Jaipur, Augus 10th, 2023: Aditya Birla Finance Ltd. (ABFL), the lending subsidiary of Aditya Birla Capital, presents Udyog Plus, an innovative one-stop business platform designed for MSME customers. This new B2B digital platform offers a wide range of financial solutions, including financing, protection, investments, advisory and value-added services for Rajasthan's growing MSME sector. Through Udyog Plus, ABFL aims to facilitate the growth and development of MSMEs in Rajasthan by empowering them with crucial financial support, wholly seamless and paperless, thereby promoting financial inclusion and digitalization in the lending landscape.
Udyog Plus is an open marketplace that can be accessed through the financing section of the Aditya Birla Capital website by both existing and new customers of ABFL. MSMEs in Rajasthan can now avail business loans of up to Rs 10 lakh through a completely paperless digital journey of Udyog Plus. In addition to unsecured business loans, the entire ecosystem of MSMEs, including promoters, owners and employees, can enjoy various other services offered by Udyog Plus, such as customised secured lending, insurance, investment solutions, etc.
The platform is integrated with government e-commerce websites via Open Credit Enablement Network (OCEN) and private e-commerce websites to provide credit facilities to sellers on these platforms. Aditya Birla Finance has also partnered with leading solution providers to offer a host of value-added services to the MSME customers, such as free access to business networking platforms and digital commerce, including corporate travel solutions, zero balance bank account, accounting, payroll, and tax filing tools and specialized knowledge content hub.
ABFL already has a strong presence in the MSME segment with around 50% of its total loan book comprising business loans. As an established player in the market, ABFL continues to grow strongly, achieving a 37% year-on-year growth in this segment. Through the launch of Udyog Plus, ABFL aims to simplify the credit landscape by digitizing the Business loan journey for the MSMEs, leading to instant loan disbursals.
Mr. Rakesh Singh, MD & CEO Aditya Birla Finance Ltd., added, “We are excited to present Udyog Plus for our MSME customers in Rajasthan, which will empower them to achieve new horizons of success. Rajasthan is now home to more than 26 Lakh MSMEs, facilitating employment for a large number of people. Through this platform, we aim to further strengthen ABFL’s foothold in the MSME segment and provide them with a wide range of solutions throughout their business life cycle and encourage the entrepreneurial spirit of Rajasthan.”
The MSME sector played a pivotal role in driving Rajasthan’s economy by achieving economic growth of more than 11.6% in the fiscal year 2023 and employing more than four million people.
Contributing to the progress, Rajasthan leads the registered MSMEs account for more than 13.11 lakh, and Jaipur leads the count by 21%. Rajasthan has attracted businesses from diverse sectors, including carpet, wool, handicrafts related to minerals, and other prominent industries associated with different minerals. ABFL through Udyog Plus aims to better serve the MSME customers in Rajasthan and create a winning experience while further strengthening its value proposition in the market.