Polytrade finance, a DeFi lending platform providing working capital to Small and Medium Enterprises (SMEs) has launched Mainnet.
Polytrade was founded by IIT-Bombay graduate, Piyush Gupta in 2014 to support small businesses by providing working capital to those who were struggling for finances for a myriad of reasons including a lack of understanding around some trade finance instruments, lack of collaterals, high cost of borrowing, and exhaustion of credit limits.
As per the industry data, the unmet demands of working capital for SMEs in India attunes to more than Rs. 2,200 crore. The launch of Polytrade Mainnet has opened up a supplementary source of financing for these SMEs by creating a blockchain-based decentralized protocol. Since the starting of its operations, Polytrade has successfully managed to finance over Rs. 3,700 crore worth of invoices since 2014 and the launch of Mainnet will further spur the availability of finances to the SMEs.
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Piyush Gupta, MD & Founder, Polytrade, “We are extremely happy to announce the launch of our mainnet that will provide working capital to SMEs. Our vision is to ensure that the small businesses that have been struggling to get the required finance never face such a shortage.” He also adds, “India’s SMEs will be key to achieving Prime Minister Narendra Modi’s objective of making the country Atmanirbhar and a $ 5 trillion economy. Polytrade will ensure that these small enterprises have the working cash to achieve their goals.”
