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EXCLUSIVE


FUNDING THE GAP IN CASH FLOW-BASED LENDING FOR MSMES: SCENARIOS AND TOOLS
INVOLVED

The gap between the inflow and outflow of funds over the period needs to be
funded on an ongoing basis to ensure smooth operations without any shortfall.
The role of specific product offerings developed to finance this gap in the
working capital cycle comes into play. In an interaction with ETBFSI, here is
what experts suggest to meet this gap

 * Vikas Kumar
 * ETBFSI
 * Updated: December 06, 2022, 10:53 IST

 * 
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For the MSME sector, financing has played a key role in its operation since the
sector has been much unregularised leading to difficulty in getting capital.

There is a massive credit gap in the MSME sector due to a lack of assets among
MSMEs and due to the challenges faced by financial institutions in credit risk
assessment.

Access to finance and delayed payments are major and historical issues hindering
the growth of the MSME sector in India. Traditionally, lending to MSMEs has been
based on balance sheet size, availability of collateral and credit history.



For a lending model, there are two approaches, one is collateral-based while the
other is cash flow-based.

Explaining both the models, Vishal Suryawanshi, Vice President, Credit (SCF and
Colending), Vivriti capital said that in collateral based lending funding is
proportionate to the equity and collateral an MSME has in the business.

In cash flow-based lending we look at the current and future cash flows. We make
an assessment that the company would have sufficient cash flows in the future to
repay the loan.

How does cashflow lending work?
Cash flow-based lending is very different from a typical asset-based lending. In
the asset-based lending the repayment is based on the collateral and the assets.
But in the cash flow based lending the repayment is based on the
business-projected cash flows. Here, lenders analyse the risk according to the
future projections and charge interest rates accordingly.

Also Read: Cash flow-based lending is the next big thing in credit

Keyur Doshi, Chief Financial Officer, Fincare Small Finance Bank believed that
the process of asset-based or balance sheet-based lending is designed for
long-term, large-size loans.

“However, CFBL enables loans, i.e. short-term, small ticket-size loans tailored
to the needs of the MSME. It empowers MSMEs to manage their working capital and
invest in growth,” he added.



Prakash Sankaran, CEO Invoicemart said the cash-flow based lending, the evolving
model of financing for MSME sector, is based on the present and future cash
flows of the entity. There is a sufficient data, in terms of historical cash
flows and estimated future cash flows, that can be analysed to identify the risk
involved, probability of default etc.

Funding the gap between inflow and outflow of funds over the period: 3 scenarios

The gap between the inflow and outflow of funds over the period needs to be
funded on an ongoing basis to ensure smooth operations without any shortfall.
Any hindrance in the ongoing need-based funding can lead to an adverse effect on
the production of the MSME units thereby impacting their survival. The continued
funding is therefore taken care of through cash flow based lending, said Jyoti
Prakash Gadia- Managing Director at Resurgent India.

Vishal Suryawanshi of Vivriti capital discussed the three scenarios when such
gap can arise. An MSME has to buy, produce, sale and then wait to realize the
cash. We can easily fund through supply chain finance such as bill discounting
to shorten such time period for the fund requirement.

“Another scenario is seasonality in the sales. This usually plays out over a
year. Therefore, short-term working capital loans along with supply chain
finance can help.

The third scenario is growth. To fund the growth a company requires investment
right now in terms of working and capex. This will be realized over 2-4 years.
These can be funded through business loans or asset finance loans,” he told.

To address the gap, Invoicemart CEO suggested the role of specific product
offerings developed to finance this gap in the working capital cycle.

“These products can be/are built only by analysing the regular cash inflows and
outflows of the entity. Trade Receivables Discounting System (TReDS) is one such
product offering which enables MSME to unlock their domestic receivables and
convert into cash,” he said.

“TReDS is an RBI regulated online market-place aimed at financial inclusion of
MSMEs who can avail invoice discounting basis the credit profile of their buyer
without offering any security and at the most competitive rates,” he shared.

FInancial tools like Working capital loan, Buy-Now-Pay-Later, Merchant Cash
Advance, Overdraft, Turnover-based loans, Supply chain finance among others can
be helpful in meeting this gap, CFO of Fincare Small Finance Bank said.

