable administrative and connected solutions. Tide has nearly 500,000 SME members in the UK (around 9% market share) and has recently launched in India.

Tide has been funded by Apax Digital, Anthemis, Augmentum, Creandum, Goodwater, Jigsaw, Latitude, LocalGlobe, Passion Capital, SpeedInvest, SBI Group and Tencent, amongst others. It employs 1250 professionals worldwide, was awarded the ‘New Market Entrant of the Year’ at the UK-India Awards 2022 and is among the Sunday Times Fast Track Disruptors to Watch. Tide has a long-term ambition to be the leading business financial platform globally.

Tide selected India as its first international market in 2020. With over 500 highly skilled employees in India, most based in its Hyderabad technology centre, Tide has launched two business financial solutions for SMEs in India – a Business Account and a RuPay-powered Expense Card and is working to introduce a host of other features to the Tide app in the next few months.

https://www.tide.co/en-in/

WE HUB is the first-of-its-kind and only state-run platform for women entrepreneurs by the Government of Telangana. WE HUB supports women entrepreneurs with innovative ideas, solutions, and entities focusing on emerging areas in technology and allied sectors. WE HUB also supports under-explored/unexplored sectors, such as FMCG, retail, and e-commerce, including the service sector. The mandate and goal of WE HUB are to eliminate financial and societal barriers for women and help them succeed in their enterprises. WE HUB aims to create a supportive community for aspiring and existing women entrepreneurs where they can interact with VCs for funding, connect with corporates for scaling up their business, get advice from mentors to fine-tune ideas; and benefit from technical mentoring.

http://wehub.telangana.gov.in/

DBS Bank India Partners with eSamudaay to Propel Local Commerce in Small Towns Through ONDC

Collaboration with eSamudaay will help micro, small and medium enterprises digitalise in underserved markets through a decentralised model

DBS Bank India reimagines SME banking by leveraging data to offer bespoke credit and cash management solutions to aid business growth

In line with its vision to support Indian MSMEs, DBS Bank India announced its partnership with eSamudaay today. eSamudaay (a SAAS-based solutions provider, owned and operated by Nirmund Digital Distributions Private Limited), focuses on non-metro towns and cities, providing digital solutions on both the buyer and seller side and logistic support to make doing business on the Open Network for Digital Commerce (ONDC) convenient for smaller players in the market. With this partnership, DBS Bank India aims to meet the needs of SMEs and MSMEs while conducting business through ONDC and expanding its digital solutions beyond traditional banking.

Under this alliance, which was finalized on Republic Day (January 26, 2023), DBS Bank India will gain deeper insights into the end users’ requirements and can offer them customised solutions. Focusing on a more inclusive offering, the Bank will leverage its robust, globally-renowned digital capabilities and go beyond traditional banking to offer bundled and bespoke cash management solutions to cater to the diverse needs of SMEs and MSMEs - such as efficiently managing collections, payments, payroll, liquidity management, and financial products. As eSamudaay’s financial partner, DBS Bank India will pilot their solutions in a few South Indian cities such as Udupi, Thanjavur, Mangalore and Mysore, with a long-term plan to cover 24 cities across India, managing end-to-end flows of the entire supply chain in those cities.

Divyesh Dalal, Managing Director & Head - Global Transaction Services at DBS Bank India, said "Our endeavour has always been to enable our customers to drive efficiency and growth through customer-focused, digital solutions. This partnership furthers our commitment to empowering MSMEs, especially those beyond metro and tier-1 markets. We are excited to partner with eSamudaay, who share our ethos of enabling businesses to grow through innovation. We look forward to offering our customised financial solutions to local businesses and contributing towards the growth of India's burgeoning e-commerce market."

Expressing confidence at what could become a unique growth model for India and other countries, Anup Pai, co-founder and CEO of eSamudaay said, “Our team is happy to partner with a global bank that has taken a futuristic stand on decentralisation as a means to spread wealth, as well as provide the financial resources to individuals and communities to expand their business. We have created a digital solution for decentralised, inclusive economic growth and believe that in DBS Bank India, we have found the right partner to offer a slew of financial products for local commerce to thrive.”

