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.
In a statement, Rakesh Kaul, CEO, Clix Capital, said, “We aim to disburse Rs 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.
In a statement, Shaily Maheshwari Kajaria and Vivek Raghavan, co-founders of Tezzract, said, “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 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.