BENGALURU: Amazon India has launched a platform for lenders and sellers wherein sellers can choose from competitive rates and loan offers to get term loans or overdraft. It will also open its APIs to lenders to plug in and lend to the sellers as part of the new programme, called the Seller Lending Network.
India will be the first geography for Amazon where it has launched such a seller platform. In the US, Amazon lends on its own books.
Amazon India currently has six lenders on the platform — Capital First, Capital Float, Bank of Baroda, Aditya Birla Finance, Yes Bank and FlexiLoans. Interestingly, Amazon recently invested Rs 144 crore into Capital Float which is an NBFC that lends to small and medium businesses and also runs its own lending marketplace model. However, Gopal Pillai, director of seller services for Amazon India, said there will be no special preference given to Capital Float as a seller, and that Amazon will be using its own technology for analysing seller data on its platform.
Capital Float did not offer a comment.
While Amazon’s sellers will get access to this lending platform through their current seller portal on the ecommerce website, the company is also creating a separate lending platform for its lenders, to be called Lender Central, to share seller information and performance updates on a real-time basis.
While Amazon had started its seller lending programme in 2016, it only facilitated a fixed loan to a seller from a lender.