New Delhi, July 24 (KNN) Online recharge and payment company Paytm and Aditya Birla Finance Limited, a part of Aditya Birla Financial Services Group entered into a partnership to help small and medium sellers to scale up their business. They will offer hassle-free finance options to more than 50,000 sellers on its platform.

VP, SME at Paytm, Renu Satti said they are creating an ecosystem which helps their merchants to grow their business faster.

“Accessibility to short-term loans and working capital loans is often a major roadblock for smaller sellers which we are working towards removing,” she said.

Pointing out that majority of the MSMEs in India do not have access to formal financing channels, CEO, Aditya Birla Finance Limited, Rakesh Singh said ABFL is looking for such mutually benefitting partnerships which will help these SMEs get access to formal channels of financing.

He also added that the partnership with Paytm also creates the opportunity for ABFL to penetrate the unbanked MSME space faster.

Paytm has partnered with other NBFCs and is in talks with several banks with the aim of offering a wide choice of financing options to its registered merchants. Through such associations, Paytm envisions boosting the business of the 50,000 merchants on board its platform and taking this figure to a total of one lakh by the end of 2015. (KNN Bureau)