One third of GDP is contributed by MSMEs but they get a mere 15% Credit : Rakesh Singh, MD & CEO, Aditya Birla Finance Ltd
By Rafat Quadri
Ahmedabad, Aug 8: Huge helping hand by the Aditya Birla Finance Ltd was announced on Tuesday by Rakesh Singh, MD & CEO, Aditya Birla Finance Ltd at Ahmedabad.
An exhaustive presentation of the specially created Udyog Plus – the one-stop business platform designed for MSME customers was made by Shirish Mathur, Head – SME Product, Digital Platforms & Payments of Aditya Birla Finance.
Rakesh Singh explained that “Udyog Plus, need based innovative new B2B digital platform offers a wide range of financial solutions, including financing, protection, investments, advisory and value-added services for Gujarat’s growing MSME sector. Through Udyog Plus, ABFL aims to facilitate the growth and development of MSMEs in Gujarat by empowering them with crucial financial support, wholly seamless and paperless, thereby promoting financial inclusion and digitalization in the lending landscape”.
Rakesh stated that “We are excited to present Udyog Plus for our MSME customers in Gujarat, which will empower them to achieve new horizons of success. Gujarat is now home to over 33 Lakh MSMEs, providing employment to 60 Lakh people. Through this platform, we aim to further strengthen ABFL’s foothold in the MSME segment and provide them with a wide range of solutions throughout their business life cycle and encourage the entrepreneurial spirit of Gujarat”.
Udyog Plus is an open marketplace that can be accessed through the financing section of the Aditya Birla Capital website by both existing and new customers of ABFL. MSMEs in Gujarat can now avail business loans of up to Rs 10 lakhs through a completely paperless digital journey of Udyog Plus. In addition to unsecured business loans, the entire ecosystem of MSMEs, including promoters, owners and employees, can enjoy various other services offered by Udyog Plus, such as customised secured lending, insurance, investment solutions, etc” elaborated Mathur.
The platform is integrated with government e-commerce websites via Open Credit Enablement Network (OCEN) and private e-commerce websites to provide credit facilities to sellers on these platforms. Aditya Birla Finance has also partnered with leading solution providers to offer a host of value-added services to the MSME customers, such as free access to business networking platforms, digital commerce, including corporate travel solutions, zero balance bank account, accounting, payroll, and tax filing tools and specialized knowledge content hub.
ABFL already has a strong presence in the MSME segment with around 50% of its total loan book comprising business loans. As an established player in the market, ABFL continues to grow strongly, achieving a 37% year-on-year growth in this segment. Through the launch of Udyog Plus, ABFL aims to simplify the credit landscape by digitizing the Business loan journey for the MSMEs, leading to instant loan disbursals.
Gujarat has witnessed a remarkable increase of 60% in MSMEs in the last five years. Moreover, Gujarat leads the registered MSMEs count with more than 13.21 lakh, making it the fourth-largest state in terms of registered MSMEs. ABFL through Udyog Plus aims to better serve the MSME customers in Gujarat and create a winning experience while further strengthening its value proposition in the market.
(Rafat Quadri can be contacted at firstname.lastname@example.org)