India Exim Finserve IFSC Pvt Ltd, a wholly-owned subsidiary of the Export-Import Bank of India (India Exim Bank), has Collaborated with VoloFin to offer comprehensive receivables financing solutions to Indian exporters. This collaboration will assist underserved SME exporters, who play an important role in the country’s economic growth; it will also solve major trade finance gaps and enable incremental open account trading between India and its trade partners. New India Assurance serves as the credit insurance partner, with reinsurance support from Atradius (one of the world’s leading credit insurers), and leads the project with the first bank policy from GIFT City.
Hirva Mamtora, MD & CEO, India Exim Finserve, said “We are leading with the mission to fuel India’s economic growth by supporting Indian exporters who play an important role in the country’s growth engine. Currently, small businesses face several challenges in their growth journey. Our partnership with VoloFin, who will act as business facilitator, will help us reach out to SME exporters and importers with its existing network. We acknowledge the support received from New India Assurance in providing us with a first of its kind trade finance insurance policy from GIFT City. Availability of trade insurance policy will help us expand our factoring outreach and lead to boosting of exports from India especially from SME segment.”
Roshan Shah, Co-Founder and CEO, VoloFin, said, “This strategic partnership represents a vote of confidence in VoloFin’s mission to revolutionise trade finance and empower SMEs. We are committed to leveraging this relationship to bolster the capabilities of exporters in expanding their business and geographical reach and bridge the trade finance gap that hampers the growth of small businesses. This association is a significant milestone in our journey as it completely synergises with our goal, and we thank the team at India Exim Finserve & Atradius for their efforts to bring this partnership live.”
Rita Mishra, Chief Regional Manager, New India Assurance – GIFT City, said “We are excited to be at the forefront of closing the first trade credit insurance policy within GIFT City, India, marking a significant milestone for us at New India Assurance. We would also like to acknowledge the support of our reinsurer Atradius for this milestone. We trust that this partnering with India Exim Finserve will grow into a long-lasting collaboration.”
Arun Soundarajan, Country Head and CEO India, Atradius, said ‘’We are glad to be part of this winning team alongside India Exim Finserve, VoloFin & New India Assurance and putting together this first bank policy in the GIFT City, which will be an important milestone in the journey ahead. This partnership will significantly support the exporters and play a role in boosting the economy.’’
About VoloFin
VoloFin is a fintech, providing end-to-end solutions in the domains of factoring and supply chain financing. The company has successfully expanded its presence globally in a short time span, and has offices in Singapore, India and the USA. Over the course of time, it has partnered with various lenders across the globe, including India Exim Finserve.
About India Exim Finserve IFSC Private Limited
India Exim Finserve IFSC Private Limited is a subsidiary of Export-Import Bank of India (India Exim Bank). India Exim Bank, wholly owned by Government of India, is an export credit agency set up for promoting, financing and facilitating India’s international trade and investment. Exim Finserve is a financial services company established in GIFT City, which specialises in offering non-recourse export factoring to Indian exporters.
About New India Assurance
The New India Assurance Co. Ltd. stands as India’s leading multinational general insurance company. Headquartered in Mumbai, it operates in 25 countries and boasts a network of over 1,750 offices across India. Its offering from GIFT City Unit includes reinsurance as well as recent introduction of direct trade credit insurance.
About Atradius
Atradius is a global provider of credit insurance, bond and surety, collections and information services, with a strategic presence in over 50 countries. The products offered by Atradius protect companies around the world against the default risks associated with selling goods and services on credit. Atradius is a member of GCO, one of the leading companies in the Spanish insurance sector and one of the largest credit insurers in the world. You can find more information online at https://group.atradius.com
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