DBS believes in delivering a banking experience that is safe, transparent and hassle-free. Recently DBS Bank India partnered with Gofrugal Technologies to help SMEs catalogue their products quickly and expand their sales channels via ONDC. Earlier, DBS Bank India launched a first-of-its-kind digital and paperless trade financing solution for freight forwarders that leverages Electronic Way (eWay) bill verification for digitalising and simplifying trade transactions.

eSamudaay works with various stakeholders, including local associations, the chamber of commerce, and financial institutions, to digitalise local trade. This new-age technology company helps businesses become self-reliant and compete with larger organisations. The Open Network ensures that potentially every seller gets enhanced discovery opportunities, not to mention the possibility of trading overseas as the model develops.

DBS Bank India leverages the power of ecosystems and technology to help clients connect across the value chain and provide enabling solutions that drive efficiency and synergies for growth. Furthering its goal of financial inclusion and digital penetration in the country, DBS Bank India offers an online credit solutions platform, "DBS Digital Business Loans," which ensures easy access to business credit for the entire spectrum of micro, small, and medium-sized enterprises, offering up to Rs 20 crore in credit.

As per data from the Ministry of Micro, Small & Medium Enterprises, as of 25th November 2022, the Udyam Registration portal registered 12,201,448 MSMEs1. Indian MSMEs are rapidly adopting digital payments over cash, with 72% of payments done through the digital mode compared with 28% of cash transactions. The rise in digital adoption presents prospects for further growth in the sector.

About DBS:

DBS is a leading financial services group in Asia across 19 markets. DBS is known for its global leadership, being recognised as the “World’s Best Bank” thrice by Global Finance since 2018. DBS was also recognised as the “World’s Best Bank” by Euromoney in 2021 for the second time in three years and “Global Bank of the Year” by The Banker in 2021.

The bank is at the forefront of leveraging digital technology to shape the future of banking with its recognition as the “World’s Best Digital Bank” by Euromoney in 2021 and the world's “Most Innovative in Digital Banking” by The Banker in the same year. Apart from these accolades, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 14 consecutive years from 2009 to 2022. Additionally, DBS was ranked among the top 3 on Forbes' list of the World's Best Banks in India for two consecutive years, 2020 and 2021.

DBS Bank has been present in India for 28 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank.

DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India. In 2016, DBS launched India's first mobile-only bank, digibank, which now has ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. The bank now has a network of ~530 branches in 19 Indian states

DBS provides a full range of consumer, SME, and corporate banking services. As a bank born and bred in Asia, DBS understands the intricacies of business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities. It established an SGD 50 million foundation to strengthen its corporate social responsibility efforts across Asia by supporting social enterprises: businesses with a double bottom line of profit and social and/or environmental impact. In 2020, DBS introduced the "Towards Zero Food Waste" initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste. In 2022, DBS committed an additional SGD 100 million to deepen the ability to create an impact beyond banking, catalysing the bank's various philanthropic and crisis relief measures.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment, and can-do spirit of our 30,000+ staff representing over 40 nationalities. For more information, please visit: www.dbs.com/India.

Lal10 Sets Up 7 Satellite Offices to Digitise Textile factories (MSMEs) PAN India

In the first phase, centres have opened in Jaipur, Hyderabad and Varanasi

With a vision to digitise the MSMEs in India for global trade, Lal10, a cross-border B2B tech-enabled full-stack platform, has announced that it will launch seven satellite offices across seven states by the end of June 2023. With 2292 MSMEs in its fold, Lal10 has become the largest pan-India aggregator of textile factories.

The MSME sector of India is one of the biggest contributors to the nation's GDP and the export markets, with a 30 percent and 50 per cent share respectively. Digitising these factories, Lal10 claims to be the largest cloud-export house from India to the world. This expansion is in line with the start-up's strategy to leverage technology and transparent supply chains to unleash the latent potential of these MSMEs for global trade.

