Clix Group and Tezzract to jointly create MSME liability marketplace in 15 months
New Delhi, June 2 (KNN) Clix Group, a non-banking financial services group and fintech company Tezzract have partnered and set an aim to create a MSME liability marketplace where banks and other financial institutions can participate to pick up loan assets across secured and unsecured assets.
The main aim goal is to innovate and bring new age solutions for lending to MSMEs in India. Under this partnership Clix intends to lend an additional Rs 1000 crore to MSMEs by the end of FY23, said the press release.
Through this partnership, both companies will build solutions to plug the significant challenges that MSMEs face in raising funding to grow and compete in an already difficult post-Covid environment.
Speaking about the partnership, Rakesh Kaul, CEO, Clix Capital, said, "We aim to disburse Rs 1,000 crore to MSMEs in FY23. Tezzract is building proprietary technology that we can leverage to solve various needs of MSMEs through their evolution, helping maximize lifetime value benefits and reducing transactional costs for them.”
Shaily Maheshwari Kajaria and Vivek Raghavan, co-founders of Tezzract, said, "Under the CLIX-TEZ partnership we have a product-agnostic – customer first thought process. No – Touch frictionless Tez tech along with Clix’s strong balance sheet support will enable our INDIA MSME CREDIT CLUB vision.”
Both entities will work together to explore and build products to best cater to MSME as a category and further their purpose of serving the underserved needs of millions of Indian MSMEs. (KNN Bureau)