RBI comes into picture
RBI had introduced an Account Aggregator (AA) and Public Credit Registry which
benefits Cash Flow based lending. Account Aggregator is an entity licensed by
RBI that works as an intermediary to borrowers. It accesses the borrowers data
from various financial institutions and work like a ‘consent broker’. This
empowers NBFCs to assess the borrowers and review the credit applications
instantly.

PCR actually captures the data of the borrowers from all the financial
institutions, such as, banks, NBFCs, corporate bonds, tax authorities, market
entities like RBI, SEBI, Corporate affairs ministry, GSTN and IBBI will closely
work here to offer banks and lenders a whole perspective on their perspectives
in the real time manner. This will make lenders confident.



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NBFC

 * 3 hrs ago
   
   PTC INDIA, EX-DIRECTORS CLASH OVER GOVERNANCE

 * 3 hrs ago
   
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 * 22 hrs ago
   
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BFSI VIDEOS


 * SFBS AND NBFCS DEEPENING THE FINANCIAL INCLUSION AGENDA: FINCARE SFB CEO
   
   A quick chat with Rajeev Yadav, MD & CEO, Fincare Small Finance Bank at the
   3rd Edition of the two day ETBFSI Converge 2022.

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 * 6 days ago
   
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View More




EXCLUSIVE


PTC INDIA, EX-DIRECTORS CLASH OVER GOVERNANCE

Three directors — Jayant Purushottam Gokhale, founder of Gokhale & Sathe, D S
Saksena, a retired income tax officer, and Sushma Nath, former Union finance
secretary — had resigned from the board. Gokhale and Saksena had levelled
serious charges against the management, including weak corporate governance,
which have been denied by the company in exchange filings.

 * TNN

Click Here to Read This Story
 * 
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NEW DELHI: The tussle in the PTC India Financial Services (PFS) board, where
three directors resigned earlier this month, has got uglier with both sides
trading charges.

Three directors — Jayant Purushottam Gokhale, founder of Gokhale & Sathe, D S
Saksena, a retired income tax officer, and Sushma Nath, former Union finance
secretary — had resigned from the board. Gokhale and Saksena had levelled
serious charges against the management, including weak corporate governance,
which have been denied by the company in exchange filings.

Non-banking finance company PFS, which was under regulatory scrutiny after some
independent directors resigned earlier this year, said that the appointment of
the new board members was temporary, something that Nath has pointed to in her
resignation letter, where she also noted that her age did not permit her to
continue any longer In his resignation letter, Gokhale has raised questions over
the controversy surrounding the appointment of the forensic auditor,
co-operation with the forensic auditor and its finding. Besides, he has raised
questions over the finalisation of accounts, short notice for board meetings and
risk management practices, among other issues.



“The company states that the allegations levelled in the resignation letter are
false, misleading, frivolous and fabricated as detailed hereinafter. Admittedly,
Gokhale on more than one occasion mentioned that he was new to this business and
he needed to have better understanding of the same,” PFS said in a filing,
adding that it had informed Sebi twice about the erstwhile director’s
“unprofessional conduct”.

It has accused Gokhale of unilaterally finalising the forensic auditor, without
involving another director and directed the firm to keep the terms of
appointment as confidential. It has also responded to other allegations raised
by the two directors.


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EXCLUSIVE


SREI COC OFFERS WINDOW FOR RESOLUTION APPLICANTS TO REVISE BIDS BY DECEMBER 15

The Kolkata-based Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment
Finance Ltd (SEFL), which are undergoing a resolution process in the National
Company Law Tribunal (NCLT), have received three bids.

 * PTI

Click Here to Read This Story
 * 
 * 
 * 
 * 
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The Consolidated Committee of Creditors (CoC) of two debt-ridden Srei companies
are likely to ask bidders to improve their resolution plans by December 15, a
top official said on Sunday. The CoC, however, remains committed to the January
5 (2023) deadline offered by the adjudicating authority to complete the
corporate insolvency resolution process, he said.

The Kolkata-based Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment
Finance Ltd (SEFL), which are undergoing a resolution process in the National
Company Law Tribunal (NCLT), have received three bids.

"Intense negotiations are taking place with each of the bidders, and after
another meeting slated on December 12, bidders will be offered to submit their
revised bids by December 15," a top official involved in the process told PTI.



The CoC will "vote on the resolution plans after the revised bids are submitted
and the RBI nod will be taken" before submitting to the NCLT, he said.

"The deadline of January 5 to conclude the resolution process will be met," the
official stated.

