In a strategic move, Godrej Capital Nirmaan, a flagship initiative of the Godrej Group has expanded its collaborative network aimed at fortifying its commitment to the growth of Micro, Small, and Medium Enterprises (MSMEs). The platform, rooted in the ethos of ‘nation-building,’ has forged partnerships with: DBS Bank India, Visa, and Amazon, alongside existing partners like Onsurity, Zolvit, and MSMEx.
These partnerships are intended to empower MSMEs by providing a wide range of value-added services and comprehensive assistance throughout their business journey. Nirmaan has expanded its collaborative approach to include 13+ partners, demonstrating its commitment to actively assist the growth of MSMEs in the dynamic landscape of the Indian financial services market.
Speaking about the partnership, Manish Shah, MD & CEO at Godrej Capital, said, “We are delighted to expand our partner ecosystem, reinforcing our commitment to help MSMEs grow, through Nirmaan. We aim to be catalysts and help MSMEs beyond lending by being a part of their business growth journey. Aligned with the Godrej Group’s nation-building ethos, we see ourselves as enablers and we firmly believe that, with the collective commitment and services provided by our partners, we can make a difference and contribute towards making India a 5 trillion-dollar economy.”
This collaboration would allow DBS Bank India to provide MSMEs with a comprehensive array of value-added services, including a tailored current account. Businesses that register with Nirmaan can take advantage of exclusive benefits that go beyond the standard suite of offerings, such as a one-year waiver on non-maintenance fees for the Minimum Average Quarterly Balance, seamless integration with Tally ERP for connected banking, highly competitive trade and FX pricing, the convenience of a Business Debit Card powered by Visa, and exclusive partner offers, which provide holistic financial support for MSMEs.
Commenting on the partnership, Rajat Verma, MD and Head Institutional Banking Group, DBS Bank India, said, “Leveraging our local market insights and deep understanding of business realities, DBS Bank India has created an innovative offering with Godrej Capital Nirmaan. We have designed an exclusive set of benefits for MSMEs on Nirmaan that will help free-up cash flows through special fee-waivers on the current account variant, along with a host of partner offers to enhance business agility. The partnership underlines our commitment to empowering MSMEs across India to unlock their growth aspirations.”
Through the Nirmaan platform, Visa, a global leader in digital payments, will provide comprehensive payment options for MSMEs. Its wide network and global acceptance would also help DBS Bank India’s uniquely selected Nirmaan services.
Sujai Raina, Vice President and Head – Business Development, India, Visa said, “We are delighted to collaborate with Godrej Capital Nirmaan and DBS Bank India to offer comprehensive payment services to small businesses in India. MSMEs are vital to the socio-economic and inclusive growth of the country, and Visa helps them unlock opportunities and value with its solutions. We are facilitating the DBS Current Account with a Business Debit Card offering specially curated for Nirmaan users, that allows MSMEs to make payments seamlessly, thus enabling them to drive business priorities and growth imperatives”.
Amazon’s collaboration with Nirmaan would assist MSMEs in showcasing and selling their items to clients across India by listing them on Amazon.in. With a three-month subscription to Amazon’s e-commerce exports programme, Amazon worldwide Selling, it will also assist open the door to worldwide markets. Nirmaan users will also have free access to Smart Commerce by Amazon’s website creation and omni-channel inventory management tools until March 2024.
Speaking on the partnership, Gaurav Bhatnagar, Head – Seller Acquisition at Amazon India said, “Amazon is deeply committed to forging partnerships with MSMEs to address the ever-evolving customer landscape, with a focus on our three fundamental pillars: selection, value, and convenience. Through our collaboration with Godrej Capital Nirmaan, we aim to bring the benefits of digitization and e-commerce closer to MSMEs. They will be able to leverage Amazon to showcase and sell their products to customers across India and capitalize on export opportunities. They will also be able to digitize their day-to-day operations through omni-channel inventory management solutions. We believe that such collaborations will help MSMEs serve their customers with unparalleled dedication and grow their business excellence.”
Along with existing partners Onsurity, Zolvit, and MSMEx, the new partners – GeM Tech Paras, Escrowpay, GreytHR, and Serapis Knowledge Solutions – will give MSMEs access to a broader choice of solutions to help them build their enterprises.
Godrej Capital Nirmaan intends to contribute to the entrepreneurial and socio-economic development of India’s MSME sector, ultimately contributing to the growth of the economy and nation-building, by focusing on overall value creation through ecosystem development and partnerships. Beyond loans, the platform offers value-added services such as business growth prospects, convenience of business, and knowledge and network avenues.