Digital lending platform to SMEs, Capital Float has entered a partnership with Via.com – an omni channel travel, retail and fintech company – to unveil the ‘VIA Loan Mela’. The initiative is aimed at driving the adoption of Capital Float’s collateral free product – Pay Later. The loan festival is targeted at 5000 travel agents across India and will give them access working capital across 5 cities in the country. The move is looking to provide these agents with a capital to allow for scaling up their businesses and acquiring new customers.
The Kolkata and Hyderabad loan ‘Mela’ was conducted in November, in December the ‘Mela’ is being organised in Mumbai, Delhi and Faridabad. Travel agents will now be able to access customised working capital finance solutions through the expansive reach of digital lending.
Pay Later, a Capital Float product design, enables agents to make drawdowns from a pre-determined credit facility and interests are charged only on the dropdowns made and not the total credit facility. This allows the agents to have instant access to finance and is available on Capital Float’s mobile app – which can be downloaded from Play Store and App Store.
“The revenue in the tourism industry fluctuates seasonally. During peak seasons, many travel agents from tier 2 and tier 3 cities have insufficient working capital to undertake bulk bookings. Through this “mela” we aim to provide travel agents across India with more funds at their disposal to increase their booking capacity and revenue”, said Gaurav Hinduja, Co-Founder, Capital Float. “Our Pay Later product helps small and medium-scale travel agents significantly increase their booking capacity and earn higher income.” he added.
“Our objective is to provide a variety of ancillary services to better equip our travel agents with all they need to run a successful business,” said Sanjay Gupta, Business Head – India & Middle East, Via.com. “Through this partnership with Capital Float, we aim to address the challenges faced by our agents in meeting the fluctuating booking demands of tourists in different seasons. The timely working capital finance provided by Capital Float will be key in determining the business growth of the agents on our platform”, added Gupta.