Via.com, an Online Travel Agent (OTA) announced its partnership with Capital Float, a digital lending platform to SMEs in India to unveil the “VIA Loan Mela”. This loan festival, targeted 5000 travel agents across India, will provide them access to working capital finance across five cities in the country. This initiative aims at driving the adoption of Capital Float’s unique collateral free product Pay Later, which will provide agents the necessary working capital support needed to scale up their operations and reach new customers.
The loan “Mela” is being conducted in Mumbai, Delhi, Faridabad in December while Kolkata and Hyderabad loan “Mela” was organised in November, targeting the travel agent community in these cities. Through the expansive reach of digital lending, travel agents will now be able to access customised working capital finance solutions.
Pay Later, a unique credit product designed by Capital Float, enables travel agents to make multiple drawdowns from a pre-determined credit facility, increasing their accessibility to instant finance. This revolving credit product can be accessed using Capital Float’s mobile app, which is available for download on the Play Store and the App Store. Agents can conveniently make payments to the principal using this app. Interest is charged on the drawdowns only and not the entire credit facility.
“The revenue in the tourism industry fluctuates seasonally. During peak seasons, many travel agents from tier 2 and tier 3 cities have insufficient working capital to undertake bulk bookings. Through this “mela” we aim to provide travel agents across India with more funds at their disposal to increase their booking capacity and revenue,” said Gaurav Hinduja, Co-Founder, Capital Float. “Our Pay Later product helps small and medium-scale travel agents significantly increase their booking capacity and earn higher income.” he added.
During the VIA loan Mela, Capital Float aims to help the travel agents by offering a variant of Pay Later, a custom-built loan offering that caters to the unique needs of travel agents, with loan amounts up to INR 25 lakhs. Capital Float is setting up lending kiosks at the event to facilitate the agent with access to credit by increasing their potential to earn more revenue. This product will specially benefit the agents during time of demonetization, as they will be able to access funds digitally and avoid the liquidity crunch currently prevailing in the market.
“Our objective is to provide a variety of ancillary services to better equip our travel agents with all they need to run a successful business,” said Sanjay Gupta, Business Head - India & Middle East, Via.com. “Through this partnership with Capital Float, we aim to address the challenges faced by our agents in meeting the fluctuating booking demands of tourists in different seasons. The timely working capital finance provided by Capital Float will be key in determining the business growth of the agents on our platform,” added Gupta.