It is opening offices in Varanasi, Hyderabad, Kolkata, Ahmedabad, Indore, Jaipur, and Noida, all of which are close to the country's major centres for textile production. These centres are at the mouth of manufacturing, where the company will digitise these textile factories. The supporting regional offices will be empowered with a Production Manager who will head operations, a Quality Control Manager who will be responsible for uniform product quality as per global standards and the Catalogue Manager who will look after up-skilling the manufacturers and teaching them how to 'come online' and reap the benefits of economies of scale in raw material and finance sourcing, efficient inventory management while being updated on global design trends.

This expansion is in keeping with the scale planned by Lal10 to service its midsize to large-scale global buyers in the US, UK, Japan and the Middle East. With its current base of MSMEs already on-boarded with an unutilised capacity of $600M, Lal10 is already among the top export houses in the country. It aims to add another 12,500 Indian MSME partners with an output of $1 billion in the next 3-4 years. 

Commenting on this expansion, Maneet Gohil, CEO and Co-Founder, Lal10 said, "With such huge global demand for textiles, Indian MSMEs have enormous potential to grab a larger share of the export market. There is an immediate need to enable more textile hubs from India to plug this demand and provide a large assortment of products. The traditional Indian textile hubs are only contributing to domestic markets. We are leveraging technology to map these factories on production, streamline processes for quality and design and make the systemic changes which were due for Indian manufacturing to go global. Tech built to support our regional operational expertise at the satellite offices is helping us build for scale. We will be the largest export house from India in a span of the next 18 months.”

Currently, there is a huge discrepancy between the few big exporter belts of the country and the rest of the MSMEs which have tremendous production capacity but lose out due to systemic inefficiencies which are easily addressed through transparent technology solutions. Lal10 consolidates the raw material demand of our MSMEs helping them to get the best quality inputs at the lowest costs, eliminating the long line of middlemen. It also connects them to banks and NBFCs providing them affordable credit which is at least 10-15 per cent cheaper than what they currently get from the exploitative informal financing sector. To keep pace with global trends we also upskill our MSMEs with 300-400 designs per month.

Lal10's revenues increased by 1200% in the previous year with the current MoM growth clocking at 70-80 per cent. The company strives to provide the broadest selection of goods to its customers from all parts of the nation through an exhaustively mapped out, transparent supply chain and now services 200+ mid-size to large buyers and 12+ marquee brands in the United States, United Kingdom, Japan and the Middle East. Satellite offices in Jaipur, Hyderabad, Noida and Varanasi are already live with 3 more centres set to go live shortly.

96% of MSMEs Expect Profits to Rise in 2023, Says NeoGrowth’s MSME Business Confidence Study

• 3 out of 4 MSME owners confident of India's economic growth in 2023
• 75% MSMEs expect consumer demand to surge
• 71% MSME owners plan to include sustainable business practices
• 60% MSME owners plan to step up Technology/Digital Investments in 2023
• Chennai outperforms other cities in business optimism parameters

Ninety-six per cent of MSMEs expect profits to increase in 2023, an MSME Business Confidence Study released today by NeoGrowth, an MSME-focused digital lender in India, indicates.

The MSME Business Confidence Study was conducted nationwide with responses from close to 3,000 MSME owners. The study covered the expectations of India's MSME owners across 25+ cities and 70+ business segments, as they step into 2023 amidst global volatility.

Arun Nayyar, Managing Director and CEO, NeoGrowth, said, “It is heartening that MSMEs are confident about their growth, profitability and other business indicator. We believe that the strong digital ecosystem in India will be a catalyst for MSME lending in the coming year. MSMEs are capitalising on new credit options to build and scale their businesses easily, unimpeded by traditional methods of credit underwriting. 2023 will be a crucial year for MSMEs, which will play a pivotal role as India moves a step closer to realising its vision of a $5-trillion economy.”

