Amazon.in Partners with YES BANK to Expand its Seller Lending Program
Posted by: Clara Fernandes at 10/03/2016 12:24:00 am
Powers seller growth for the festive season by providing comprehensive financial solutions
Bengaluru, October 3, 2016: Amazon.in today announced the expansion of its Seller Lending Program through a strategic partnership with YES BANK, India’s fifth largest private sector bank. The partnership aims to develop synergistic solutions for Micro, Small & Medium Enterprises (MSMEs) and SMEs across the country. YES BANK will help sellers on Amazon.in to profitably grow their business during the festive season by providing them comprehensive financial solutions ranging from current account, trade services, forex, payment gateway, business lending and loan products. Under the ambit of this program, YES BANK has already commenced relationships with hundreds of sellers on Amazon India with lending lines at various stages of disbursement.
This partnership marks the beginning of YES BANK as the primary corporate banker to Amazon India and will see the development of customized solutions for sellers of different scale & size on Amazon.in. Sellers will have digital access to the payment and lending solutions of YES BANK, ensuring speed in processes as well as personalization. As part of this agreement, Amazon.in sellers benefit by getting additional unsecured financing at competitive rates without much hassle which in turn helps them increase their business on the Amazon portal resulting in a win-win situation for all 3 parties viz. Seller, Amazon India and YES BANK.
Additionally, Amazon India will provide special services and market access to YES BANK’s SME clients enabling thousands of medium and small business owners and start-ups to access millions of loyal customers of Amazon and become part of India’s growth story.
Talking about the program, Gopal Pillai, Director & GM, Seller Services, Amazon India said, “Through our constant engagement with sellers, we realized that lack of financial expertise can hinder the growth of small businesses as they scale up which can impact their expansion rate. To help sellers make the most of the festive season, we have partnered with YES BANK under our Seller Lending Program to help them catalyse their growth on our platform by offering them a comprehensive suite of financial solutions. We have made the end to end process quick and easy allowing our sellers to focus on their core business while we take care of providing them with hassle-free financial solutions.”
Speaking on the partnership, Pralay Mondal, Head, Retail Business Banking, YES BANK said, “As a knowledge driven bank, YES BANK understands the specific needs of MSMEs and we are proud to partner with Amazon India to provide comprehensive banking solutions to Amazon sellers. We are also happy to mentor them by offering subject matter expertise, intelligence and innovative financial solutions driven by digitization.”
Earlier this year, Amazon.in had launched its Seller Lending Program to enable SMEs to easily access secured & unsecured loans between 5 lakh rupees to INR 2 crores at very competitive interest rates. The company had partnered with Capital First, a Mumbai-based independent Non-Banking Financial Company (NBFC) for this program which has seen loans worth crores being dispersed to date. The programme has been expanded to allow a wider gamut of sellers to scale up before the crucial festive shopping season.
Since its launch in June 2013, Amazon.in has been working extensively to launch services that meet different business requirements of its 1.2 lakh seller base and help them grow their business profitably online. From running an extensive education and skilling program for SMEs called Seller University, offering Fulfilment By Amazon (a pay-as-you-go fulfilment service wherein Amazon.in packs, ships and delivers products to customers, manages returns and does customer service on behalf of the sellers), innovating Easy Ship (an assisted shipping service that makes it easy for sellers to ship products across India), launching Seller Flex (bringing Amazon’s flagship FBA experience to the seller’s doorstep by implementing the FBA technology at sellers’ warehouses), introducing Amazon Tatkal (a service-on-wheels to help SMEs get online within 60 minutes), to building the largest storage capacity in ecommerce in India for sellers to the tune of 7.5 million cubic feet, Amazon.in has been helping sellers reach millions of customers across the country.
The Amazon.in marketplace is operated by Amazon Seller Services Private Ltd, an affiliate of Amazon.com, Inc. (NASDAQ: AMZN). Amazon.in seeks to build the most customer-centric online destination for customers to find and discover virtually anything they want to buy online by giving them more of what they want – vast selection, low prices, fast and reliable delivery, and a trusted and convenient experience; and provide sellers with a world-class e-commerce platform.
About YES BANK
YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India. YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Finest Quality Bank of the World in India by 2020”.