 arm of the Godrej Group, announced its digital platform Nirmaan to provide services to MSMEs & small buisnesses){kind=link}
MSMEs in the country face a lot of challenges such as limited market access, ability to expand beyond their regional reach; a lack of knowledge about legal and regulatory compliance requirements; limited access to technology, hiring and retaining a skilled workforce. MSME’s face major challenge in limited access to credit, according to the report.
Godrej Capital, the non-banking finance company (NBFC) arm of the Godrej Group, has announced its new digital platform Nirmaan to provide services to MSMEs that will include offering services in various business, growing the business, easing business Operations, and transformation through upskilling.
The company said it has partnered with Amazon Global Selling (e-commerce exports programme), Onsurity (employee healthcare platform), Zolvit (tax and compliance support for MSMEs), and MSMEx (advisory platform for MSMEs) to support small businesses.
The partnerships will help increase the potential market reach of small businesses, simplify legal and compliance for them, enhance their employees’ health and welfare, and provide business coaching to them. In this initial launch phase, services will be promoted in 30 key markets across India but available in all corners of India.
The new platform will “enable MSMEs to grow their fullest potential and thus drive economic growth of the country. We have closely studied the growth challenges of MSMEs in the country, and along with the lending services we already provide, with Nirmaan, we can help solve some of those challenges and support the sector’s growth,” said Manish Shah, MD & CEO at Godrej Capital in a statement.
The flagship platform by Godrej Capital is the first in the BFSI industry in India and goes “beyond its core lending offering and provides value-added services encompassing business growth opportunities, ease of business, and knowledge and network avenues.”
Godrej Capital has disbursed over Rs.5,300 crores so far since its inception in November 2020 across housing and MSME loans and expanded to 13 cities in India.
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The MSME sector was deployed Rs 19.52 lakh crore in priority sector credit in February this year with a 14.5% share in the Rs 134.15 lakh crore non-food bank credit deployed across sectors during the month. The credit to MSMEs grew 12.9% from Rs 17.28 lakh crore deployed in February 2022, according to the data from the Reserve Bank of India.
Furthermore, it stated that while Godrej Capital Nirmaan consumers, will receive discounted product and pricing offerings, Godrej Capital clients will receive additional and exclusive pricing benefits.
(Image courtesy: www.hrmasia.com)