HDFC Bank partners with Arzooo to offer Purchase Cards to Retailers with up to Rs1 Cr credit
HDFC Bank (India’s largest Private sector Bank) partners with Arzooo (India’s fastest-growing Retail Tech Platform) to launch Purchase cards that have been exclusively designed for offline retailers. The aim is to roll out over one lakh such credit cards over the next 12 months.
Over 40,000 retail partners who are already on the Arzooo platform stand immensely benefited, as they will now be able to manage their working capital much more efficiently. The Purchase Card will play a pivotal role in mobilizing the economy by providing impetus to small and mid-sized retailers with easy access to capital.
The key feature of this card is that it offers interest-free credit for up to a month and a credit limit of up to Rs1 crore. Also, this card is integrated with the Arzooo mobile application for ease of use during checkout.
Arzooo believes there is a huge untapped market in the tier II and below cities especially for the demand of white goods and the company has therefore made its mission to empower and digitize neighbourhood electronic stores. To unlock the opportunities, retailers would need easy access to credit, which Arzooo aims to provide with its collaboration with HDFC Bank.
During this year’s festive season, Arzooo disbursed Rs. 100 Crore worth credit to retailers. There was growth of 800% in the number of retailers that took credit this year through Arzooo Credit. Also, the sales on the platform grew by 400% due to access to capital headroom and an increase in demand.
Speaking on the launch, Mr. Tushar Deshpande, Vice-President of Arzooo said, “Arzooo has always been at the forefront of offering distinctive value propositions to its retailers. The availability of working capital is of prime importance to our retailers as it gives them headroom for growth. We are delighted to partner with HDFC Bank to launch exclusive purchase cards for our offline retail partners. This partnership marks a milestone in catering to the growing demand for digital solutions in the country. Through this partnership with HDFC Bank, we look forward to combining our platform and HDFC’s expertise to create a robust ecosystem for scaling offline retailers”.