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10/08/2022 01:15pm

ReshaMandi launches ReshaMudra- credit arm for textiles MSMEs

image ReshaMandi launches ReshaMudra- credit arm for textiles MSMEs

Bengaluru, Aug 10 (KNN) ReshaMandi a natural fibre digital ecosystem of farm-to-fashion has launched its new credit venture ReshaMudra, offering loans to MSMEs in the textile industry.

It will provide working capital solutions as well as long-term loans to its business partners across the ecosystem.

ReshaMudra intends to help them secure crucial funding to grow their businesses or tide over challenging times.

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Regulatory approvals from respective authorities will possibly affect all these offerings.

The suite of services offered by ReshaMudra are aimed to be cost-effective with quick turnaround time, the company said.

Focusing on the credit needs of MSMEs, ReshaMudra aims to bridge this need gap, enabling MSMEs to expand their operations and thereby boost revenues, margins and profits.

ReshaMandi’s Founder and CEO, Mayank Tiwari said, “India’s textile sector is on course to becoming a USD 190 billion powerhouse by 2025-26. But lack of access to credit could stifle that potential as nearly 80 per cent of the country’s MSMEs today are faced with this challenge.”

Further sharing its vision, Tiwari said, “We aim be the partner of choice to stakeholders across the textile industry by providing customised, financial products that are cost-effective and easy to use.”

Kshitij Kuthiala, AVP, ReshaMudra, said “With more than 70 lakh stakeholders, half of which are underserved or under banked, ReshaMudra aims to become the go to player for all things credit across this complex market.”

ReshaMudra will focus on PSL and MSME segment for lending across Tier II - IV cities aims to have exclusive tie-ups with banks and NBFCs to facilitate business growth with moratorium period upto 3 month.  (KNN Bureau)

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