InCred Finance enters into a strategic alliance with Gurugram based NBFC - X10 Financial Services

To provide technology-led working capital financing to SMEs

 

Mumbai, India, April 24, 2017 – InCred Finance (www.incred.com), promoted by former Head of Investment Banking Asia Pacific, Deutsche Bank, Bhupinder Singh has entered into a strategic alliance with X10 Financial Services Limited, a Gurugram based NBFC which offers working capital financing to small and medium enterprises (SMEs) across various supply chains. InCred Finance and X10 have joined hands to provide technology-led working capital financing to SMEs, a segment underserved by traditional financial institutions.

InCred Finance is a new-age financial services platform focusing on providing home loans, education loans, personal loans and SME business loans. With the alliance with X10, it aims to meet the need for short term and medium term working capital amongst SMEs. InCred Finance uses alternate data sources for credit assessment thus providing quick and easy financing solutions to SMEs that were traditionally considered to be non-credit worthy.

Mr Saurabh Jhalaria, CEO-SME Business, InCred Finance said Establishing strategic relationships with market participants who can facilitate access to Incred Finance's target customer set is core to our overall strategy. InCred Finance intends to scale up the supply chain business by leveraging X10’s existing resources along with InCred Finance's balance sheet and risk management tools. Our focus is on extending credit to under-served SME borrowers using algorithmic, alternate data based credit decision-making and to exploit technology to provide a superior customer experience". 

Commenting on the development, Mr Karan Bhatia, MD of X10 said “Despite a fast growing economy, SMEs in India are severely under banked and do not have access to structured credit solutions for their working capital needs. With the increased appetite brought in by InCred Finance, we would be able to reach out to a wider customer base and supply chains.” 

InCred Finance, recently announced that it had disbursed Rs 100 crore loans to about 1000 customers in less than 100 days with bulk of the disbursements in the housing and small business segment.

For further information, please contact:

Saurabh Jhalaria

InCred Finance

Saurabh.Jhalaria@incred.com