PNN
New Delhi [India], January 27: 121 Finance, an RBI-registered NBFC-Factor, partnered with GeM (Government-e-Marketplace), an initiative of the Ministry of Commerce and Industry, alongside Perfios and Tata Consultancy Services to bring live the new enhanced version of GeM Sahay.
Sagar Parikh from OCEN said, "121 Finance as an early lender played a pivotal role during the pilot phase of GeM Sahay. Their ability to understand transaction-based finance and tech-forward approach providing offers in real-time has set a benchmark for digital lending, ensuring the platform is more accessible and effective for MSMEs. This collaboration is instrumental to optimize the overall experience during the enhancements of GeM Sahay 2.0. 121 has ability to configure specialised loan products offering small ticket, are key partners to OCEN"
"India's MSME sector face the critical challenge of limited access to credit. The OCEN framework has shown how it can revolutionize the landscape. Initiatives like GeM, have already successfully facilitated 50 lakh orders in the current financial year itself and it is just the first step towards endless possibilities. The scalability and flexibility of OCEN framework will pave a way for more such projects, fostering an ecosystem where the sky is the limit for MSME growth and financial inclusion." said Dr. Ravi Modani, Founder and CEO of 121 Finance.
The smallest invoice financed by 121 Finance on the previous version of GeM Sahay was just INR 160, a testament to both the lender's ability to meet the diverse needs of businesses and the GeM Sahay's ability to create a system which ensures financial inclusion for all.
"Our experience with GeM Sahay was exciting as we successfully leveraged our expertise in small-ticket transactions. Thanks to the support from iSpirt, GeM and other partners which inspired us to bring the new version GeM Sahay 2.0 in record time." said Mr. Gazal Binani, Sr. Vice President (Tech), 121 Finance.
As India's largest independently owned NBFC-Factor, 121 Finance specializes in solving B2B trade credit challenges for MSMEs. The company's expertise lies in offering digital-first innovative financial products including Factoring Finance, Purchase Finance, Channel Finance, eliminating friction in trade credit and empowering small businesses to access trade finance for small ticket needs.
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