RBI-appointed Srei administrator Rajneesh Sharma could not be reached for his
comment.

The CoC has been holding internal meetings besides deliberating with the three
bidders -- Varde Partners and Arena consortium, National Asset Reconstruction Co
Ltd and Authum Investment and Infrastructure -- in Mumbai for Srei group's
NBFCs.

The consortium of Varde Partners and Arena has submitted a bid value of Rs
14,000 crore, while NARCL sent a resolution plan worth Rs 13,500 crore, a
government official, who attended the meetings, told PTI.

The third bid from Authum Investment and Infrastructure is valued at Rs 7,000
crore, he said.

The value of resolution plans could not be independently verified.

The total value of resolution plans submitted by the applicants involves upfront
cash payout, deferred payments through instruments like NCDs and OCDs. The
timeline to clear the debt ranges between three and seven years.

Authum's cash payout component was the highest at Rs 2,800 crore and it proposed
to complete the payout of total committed value within 3.5 years. The other two
bidders will take 5-7 years to clear the payments, the official said.



In contrary to banks' expectations, NARCL is not able to offer the government
guarantee for deferred payment instruments, he said.

"NARCL has stated that government guarantees are applicable only in nomination
cases where banks directly transfer an asset to NARCL and not in an asset
acquired through a bidding process," the official said.

The three bidders were among 17 final potential resolution applicants for the
two companies of the Srei group.

Big names, like Capri Global and AM Mining, a subsidiary of ArcelorMittal, were
on the final list of potential resolution applicants. However, they did not
submit resolution plans and opted out of the race.

After the insolvency petitions filed by the Reserve Bank of India were approved
by the Kolkata bench of the National Company Law Tribunal, proceedings against
SIFL and its subsidiary SEFL began in October 2021.

The resolution process is scheduled to be completed by January 5, 2023.

Financial creditors have admitted claims totalling around Rs 32,000 crore.

Financial lenders of the two Srei companies include State Bank of India, Punjab
and Sind Bank, Axis Bank, HDFC Bank, Union Bank of India, IDBI Bank, UCO Bank,
and Indian Overseas Bank.

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EXCLUSIVE


LENDERS OF RELIANCE CAPITAL FINALISE E-AUCTION PROCESS FOR BIDDERS

New Delhi, Dec 9 (PTI) Lenders of debt-ridden Reliance Capital Ltd are believed
to have finalised the process and rules for conducting an e-auction for the
bidders. According to sources, the e-auction will begin on December 19, and it
will follow ascending auction process.

 * PTI

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New Delhi, Dec 9 (PTI) Lenders of debt-ridden Reliance Capital Ltd are believed
to have finalised the process and rules for conducting an e-auction for the
bidders. According to sources, the e-auction will begin on December 19, and it
will follow ascending auction process.

The bid price of Rs 5,300 crore quoted by the Cosmea-Piramal consortium will be
the base price for the planned auction, and in the round one, the bidders will
have to bid more than the base value, sources said.

This is the first time that an e-auction of this scale and magnitude will take
place for a resolution of an NBFC (non-banking finance company) under the
Insolvency and Bankruptcy Code.



According to sources, the decision in favour of ascending e-auction has been
taken at the behest of LIC and EPFO, which together control 35 per cent of the
voting rights in the Committee of Creditors (CoC).

Reliance Capital had received 4 binding bids at the company level and the other
three are Oaktree, Hinduja, and Torrent Group.

The Reserve Bank of India (RBI) had on November 29 last year superseded the
board of RCL in view of payment defaults and serious governance issues.

The RBI appointed Nageswara Rao Y as the administrator in relation to the
Corporate Insolvency Resolution Process (CIRP) of the firm.

Reliance Capital is the third large NBFC against which the central bank has
initiated bankruptcy proceedings under the IBC.

The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).
The RBI subsequently filed an application for initiation of CIRP against the
company at the Mumbai bench of the National Company Law Tribunal (NCLT).

In February this year, the RBI-appointed administrator invited expressions of
interest for the sale of Reliance Capital. PTI DP ANZ HVA

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EXCLUSIVE


INDUSIND BANK ENTERS INTO RS 500-CRORE CO-LENDING PACT WITH SV CREDIT LINE

"The fact that we offer their products and services only to women customers
makes this proposition a winning one," SV Credit Line Group CEO Vivek Goyal
said.

