LoanTap, a prominent digital lending platform, has entered into a strategic partnership with Big Basket to provide financing solutions to buyers in the Big Basket HoReCa (Hotel/Restaurant/Café) segment. This collaboration intends to provide a seamless and distinctive experience to businesses in the HoReCa sector, enabling them to access credit in a prompt and hassle-free manner.
As part of this alliance, LoanTap will offer financing alternatives to HoReCa customers of Big Basket, with a credit limit ranging from INR 25,000 to 10 Lakhs. Customers can avail themselves of a credit period of 30 days, and when using a credit line as a payment mode, they will receive 0% interest. This incentive is expected to encourage more customers to adopt the credit line as a payment method, resulting in increased transactions and greater market penetration for Big Basket’s HoReCa segment.
The alliance between LoanTap and Big Basket’s HoReCa segment will provide multiple advantages to both entities and their clients. Through this collaboration, LoanTap will have the opportunity to serve small enterprises and gain new customers in the HoReCa market. It will enable LoanTap to design more customized products to meet the particular demands of these businesses. Conversely, Big Basket will be able to expand and maintain its customer base by providing convenient financing choices to its customers.
Commenting on the partnership, Satyam Kumar, CEO & Co-Founder of LoanTap, said, “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.”
Ashwath Ram, who leads BigBasket’s HoReCa Division, stated, “The HoReCa (Hotel, Restaurant, and Catering) market in India is growing rapidly and has a lot of potential for organized suppliers. Additionally, the pandemic has resulted in an increase in home delivery services, which has further boosted the demand for food suppliers.”
He added, “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. By partnering with LoanTap, Bigbasket’s HoReCa business customers benefit from having access to credit-based payment with 0% 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.”
This collaboration will create avenues for both enterprises to explore untapped markets and broaden their clientele. The companies will maintain their partnership and devise inventive approaches to cater to the requirements of HoReCa businesses. This alliance signifies a momentous achievement for both LoanTap and Big Basket’s HoReCa segment as they continue to reinforce their positions in the industry.