Inditrade (erstwhile JRG) (BSE: 532745) and RobocashPte Ltd., an established player in the area of “Pay Day Loans” today announced the signing of a MoU to launch a new and independent NBFC business “Inditrade-Robocash” in the Indian market. The company will provide small loans to individuals ranging between INR10,000 to INR 50,000 for a short duration.
Making the announcement today, Mr. SudipBandyopadhyay, Group Chairman of Inditrade Group of Companies said, “Our focus as always is on Financing Progress by servicing un-serviced/ under-serviced segments of the Indian population through inclusive and organized financing. Our partnership with Robocash enables us to serve a large part of Indian population which is salaried or self employed with low earnings and in need of finance for a short duration. Robocash’s expertise in large emerging markets like Russia, Kazakhstan, Philippines, Indonesia and Vietnam with ‘Pay Day Loans’ and AI supported technology back-end coupled with our understanding of the Indian market make us ideal partners to service this segment”.
Speaking on their foray into the Indian market and partnership with Inditrade, Mr. Sergey Sedov, CEO of Robocash said, “India has one of the largest salaried and self-employed populations in the world. However, while it is a relatively untapped and lucrative market, it is also quite challenging. Inditrade with its 25 years of experience in the Indian markets and also lending experience is the ideal partner to navigate Inditrade-Robocash in becoming the preferred partner for short-duration loans to the salaried and self employed Indians.”
Inditrade and Robocash will invest in the company in proportion to their shareholding. The companywill raise funds through capital infusion, tier 2 capital and loans from external sources.
The offerings of Inditrade-Robocash will be predominantly online with minimum physical interaction. According to estimates, the market size is more than INR 50,000 crore. The company aims to be a leader in this segment within a period of 3 to 5 years.