 * PTI

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Private sector IndusInd Bank announced its tie-up with non-banking finance
company SV Credit Line for a co-lending agreement for Rs 500 crore loan
exclusively to women borrowers. The agreement will help rural women access to
affordable loans which they could use for a wide range of economic activities
such as agriculture, animal husbandry, trading and local manufacturing, among
others, SV Credit Line said in a statement.

"The fact that we offer their products and services only to women customers
makes this proposition a winning one," SV Credit Line Group CEO Vivek Goyal
said.

The NBFC (non-banking finance company) only lends to women customers and has a
3.5 lakh customer base serviced by 248 branches spread across 10 states and 130
districts.

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EXCLUSIVE


SREI COC EVALUATES BIDS, FINALISATION LIKELY IN 2-3 DAYS

The Consolidated Committee of Creditors (CoC) of twin Srei companies may take
two-three days to select the resolution plan from among three bids for the
Kolkata-based NBFC entities, a senior official said on Friday.

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The Consolidated Committee of Creditors (CoC) of twin Srei companies may take
two-three days to select the resolution plan from among three bids for the
Kolkata-based NBFC entities, a senior official said on Friday. Since Wednesday,
the CoC is holding internal meetings besides deliberating with the three --
Varde Partners and Arena consortium, government-backed bad bank NARCL and Authum
Investment and Infrastructure -- in Mumbai for Srei Infrastructure Finance
(SIFL) and Srei Equipment Finance (SEFL).

The consortium of Varde Partners and Arena has submitted a bid value of Rs
14,000 crore, while National Asset Reconstruction Co Ltd (NARCL) submitted a
resolution worth Rs 13,500 crore. The third bid of Authum Investment and
Infrastructure is valued at Rs 7,000 crore, a government official who attended
the meeting told PTI.

The value of resolution plans could not be independently verified.



The total value of resolution plans submitted by the applicants involves upfront
cash payout, deferred payments by way of instruments like NCDs and OCDs and a
timeline to clear the dues ranges between three and seven years.

"Authum's cash payout component is the highest at Rs 2,800 crore and promises to
complete the payout of total committed value within 3.5 years. The other two
bidders will take 5-7 years to clear the payments. The CoC is scrutinising the
offers made for each of the assets of the two companies," the official said.

There is an attempt to convince the bidders to revise their bid terms.

"NARCL has made it clear that it will not be able to offer government-backed
guarantees as perceived for the deferred instruments issued by it. Government
guarantees are applicable only in nomination cases when banks directly transfer
the asset to NARCL and not during bidding through resolution plans," the
official said.

RBI-appointed Srei administrator Rajneesh Sharma could not be reached for
comment.

These three entities were among 17 final potential resolution applicants for the
two entities of the Srei group.

Capri Global and AM Mining, a subsidiary of ArcelorMittal, were the last
applicants to the final list of potential resolution applicants. However, they
did not submit resolution plans and dropped out of the race.



After the insolvency petitions filed by the Reserve Bank of India were approved
by the Kolkata bench of the National Company Law Tribunal, proceedings against
SIFL and its subsidiary SEFL began in October 2021.

The resolution process is scheduled to be completed by January 5, 2023.

Financial creditors have admitted claims totalling around Rs 32,000 crore.
Financial lenders include State Bank of India, Punjab and Sind Bank, Axis Bank,
HDFC Bank, Union Bank of India, IDBI Bank, UCO Bank, and Indian Overseas Bank.

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EXCLUSIVE


TIE-UP OF EQUIPMENT MAKERS & SMALL FIRMS A MUST FOR EV PUSH IN HARYANA: GOVT
OFFICIAL

The programme was rolled out by the Haryana government and the Union ministry of
micro, small, and medium enterprises (MSME) to generate clarity on the recently
notified 12 schemes under the Haryana State Electric Vehicle Policy.

 * Siddharth Tiwari
 * TNN

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From capital subsidy to net GST subsidy and subsidy on charging infrastructure
to reskilling and research and development facilitation.
To leverage Haryana’s policy support in electric mobility, a top state
government official on Thursday called for the convergence of all stakeholders
such as original equipment manufacturers (OEMs) and micro, small and medium
enterprises (MSMEs) dealing in auto components and battery design and
technologies.

