New Delhi, August 29, 2018: Marking the beginning of a new era of capital infusion to the ‘micro’ segment of the MSMEs, the AI-based working capital fulfilment platform, Happy, has announced a series of new B2B partnerships with 7 businesses. The on-boarded businesses include retail franchisees, mobile wallets, remittance players, POS vendors, and technological platforms providing financial services to Indian microenterprises.
As part of the strategic alignments, the platform will also extend its cost-effective and microenterprise-focused credit services to the merchants associated with these 7 new associates. In order to do so, Happy will acquire the transactional data of those merchants that apply for working capital loans via the platform. It will then use its Artificial Intelligence-based proprietary algorithm to analyse the cash flow of these businesses and provide them working capital loan after gauging their true creditworthiness. This approach does away with traditional loan assessment done by financial intuitions (such as banks) that prevents credit influx vis-à-vis cash-starved microenterprises.
The partners on-boarded by Happy include Indopay, Digital India Payments, Health Digital Pvt Ltd, Ipay, iServeU Technology Pvt Ltd, Actas Technologies Private Limited (Paymonk), and Pay Point India Network Ltd. The AI-based lender is also going to extend its lending solutions to the Indian e-commerce sellers very shortly.
Commenting on the development, Manish Khera, Founder & CEO, Happy, said, “We are looking at a future where the bulging bottom of the business ecosystem will become the veritable growth engine of this country. This can only happen if we provide them the desired capital support so that they can operate more sustainably. We are well aware that conventional means are sluggish and largely ineffective, especially when we bring credit penetration towards micro segment into perspective.”
He further added, “It is to counter this prevalent disadvantage and to create a level-playing field for Indian Micro Enterprise’s that we are aggressively expanding our effective reach. We are grateful to all of the market players that share our vision and have partnered with us. However, we will still relentlessly add more partners to provide greater support to this segment.”
Happy has till date serviced more than 21,000 Micro Enterprise loans, a figure that its in-house projections reveal will touch 7 lakh within a span of two years. The platform’s aggressive expansion spree is further expected to enhance its growing trajectory of loan applications and thereby, of disbursements.
Happy is a digital financial service provider for millions of under-served people in India. Happy Loans is India’s smartest digital lending platform offering business loans as low as INR 2000 for as short as 30 days. It believes that “one-size-doesn’t fit all” and has innovated in the product design to suit the requirements of the micro-enterprise – Some of the most creative products are – Weekend loans & 90-day loans. Happy Loans are 100% digital and are available on tap for merchants to boost their working capital requirements. The model is dependent on state-of-the-art technology build with Artificial intelligence and machine learning. The risk is based on alternate data and over 50% of the borrowers have absolutely no record with the credit bureau. The entire focus of the business is on the user-experience enabling smart solutions like automated repayment, loan on-tap and so on. The company has partnered with multiple merchant aggregators (POS vendors, BC network, E-commerce platforms with sellers & more) to enable their merchants with instant loans. Some of the partners are: Mswipe Technologies, EKO, Sugal and Damani’s Payworld, Weizmann forex’s Jaldi cash and so on. The business operations took flight from Feb 2017. The company is registered as ArthImpact Finserve Pvt. Ltd.