The food delivery industry was one of the worst-affected segments during the pandemic with its Gross Merchandize Value (GMV) falling short of the pre-COVID levels. However, we can now see a revival trend in the industry . The food delivery business has crossed pre – covid run rate and is expected to grow further in the months to come. The InCred-Zomato tie-up will extend financial assistance to cash-strapped businesses for meeting their business growth and working capital needs.
Saurabh Jhalaria, CEO (SME Business), InCred said in a statement, “The COVID-19 outbreak has led to a sharp decrease in footfall, order volume, and bucket size within the food services segment. In this context, platforms such as Zomato have enabled physical businesses to recover seamlessly. We are happy to join hands with Zomato.”
Rakesh Ranjan, Chief Sales Officer, Zomato, said in a statement, “While the food delivery business has made a strong comeback, the overall foodservice industry is still far from reaching pre-COVID levels. We have been working on many initiatives to boost its recovery and one such is our partnership with InCred. It will help our restaurant partners with easy, risk-free credit options designed to achieve their operational and bottom-line goals.”
Apart from its SME Loans (which comprises working capital loans, term loans, and channel finance), the product portfolio of InCred also includes Personal Loans (Wedding Loans, Medical Loans, and Travel Loans) and Education Loans.