“Haryana has been the leading state in automobile manufacturing and innovation.
And MSMEs have been at the core of the robust automobile industry,” said
additional chief secretary (industries and commerce) Anand Mohan Sharan. “At a
time when the country is moving towards a dynamic shift in mobility and inching
towards fast and steady adoption of EVs, the government is creating a conducive
environment to institutionalise manufacturing of EVs and its components such as
auto parts and batteries.”

Sharan was speaking at a two-day exhibition and convergence programme in Gurgaon
on Thursday.



The programme was rolled out by the Haryana government and the Union ministry of
micro, small, and medium enterprises (MSME) to generate clarity on the recently
notified 12 schemes under the Haryana State Electric Vehicle Policy.

“In this direction, we first introduced an umbrella policy and thereafter went
sector and area specific. From capital subsidy to net GST subsidy and subsidy on
charging infrastructure to reskilling and research and development facilitation,
we have one of the most comprehensive and exhaustive policies. For these
policies to translate into real-time impact on the ground, ultra-mega
manufacturers, MSMEs, financial institutions and startups need to come forward
to collaborate and coordinate,” he said.

Talking about the national commitment to move towards carbon neutrality and the
‘hand-holding schemes’ provided by the Centre that can be leveraged by the MSMEs
in Haryana, Hanif Qureshi, joint secretary of the Union heavy industries
ministry called for the localisation of technology and manufacturing of auto
components.

“From production-linked incentive (PLI) to faster adoption and manufacturing of
electric and hybrid vehicles in India (FAME) schemes, there is an array of
initiatives undertaken by the Union government to promote MSMEs endeavouring to
drive the EV push in the country. Technologies such as batteries are an area
where we need to work on alternatives and reduce dependency on lithium-ion
batteries that are largely imported from countries like China,” he said.



Also Read:



KOREAN FIRMS PLAN $4 BILLION-PLUS BATTERY PLANT IN GEORGIA

Hyundai and SK On, a unit of Korea's SK Group, made the announcement Thursday.
The plant, to be located just west of Cartersville, would begin production in
2025 and employ a projected 3,500 people.

See More Details


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EXCLUSIVE


WHAT’S THE FUTURE OF CASH FLOW-BASED CREDIT UNDERWRITING FOR MSMES?

Cash flow-based credit is the new normal in the MSME industry, considering the
vulnerability the sector has. Now in this setup, underwriting plays a key role
to assess the risks involved. Here we have decoded the potential of Cash
flow-based credit credit underwriting as well as the main pillars involved:

 * Vikas Kumar
 * ETBFSI

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The credit underwriting is the process by which lender decides creditworthiness
of an applicant and whether he should receive a loan. An effective underwriting
and loan approval process is a key predecessor to favorable portfolio quality.

Credit is perhaps the most critical component for MSME entrepreneurs. Provision
for credit is essentially dependent on four pivotal issues which are Access or
Availability of credit, Banks and Business, Collateral Requirements and
Documentation.

Under cash flow-based underwriting the lender considers the borrower’s past and
projected cash flow to assess the risks against them.



Company shows the lender their projected growth and revenue streams and the
real-time cash flow of a company can give a robust evaluation of a company’s
competency to repay the loan.

Ankur Bhageria, Founder of CashFlo said the future of underwriting lies in
credit assessment on the basis of transactional data for both lending decisions
and end use control purposes.

“Cashflow based lending becomes a reality when technology is used to get
embedded in the supply chain, and create real-time visibility on future
cashflows based on trade documents,” he said.

Potential for underwriting of credit for MSME

There is a huge potential for underwriting of credit for MSME as this area is
significantly untapped in India unlike the developed markets. Underwriting is an
extremely critical aspect for cash flow-based lending to be adopted at a large
scale by Banks, NBFCs, FIs etc, said Prakash Sankaran, CEO Invoicemart.

Account Aggregators and Open Credit Enablement Network (OCEN) are enablers of
cash flow-based lending. They help convert data into a “utility” which is being
used by fintech players to build cash flow-based lending products and enable
underwriting of the same, he added.

TReDS currently enables “without recourse” invoice financing for MSMEs based on
credit profile of the buyers. However, this model is expected to evolve and once
there is access to alternate data (GSTIN, ITR, Bank Statement Analysis etc.) it
will enable “with recourse” invoice financing which Banks, NBFCs, FIs etc. would
be comfortable to underwrite.



