The fintech NBFC's sales and vendor factoring solution will ensure operational efficiency and support 6000+ buyers and 300+ suppliers
FinTech BizNews Service
Mumbai, April 08, 2024: Vivriti Capital, a leading provider of innovative lending solutions to mid-market enterprises in the country, has announced a significant supply chain finance deal with Source.One (SPCX Pvt Ltd) of INR 40 Crore. Source.One provides a tech-enabled solution to all the plastic manufacturers for a seamless and transparent polymer procurement experience. The deal, finalized today, aims to fuel the growth and operational efficiency of Source.One.
Vivriti Capital’s supply chain finance solution is expected to aid Source.One in smooth delivering of tech-enabled trade of polymer. This will further ensure overall liquidity in Source.One system so that it can function efficiently to support all the vendor networks across India, which comprises a user base of 6000+ buyers and 300+ suppliers.
Rohit Sinha, Head of Supply Chain Finance at Vivriti Capital said: "Vivriti Capital's partnership with Source.One signifies the innovative liquidity solutions we offer to mid-market enterprises with differentiated requirements, specifically curated to ease the supply chain financing needs. By offering high-ticket exposure, we've ensured that Source.one receives the necessary growth capital at the right time. Our solution has effectively injected liquidity throughout the entire polymer trade supply chain. This collaboration underscores our commitment to empowering businesses with innovative financing options, driving growth, and facilitating seamless operations.”
Source.One purchases the polymers from its suppliers and immediately dispatches the same to its buyers. The lead time to supply the material to the buyer is ~ 2 days. In this process, to ensure seamless connection with its vendors, it is imperative to maintain smooth and efficient functioning of Source.One. Identifying this critical need, Vivriti Capital’s sales and vendor factoring solution in supply chain finance is able to provide running and dynamic credit facility without any debt on the balance sheet. This also ensures an easy-to-operate solution to mid-market sellers and buyers of polymer through Source.one with major customers from Gujarat, Maharashtra, Daman and Diu, Rajasthan, Haryana, and Madhya Pradesh.
In the words of Source.One’s CEO, Arun Singhal, “Supply Chain Financing will be an important part of our Growth-strategy going forward. The partnership with Vivriti marks a beginning of something big, exciting and challenging. This partnership will help us further ease the buying process for 1000s of plastic processors”.
