Jaipur (Rajasthan) [India] Oct 10 (ANI/NewsVoir): Fox Capital - A new age NBFC headquartered in Jaipur, has partnered with ZestMoney, to strengthen the credit reach to the under-serviced the population of India.
This partnership entails a committed deployment of 300 crores through the platform. Fox capital plans to expand its presence and diversify its business to meet the credit needs of underserved new to credit customer category.
Along with partnering with players dealing in retail consumer lending like ZestMoney in the consumer lending space, Fox Capital's objective is also to empower MSMEs and ensuring credit availability through an amalgamation of technology and differentiated distribution network. This partnership adds to the 12 Lenders partnered with ZestMoney to build their consumer lending book.
Consumer lending and MSMEs represent a significant market that is often under-served. Fox Capital is looking to bridge this gap by providing people across income segments with the right credit as per their needs.
This Partnership with ZestMoney will empower Fox capital to provide instant credit to the deserving population across 2500 Merchants using algorithms for credit assessment. With this partnership, Fox Capital aims to capture the white space in consumer finance and create an India wide distribution network.
Fox capital is also close to signing partnerships with many other payment service providers for hassle-free and instant finance to the merchants using business models such as PoS finance, supply chain finance, other short term Finance, etc.
By formalizing the lending process and offering loans as low as Rs 1000 at competitive rates through ZestMoney, Fox Capital will fulfil a significant demand-supply gap and drive India's economy on its growth path.
"The 40mn organized micro-businesses are the fastest-growing industrial segment, nourished by the aspirations of the Indian working classes. Our use of new-age mobile and digital lending systems minimize the processing cost and helps build a strong customer base," Rakesh Sharma, Managing Director, Fox Capital Pvt Ltd.
"Using tools and solutions such alternate credit assessment, behavioural scoring, digital distribution models and automated workflows using AI and RPA, Fox capital is a truly digital lending platform," said Jatin Aggarwal, Head of Business Development, Fox Capital.
Managed by an experienced team of professionals from banks, Fin-tech, and leading credit organizations, Fox Capital demonstrates the best of all -sound business practices and a thorough understanding of micro-enterprises in India.
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