Zomato and InCred team up to offer credit relief to cash-strapped restaurants in India

By Megha Bhattacharya

Indian food delivery platform Zomato has reportedly teamed up with FinTech lender InCred with an aim to offer credit facilities to the former’s restaurant partners. The collaboration is expected to offer financial assistance to the adversely affected food delivery segment in India. Tapped out businesses will now be able to meet their business growth and working capital needs.

InCred offers SME Loans comprising working capital loans, term loans, and channel finance along with the Personal Loans and Education loans. It offers loans with minimal documentation and gives loan approval within 48 hours with zero physical interactions.

Saurabh Jhalaria, CEO (SME Business), InCred said in a statement, “The COVID-19 outbreak has led to a sharp decrease in footfall, order volume, and bucket size within the food services segment. In this context, platforms such as Zomato have enabled physical businesses to recover seamlessly. We are happy to join hands with Zomato.”

Rakesh Ranjan, Chief Sales Officer, Zomato, said in a statement, “While the food delivery business has made a strong comeback, the overall foodservice industry is still far from reaching pre-COVID levels. We have been working on many initiatives to boost its recovery and one such is our partnership with InCred. It will help our restaurant partners with easy, risk-free credit options designed to achieve their operational and bottom-line goals.”

India’s burgeoning Food Delivery industry was one of the worst-affected segments during the pandemic with its Gross Merchandize Value (GMV) falling short of the pre-COVID levels.