LoanTap, a digital lending platform, has announced a strategic partnership with Big Basket to introduce financing solutions for buyers from the Big Basket HoReCa (hotel, restaurant and catering) segment. This collaboration aims to offer a hassle-free experience to businesses in the HoReCa industry, enabling them to access credit quickly and conveniently.
Under this partnership, LoanTap will provide financing options to the customers of Big Basket in the HoReCa segment, with the general credit limit ranging from Rs 25,000 to 10 lakhs. Customers will have a credit period of 30 days. By using a credit line as a payment method, customers will access 0 per cent interest. This will encourage more customers to use the credit line as a payment method, increasing the number of transactions and thus, increasing market penetration of Big Basket's HoReCa segment.
The partnership between LoanTap and Big Basket's HoReCa segment will offer several benefits to both companies and their customers. LoanTap will be able to cater to small businesses through this arrangement and acquire new customers in the HoReCa market. This will provide LoanTap with an opportunity to create more personalized products to cater to the specific needs of businesses. On the other hand, Big Basket will be able to increase and retain its customer base by offering convenient financing options to its customers.
"We are excited to partner with Big Basket's HoReCa segment to launch financing solutions for their customers. This partnership will enable us to reach out to more businesses and create more personalized products to cater to their needs. We are confident that our partnership with Big Basket's will bring benefits to both companies and their customers," said Satyam Kumar, CEO (chief operating officer) and co-founder of LoanTap.
“The HoReCa market in India is growing rapidly and has a lot of potential for organised suppliers. Additionally, the pandemic has resulted in an increase in home delivery services, which has further boosted the demand for food suppliers," added Kumar.
Bigbasket’s HoReCa market is expected to witness significant growth in the coming years with the increasing demand for quality food products and services. The food service market is expected to witness significant growth due to factors such as changing consumer behaviour, increasing disposable income, and the growth of tourism, said Bigbasket.
By partnering with LoanTap, Bigbasket’s HoReCa business customers benefit from having access to credit-based payment with 0 per cent interest. This boosts our potential to tap into a small ticket market and expand the customer base. Additionally, this will help foray into the cloud kitchen, QSRs, restaurants and bakery segments, the company added.
The partnership will open up opportunities for both companies to explore new markets and expand their customer base. The companies will continue to work together to develop innovative solutions that meet the needs of businesses in the HoReCa industry. This partnership marks a significant milestone for both LoanTap and Big Basket's HoReCa segment, as they continue to strengthen their positions in the industry.