Parrami Finance unveils Working Capital Solutions for Startups

By Gloria Mathias

Parrami Finance, a registered NBFC financial solutions provider, has announced the launch of its new working capital program tailored specifically for startups.

The program is registered under the Department for Promotion of Industry and Internal Trade (DPIIT) to empower start-ups by addressing their immediate financial needs and enabling them to scale their operations seamlessly.

The process focus is to provide revenue-generating DPIIT-recognised start-ups with accessible, flexible, and affordable working capital loans to grow India’s entrepreneurial ecosystem and contribute to the nation’s vision of becoming a global innovation hub.

As of June 30, 2024, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognised a total of 1,40,803 start-ups across India. In the past two years, the number of DPIIT-recognised start-ups has increased significantly to 26596 in 2022 and 34842 in 2023, with the total number of start-ups recognised over the two years to 61,438.

“We understand the unique challenges that startups face, especially in their early stages. With this new working capital program, we are committed to bridging the financial gap and equipping startups with the resources they need to innovate, grow, and succeed,” said Kamal Mehta, Director of Parrami Finance.

India’s evolution as a global business destination is both dynamic and inspiring. Driven by robust economic growth, transformative policies, and increasing international integration, initiatives, like Make in India, Digital India, and Startup India, have bolstered the nation’s reputation as a business-friendly destination. Moreover, simplifications such as the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code have further enhanced India’s Ease of Doing Business ranking, signalling a promising landscape for start-ups and MSMEs.

This program aligns with the Government of India’s efforts to support the startup ecosystem through schemes like Startup India and Make in India. Parrami Finance’s initiative would provide much-needed liquidity, empowering startups to meet operational expenses, invest in growth opportunities, and navigate market uncertainties with confidence.