Sentiment of optimism among MSMEs

The optimism among MSMEs, India's economic backbone, is an encouraging sign in these uncertain times. Three out of four MSMEs, who were a part of the study, were confident of economic growth in 2023, 20% were neutral and only 5% were negative. Among the respondents, 80% of women MSMEs from the manufacturing and services sector said they were optimistic about India's economic growth.

MSME consumer demand

Seventy-five percent of MSME owners expected an increase in consumer demand in 2023, 21% of MSME owners felt it would remain the same and only 4% of MSME owners anticipated that it would decrease. MSMEs from Chennai recorded the highest optimism with around 86% expecting growth, followed by 83% in Hyderabad and 81% in Mumbai.

In terms of industry segment, MSME owners in the retail and trading segment said they were positive about witnessing a strong consumer demand in 2023. Women-led MSMEs from the trading and wholesale industry anticipated a healthy consumer demand in the coming year compared to other respondents.

Expectations for business profitability

Ninety-six percent of MSMEs expected their profits to increase in 2023; out of these, 66% anticipated profits to rise by over 30%, while 30% of MSMEs felt that it would increase by less than 30%. Only 4% of MSMEs expected business profitability to decrease.

MSMEs in Chennai were most confident about profitability in 2023 with 80% expecting an over 30% increase in profits. In contrast, the profit expectations of MSME owners in Mumbai and Pune were more conservative.

Non-metro MSME credit demand

Eighty-four percent of MSMEs in non-metros, largely bucketed under ‘others’ in the study, said they planned to opt for business loans in 2023. The accelerated demand for credit from smaller cities signalled MSMEs’ business recovery, as they require funds for their working capital needs, growth and expansion.

The manufacturing and services industry segments anticipated higher credit demand. Over 80% of women MSME owners expected to opt for a business loan in 2023. Given the expectations of a strong consumer demand, the repo rate increase by 225 basis points since early 2022 was unlikely to impact the MSME credit demand in 2023.

Openness to digital adoption

Sixty percent of MSME owners said they planned to step up technology or digital investments in 2023. The willingness for digital adoption was clearly evident with 38% of MSMEs saying they would focus on online selling, 23% planning to build a social media presence, and 24% of MSMEs desiring to digitise their accounts and payments to track cash flows in 2023.

Employment generation

Sixty-one percent MSME owners said they intended to expand their workforce in 2023 with higher hiring expected in the services and manufacturing industry segments. Three out of four Chennai-based MSMEs planned to hire more employees in 2023, the highest in the country.

Focus on sustainability

Seventy-one percent of MSME owners hoped to include Sustainable Business Practices in 2023. The topmost sustainable business practice favoured by MSMEs was to eliminate plastic usage. Sustainable business practices include initiatives around energy conservation/ renewable energy, tree plantation, reducing carbon emissions, reducing plastic and paper usage & controlling/ reducing air/ water pollution

Report: https://www.neogrowth.in/neoinsights/

About NeoGrowth:

NeoGrowth was founded by Dhruv Khaitan and Piyush Khaitan a decade ago. NeoGrowth is a new-age lender, with a focus on Micro, Small, and Medium Enterprises (MSMEs). It is a Systemically Important, Non-Deposit taking Non- Banking Financial Company (NBFC-ND-SI), offering a wide range of products tailored to the dynamic needs of small businesses. Its data science and technology-led approach enable it to offer quick and hassle-free loans to MSMEs across 70+ segments across 25+ locations in India. NeoGrowth offers a unique daily repayment option to its customers with multi-channel repayment modes. It has served and engaged with 1,50,000+ businesses and supported them with their growth ambitions. It not only helps small businesses grow but also drives financial inclusion making a positive social impact.

Founded by industry veterans, its Board of Directors comprises experts, who guide the leadership team toward its strategic goals. NeoGrowth is also backed by renowned investors, namely Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, IIFL Seed Ventures Fund, WestBridge, FMO, and Leapfrog Investments.

For more details, https://www.neogrowth.in/