Bombay (Maharashtra) [India], March 26 (ANI / PRNewswire): The rapidly growing online food market in India that a report by Google and the Boston Consulting Group says is expected to hit $ 7.5 billion to $ 8 billion at a CAGR of 25 to 30% by 2022, testifies to the fact that India loves its food. As food tech aggregators ride the wave of rapid digitization, favorable consumer disposition and increased penetration in small towns, many small restaurants are driving their growth like no other.
According to a 2019 report, the Indian food service market is estimated at Rs 4.24 trillion. 65 percent of the Indian food service market is made up of unorganized or unregulated associations; most of which do not have access to formal sources of credit. And that’s where digital lending fintech HAPPY came in to help. In the current situation caused by the pandemic, small restaurants that live on a day-to-day cash basis have been hit the hardest and are struggling to cover their rent and staff costs. HAPPY’s foray into the food tech industry, partnering with India’s leading online food delivery platform, Swiggy, couldn’t have been better.
HAPPY offers small-scale restaurants with short-term, low-cost, easy-to-repay loans. Already a market leader, HAPPY caters to the needs of small and micro-enterprises in India, a segment underserved by traditional financial institutions. Through the Swiggy Capital Assist program, HAPPY will extend this capability to thousands of Swiggy partner restaurants in all major cities through its fully digital, paperless lending model. “Our goal is to enable small restaurants to have quick access to credit to meet their growth and working capital needs. Especially when these businesses have been affected by the downturn caused by the pandemic, this facility will facilitate their recovery and will help them stay afloat right now, ”said Manish Khera, Founder and CEO of HAPPY.
HAPPY uses a machine learning-based model to instantly take out loans to interested restaurateurs based on their past sales performance, among other data points. The technological advance, combined with the unique product, will make this partnership a unique destination for small and medium-sized restaurants to realize their business dreams. HAPPY’s Lending Partner is ARTH, a New Era Financial Firm that aims to redefine the way microenterprises discover financial services by creating an enabling ecosystem based on cutting edge technology, data and customer connection. thorough.
This story is provided by PRNewswire. ANI will not be responsible for the content of this article in any way. (ANI / PRNewswire)
(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)