The company seeks to provide loans worth around $1 billion with flexible repayment infrastructure over the next 3-5 years, the company seeks to provide affordable capital and AI-enabled services to MSMEs, enabling them to drive digital transformation within their operations.
“Given their role in the development of the country, something needs to be done to empower MSMEs to achieve their true potential. By leveraging top-notch technology and a robust infrastructure, we aim to be a one-stop destination for small businesses. To be the platform that welcomes them. In the world of credit, allows them to run their operations digitally and strengthen their balance sheets.” Abhishek SinhaEcho co-founder said in a statement.
The platform said that it uses a ‘micro-loan approach’ in its services and designs them to accomplish the same. Its daily repayment infrastructure capability allows sellers to repay loans in part or in full on a daily basis. They can use this credit to promote their business and serve more customers using or outside Eko’s platform. Their proprietary underwriting model based on transactions done on Eko’s platform provides credit to vendors and customers who are short on aim Scores and are not part of the formal credit system.
The company secured two significant investments of $5.5 million in 2011 and $1.5 million in 2017. construction investment, which were used to strengthen its product development, R&D and technical infrastructure.
The platform recently clocked a turnover of Rs 200 crore in FY20 and boasts of a customer base of 35 million end customers and 2,50,000 merchants. Due to the automated processes and deep-tech analytics driving its risk underwriting model, the platform is currently seeing over 50K seller sign-ups every month, with a target of 1 million sellers over the next 3-5 years and a target of $200 million. Looking at the loan book. .