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4 FinTechs modernising Supply Chain Financing in India

By Gloria Mathias

January 03, 2024

  • B2B finance
  • Business Technology Solutions
  • Finance Technology
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Supply Chain Finace, Fintech News, Finance Technology, Technology Vendors, Business Technology Solutions, SME solutions, B2B Finance, India, Mintifi, Progcap, KredX, Supply chain Finance PlatformSupply chain finance is a short-term financing solution that allows buyers to pay their suppliers later. SCF can help buyers and suppliers optimise their working capital.

In a supply chain finance process, the buyer places an order for goods or services from a supplier. The buyer receives an invoice for the purchase, which is due within a certain time. The buyer approves of the seller getting financial assistance from a lender or financier. The seller can then sell the invoice to the financier for a discounted price.

Economic volatility and corporate social responsibility can disrupt business in today’s uncertain economic environment. As supply chain finance (SCF) becomes an effective method that improves supply chain financial performance, the demand for digitising the space is quintessential.

Below listed are 4 FinTechs digitising supply chain financing efficiency in India:

KredX is one of India’s supply chain financing solution providers, accelerating finance through the use of technology and data. The company offers a host of customisable solutions ranging from enterprise finance and cash flow management solutions to working capital and channel financing solutions for businesses, large and small, operating within the supply chain ecosystem while offering unique alternative debt investment solutions to investors worldwide.

Mintifi is a supply chain finance platform that provides working capital to businesses in India. The platform automates the entire supply chain finance process, from origination to collection. The company works to digitise the supply chain for corporate clients such as Tata Motors, Jockey, and Parle Agro. Mintifi provides purchase finance to their distributors, allowing them to procure more inventory and pay later. Mintifi also offers a supply chain platform for addressing the inventory financing requirements of small and medium businesses.

Progcap is a FinTech company that specialises in supply chain financing for underserved and unserved MSMEs. Progcap’s mission is to provide affordable and timely credit to its clients by leveraging technology. Progcap’s Last-Mile Retailer Finance facility focuses on last-mile merchants, retailers, and shopkeepers. Progcap uses an ecosystem-based approach to identify, approve, and monitor loans.

Xtracap Fintech India Private is a supply chain finance platform that streamlines channel finance for Tier 1 and Tier 2 distribution. The platform is tech-driven and offers e-invoice financing, which allows businesses to unlock the value of their invoices in real time. The company’s supply chain finance model is based on the principles of “reverse factor” and is built on trust and entrepreneurship.

Also read: IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023

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