Cashinvoice & Hero Fincorp to provide supply chain financing to MSMEs

ENA MSME 2023-04-10 16:25:49 Mumbai, Apr 10 (KNN) Cashinvoice and Hero Fincorp have partnered to offer supply chain finance solutions to MSME segment across India. They cater to supply chain finance offerings in order to keep up with the growing needs of corporates in India while also addressing liquidity issues for the MSME segment. <a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a> With the forces aligned, Hero Fincorp's strong capital base, combined with Cashinvoice's flexibility and technological prowess, will help penetrate deep and fast into supply chain finance programs, enabling liquidity to vendor ecosystems and credit to small businesses in India. Through its digital marketplace for invoice discounting, the company offers customised supply chain financing (SCF) solutions to buyers and suppliers of mid and large corporations. The platform integrates with corporates to access validated invoices, dynamically prices invoice discounts based on risk assessment algorithms, and allows platform lenders to digitally process loans against invoices. Commenting on the partnership, Arun Poojari, CEO and Co-founder Cashinvoice said, We are thrilled to have Hero FinCorp, India's leading NBFC, on board to act as financial aid on our journey to create solutions to solve the working capital gap in India. Through this association, we aim at facilitating Rs 10,000 crore of MSMEs purchases in FY24. Cashinvoice offers a win-win proposition to all the constituents viz. large corporates, their suppliers and buyers. The model incentivizes buyers thereby unlocking capital which is trapped in the form of credit period within supply chains and can reduce financing costs by up to 4-6 per cent per year. The company intends to bridge the 20-25 lakh crore credit gap in the MSME segment and has experienced 103 per cent growth in Q4 FY23 compared to the same period last year. Tarul Agarwal, Head Supply chain finance, Hero FinCorp said, Working cash crunch has been an age-old bottleneck for many of the corporates and MSMEs, innovative solutions like supply chain finance is providing tailor-made solutions to resolve the daunting issue. We are glad to associate with Cashinvoice to bridge gaps in the ecosystem. This collaboration will benefit SMEs and MSMEs seeking business loans by making the overall process faster and more seamless. (KNN Bureau) 32925 https://knnindia.co.in/news/newsdetails/msme/cashinvoice-hero-fincorp-to-provide-supply-chain-financing-to-msmes 2023-04-10 16:25:49 knnindia.co.in Cashinvoice & Hero Fincorp to provide supply chain financing to MSMEs