Also Read:Funding the gap in cash flow-based lending for MSMEs: Scenarios and
tools involved

Arun Nayyar, Whole-Time Director & CEO, NeoGrowth believed Data is a key driver
of new-age underwriting models with two key aspects: Availability and Access to
Data, and intelligence to utilize this data.

“New sets of rich data are available for lenders to use with the evolution of
tech in recent years and enabling environment supported by the regulator. Data
such as banking in standardized digital format (through Account Aggregator), GST
data, digital payments data, fraud checks, etc. are available for lenders to
utilize for credit decisions,” he believed.

Jyoti Prakash Gadia, MD Resurgent India believed MSME require special treatment
and a specific lending mechanism most suited to them.

“While the MSME sector is a major contributor to Employment generation and GDP,
the sector is beset with problems relating to rising input costs, delayed
payments and a perpetual shortage of liquidity,” he said.

“Thus future of underwriting of credit for MSMEs thus lies in cash flow-based
lending which is far more suited in comparison to traditional asset-based purely
security-oriented lending,” he added.

Main pillars of cash flow underwriting

The first pillar of the cash flow underwriting is credit bureau. This is helpful
in the cases where MSMEs have taken loan in the past. In the last 5 years the
industry has made huge gains in terms of banking transactions and GST coverage.
These the other two main pillars of the cash flow underwriting, said Vishal
Suryawanshi, Vice President – Credit (SCF and Colending), Vivriti capital.

“This is now being covered through account aggregator framework. By click of a
button anyone will be able to share this information. Therefore, we can now
easily and objectively can calculate the eligibility of the customers. Compared
with this current method of preparing financials, valuing collateral is quite
cumbersome,” he added.

The cash flow-based lending is going to replace other methods of underwriting
even where financiers wants to take collateral, he believed.

Also Read: Cash flow-based lending is the next big thing in credit

Keyur Doshi, Chief Financial Officer, Fincare Small Finance Bank said while
flow-based lending is not a new concept, it was never feasible until now, as
banks and financial institutions could never verify the income or validate a
small business’s projections.

“The Reserve Bank of India’s nod towards setting up of Account Aggregator or
licensed intermediaries is a positive step in enhancing financial inclusion
through flow-based lending. AA will be the custodian of the borrower’s data from
various financial institutions. On consent of the borrower, it can provide
access to the borrower’s credit history in a matter of seconds to any potential
financial institution,” he said.

Further, a Public Credit Registry (PCR) could also help lenders gain a bird’s
eye view of the customer’s financial profile on a real-time basis. All these
measures can help financiers make informed data-backed decisions to widen credit
reach while also reducing the default risk, he added.



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EXCLUSIVE


NON-BANKING FINANCE BIZ TO SEE SHARP UPTICK THIS FISCAL: CARS24'S GAJENDRA
JANGID

Bullish on the NBFC business, he said it is expected to grow by 80-100 per cent
in FY23.This will be on the back of CARS24 cashing in on the rising demand for
used cars in the country.

 * PTI

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New Delhi, E-commerce platform for pre-owned vehicles CARS24 expects its
non-banking finance business to grow by 80-100 per cent in the ongoing fiscal,
cashing in on robust demand for used-cars, according to company Co-Founder & CMO
Gajendra Jangid. The company, which had acquired non-banking financial company
(NBFC) license in 2019, had clocked a revenue of Rs 75 crore in FY22 from the
used-car financing vertical.

"With the acquisition of NBFC (license) we have started providing loans to the
consumers. Our penetration rate is more than 50 per cent, almost one out of two
cars we sell, we are (providing) finance to the consumer," Jangid told PTI.

He said at present, financing in the overall used-car segment is very low.



"The reason why we acquired the NBFC license was because financing for used-cars
in India is heavily under penetrated.

"In new cars around 75 per cent of the cars get financed but in used-car only 15
per cent is financed because banks don't like the space very well for obvious
reasons, because they don't know the value of the car precisely," Jangid said.

When the value of a used-car is not known precisely, banks find it difficult to
calculate risk, he said adding with the used-car market largely unorganised
financing in the sector hasn't grown much.

Bullish on the NBFC business, he said it is expected to grow by 80-100 per cent
in FY23.

This will be on the back of CARS24 cashing in on the rising demand for used cars
in the country.

