In order to provide financing to a group of Indian MSMEs, Cashinvoice and Hero Fincorp have announced their partnership. In order to meet the expanding demands of Indian corporations, the partnership will provide supply chain finance offerings while also addressing liquidity issues for the MSME sector.
Hero Fincorp’s robust capital base, along with Cashinvoice’s adaptability and technological prowess, will help it quickly and deeply enter supply chain finance programmes, providing credit to Indian small businesses and liquidity to vendor ecosystems, as per reported by BW Disrupt.
Tarul Agarwal, Head Supply chain finance, Hero FinCorp commented, “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.”
Arun Poojari, CEO and Co-founder Cashinvoice added, “We are constantly looking for ways to enhance the flow of credit within the business ecosystem to ensure an undisturbed supply chain among various stakeholders. Access to timely MSME funding, complex regulatory procedures, and insufficient financial knowledge are some of the daunting obstacles faced by MSMEs in India. Understanding these challenges and streamlining MSME business financing in India is important to achieve India’s goal of becoming a global economic power. 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 .”
A digital marketplace called Cashinvoice enables small businesses to access supply chain financing. The Cashinvoice platform connects financial institutions, big businesses, and their MSME supply chain partners through the use of technology to extend working capital by providing embedded lending products to expand and scale.
About Hero FinCorp
As Hero Honda FinLease Limited, Hero FinCorp Limited (HFCL) was first established in December 1991. In July 2011, HFCL also changed its name to Hero FinCorp Limited, following the restructuring of our parent company Hero MotoCorp Limited (previously known as Hero Honda Motors Limited).