Clix to disburse an additional INR1000 crore in FY23
Both the companies will build products specifically catering to MSMEs
New Delhi, 02 June 2022: Clix Group (Clix Capital and Clix Finance), a leading non-banking financial services group with a strong pan-India presence, has entered into a strategic partnership with Tezzract Fintech Private Limited, to innovate and bring new age solutions for lending to MSMEs in India. Under this partnership Clix aims to lend an additional INR1000 crore to MSMEs by the end of this year.
Through this partnership, both companies will build solutions to plug the significant challenges that MSMEs face in raising funding to grow and compete in an already difficult post-Covid environment. With the rising inflation and higher interest rate environment, this partnership aims to use significant data points to help small companies raise funds timely and at competitive rates.
Rakesh Kaul, CEO- Clix Capital, expressing his thoughts on the collaboration, commented, “We’re glad to get into a strategic alliance with Tezzract Fintech Private Limited because of their cutting edge technology prowess. Together, we aim to disburse INR 1,000 crore to MSMEs in FY23. Tezzract is building proprietary technology that we can leverage to solve various needs of MSMEs through their evolution, helping maximize lifetime value benefits and reducing transactional costs for them.”
The partnership will not be limited to only sourcing MSME customers for Clix, but will work on jointly building co-origination and co-lending opportunities with banks and NBFCs. In the next 15 months, Clix and Tezzract are targeting to make an MSME liability marketplace- where banks and other financial institutions can participate to pick up loan assets across secured and unsecured assets.
Shaily Maheshwari Kajaria and Vivek Raghavan, Co-Founders of Tezzract, said, “We are super excited for this long-term partnership where, with Clix group’s significant strengths and our Tez agility we will create a powerful solution that will help build a sustainable AUM for Clix and other co-lenders. Under the CLIX-TEZ partnership we have a product-agnostic – customer first thought process. No – Touch frictionless Tez tech along with Clix’s strong balance sheet support will enable our INDIA MSME CREDIT CLUB vision. At Tez – mind share and wallet share of customers are both equally important.”
The partnership will play an instrumental role in heralding innovation and revolutionizing the lending space through Clix Group’s differentiated digital lending products and Tezzract’s cutting edge technology and deep analytics driven approach. Both entities will work together to explore and build products to best cater to MSME as a category and further their purpose of serving the underserved needs of millions of Indian MSMEs.