"We are projecting the used car market market will be at least 1.4 to 1.5 times
of the new car market," he said adding the new car market is expected to close
FY23 at around 36 lakh units while the used car market would be close to 50 lakh
units.

The growing demand for used-cars has increased with the COVID-19 pandemic
further accelerating the need for personal mobility, he said, adding it helped
the company increase its revenue.

The company's revenue from operations stood at Rs 5,136 crore in FY22 as
compared to Rs 2,741 crore in FY21. PTI RKL DRR

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EXCLUSIVE


UK’S SMALL BUSINESS FINTECH TIDE ENTERS INDIA

Tide CEO Oliver Prill said that the company’s focus was in the micro segment of
the MSME business.

 * TNN

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MUMBAI: Tide, UK’s SME-focused business financial platform, has launched
operations in India by introducing a business banking account and its
RuPay-powered Tide Expense Card. The company plans to onboard five lakh SMEs in
India over 24 months.

Tide CEO Oliver Prill said that the company’s focus was in the micro segment of
the MSME business.
Tide is differentiating itself from other fintechs by onboarding small
businesses only based on a full know-yourcustomer (KYC) process, on par with a
banking process.


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EXCLUSIVE


MSME-POWERED STARTUP, LAL10, RECORDS RS 200 CR REVENUE RUN RATE

Lal10 has also launched seven satellite offices in cities/towns which are at the
ground zero of manufacturing to cater to the rising demand.

 * Garima Bora
 * ET Online

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On its way to digitising Indian textile based MSMEs for global B2B wholesale,
Lal10, has announced rapid growth, achieving a revenue run rate of over Rs 200
crore. The company’s DNA of understanding manufacturing from the bottom-up for a
few years has helped them tap unheard of margins in cross border trade.

It grew over 12x in the past nine months alone and is progressing towards rapid
growth in the next few quarters. This run rate comes on the heels of its
expanding number of mid-to-large format buyers in countries like the US, UK,
Japan and the Middle East. Lal10 has also launched seven satellite offices in
cities/towns which are at the ground zero of manufacturing to cater to the
rising demand. They are eyeing a $100 million run-rate within the next 12
months. They claim to have over 80% buyer retention owing to better
serviceability led by technology tools and stellar leadership team providing a
transparent supply chain to global buyers.

Along with the increase in revenue, the company has digitised and given a
globally relevant makeover to over 2200 Indian MSMEs with an aim to onboard
another 12,500 MSMEs over the next three years. The onboarding will help Lal10
further consolidate its supplier base and digitally activate their supply chains
to be able to play in the global markets at scale. The end-to-end design- to
delivery technology ecosystem has translated into increasingly captive
manufacturing units which allows Lal10 to customise and innovate at a fast pace
for global brands. Today, Lal10 is the largest vertical wholesale marketplace
for creative goods based MSMEs from semi-urban and rural towns in India. They
are current day market leaders in taking sustainable and artisan led textiles
from India to the world.



In a statement, Maneet Gohil, co-Founder and CEO of Lal10, said, “We never
realised the goldmine we were sitting on until we started utilising the recently
raised capital in setting up cross-border operations for sales and marketing.
Today we work with some of the largest marquee brands in the US, UK and Japan.
The hero for us has become our differentiated textile products that are craft
based and sustainable. The buyers have never had access to these fabrics at this
scale before and according to their contemporary design tastes which has created
a strong hook for them. The teams are moving swiftly to grab more buyers in
these countries. Our next goal is to become the prominent and largest supplier
for some of the marquee brands and retain them with exemplary service levels
aided through technology.”

This IMSME-centric startup has used technology as a pillar to remove systemic
inequalities present in archaic indian supply chains which has allowed them to
upgrade these manufacturing units as per global design trends, making it a key
player in taking up space in global marketplaces on the heels of the slowdown of
Chinese exports.

Recently, Lal10 had raised $5.5 million in its pre-Series A round with
participation from Xander Group, Spiral Ventures, Singularity Ventures and
Beyond Capital Ventures along with notable angels like Nitish Mittersain, Amit
Ranjan, Mekin Maheshwari, Notion India Head to name a few. They are using
capital to grow inorganically in markets such as the US, UK and the Middle East
aggressively. It has also expanded its operations and teams in Japan and created
a Japan-dedicated platform for the buyers, japan.lal10.com, to source ethically
made artisanal textiles from verified Indian creative manufacturing MSMEs.




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