Mumbai: Aditya Birla Finance (ABFL), the lending arm of Aditya Birla Capital (ABCL), has joined the public financing platform Open Credit Enablement Network (OCEN) by launching instant Purchase Order (PO) financing for MSMEs registered on Government e-Marketplace (GeM) Sahay platform. Small businesses can get loans against purchase orders digitally in a straight-through manner.
OCEN is a decentralized open credit network conceived by the non-profit think tank iSPIRT foundation as a digital public infrastructure. It allows the flow of credit between borrowers and lenders under a common set of standards.
“By facilitating working capital financing on GeM Sahay, we are simplifying the process for MSMEs engaged with government entities to avail instant loan disbursals against their purchase orders. Today, digital public infrastructure is reshaping how MSMEs get faster access to capital to scale up their businesses. ABFL already has a significant presence in the MSME sector. Through this new credit facility, we will be able to provide a superior experience to our existing and new customers,” said Rakesh Singh, MD and CEO of ABFL.
This is the company’s second major initiative in the MSME segment in recent days. On August 24, 2023, the company launched Udyog Plus, a one-stop business platform designed for MSME customers. This new B2B digital platform offers a wide range of solutions for MSMEs, including financing, protection, investments, advisory and value-added services for managing and growing their business. Participation in OCEN is one more step by ABFL in its endeavour to provide access to lending to MSMEs through a seamless and digital process.
As of June 30, 2023, ABFL has a total asset under management of Rs 85891 crore and a total equity of Rs 11936 crore. Aditya Birla Capital (“ABCL”) is the holding company for the financial services businesses of the Aditya Birla Group. As of June 30, 2023, Aditya Birla Capital manages aggregate assets of about Rs 3.9 lakh crore with a consolidated lending book of over Rs 1 lakh Crore through its subsidiaries and joint ventures.
