Machine learning-based model instantly underwrite loans
The fast-growing online food market in India, which, as per a report by Google and Boston Consulting Group, is expected to touch US$7.5-US$8 billion at 25%-30% CAGR by 2022, gives testimony to the fact that Indians love their food. This also sets a trend for technology companies to form partnerships to serve the sector with small and easy to pay loans.
Riding the trend is HAPPY, an easy-to-pay short-term, short-ticket loan organiser for the cash-strapped small-scale restaurants, forming a partnership with India’s leading online food delivery platform Swiggy.
Already a market leader, HAPPY addresses the needs of small and micro-businesses in India, a segment underserved by traditional financial institutions. Through the Swiggy Capital Assist program, HAPPY will extend this capability to thousands of Swiggy partner restaurants across all major cities through its completely digital and paperless lending model.
“Our objective is to enable small-scale restaurants to get quick access to credit to meet their growth and working capital needs. Especially when these businesses have been hit by the pandemic-led slowdown, this facility will aid their recovery and help them stay afloat in the current times,” Manish Khera, Founder & CEO, HAPPY, said in a release on 26 Mar 2021, announcing the partnership with Swiggy.
HAPPY leverages machine learning-based model to instantly underwrite loans to interested restaurateurs based on their past sales performance among other data points. The technological edge, combined with the unique product, will make this partnership a one-stop destination for small and medium-scale restaurants to achieve their business dreams, said Khera.
HAPPY’s lending partner is ARTH, a new-age finance venture that aims to redefine the way micro-enterprises discover financial services by creating an enabling ecosystem built on advanced technology, data and deep customer connect.
As per a 2019 report, India’s food services market is estimated at Rs.4.24 trillion, 65% of the market comprises unorganized or unregulated joints, most of whom do not have access to formal sources of credit. And that’s where digital lending fintech HAPPY has stepped in to help.
HAPPY is a fast-growing fully digital-lending Fintech targeting a multi-billion-dollar credit gap in India’s micro-businesses, delivering flexible & easy short-term access to credit for small business owners & proprietors in urban & city settings. Founded in 2017 by Khera, HAPPY has so far disbursed more than 5.3 lakh loans amounting to more than Rs.255 crore across all states in India. #technology #banking #fintech #services /fiinews.com
