EBay joins with Capital Float to help finance e-sellers
13 August 2015
Online marketplace eBay has partnered Capital Float, a digital financing platform, to provide finance to e-commerce sellers across the country within three days.
Together with Capital Float, eBay hopes to provide its seller-partners with the needed shot of capital to help them win in a highly competitive market, the companies said in a statement on Wednesday.
Sellers from across the country can avail of collateral-free finance from Capital Float ranging from Rs1,00,000 to Rs1 crore at industry-competing interest rates.
"eBay India has been at the forefront of creating tools that have enabled business growth for its sellers, irrespective of their size ... our association with Capital Float is an effort to support our sellers by providing them financial assistance and help them ship more," eBay India director, seller service and technology Pankay Ukey said.
Sashank Rishyasringa, co-founder of Capital Float, said, "It has been only a few days since our alliance with eBay was formalised and we have already disbursed loans of close to Rs10 crore to sellers on eBay".
Other e-commerce players like Snapdeal, Flipkart and Paytm have also forged similar partnerships to enable SMEs procure loans in a hassle-free manner.
Following PayPal's separation from eBay in July, PayPal India said that it will partner with its founder's competitors and is keen to expand in the country.
In the first week of August, PayPal announced improved Buyer Protection for Indian users, now extended to intangible items for international transactions.
The extended buyer protection will help mitigate the fear of uncertain delivery or 'Lost-O-Phobia', the top fear in the minds of Indian consumers, PayPal said.