Here’s how we accessed a pay later finance scheme for vendors

I am Tarun Sarin, Director of Fidere Facility Management, a Pvt Ltd company. We have our office at 211 2nd Floor, Satyam Plaza, near Civil Hospital, Gurgaon – 110030, Haryana.

A World Class Facilities Management Business

We conceptualised our company primarily to manage and operate world class developments of facilities / infrastructure. The market demand for a global benchmark facility management delivery and the local focus and local approach policy of ours have set the path for us to be an organisation with a personal touch.  We began in 2010 and through consistent efforts, hard work and a lot of passion from all our employees; we have scaled up our operations manyfold.

We wanted an organisation that could help us in our vendor payments and thus help us reduce our working capital cycle but there was no end in sight, and we were frankly quite demotivated.

Problems in getting finance to pay vendors

We operate with a workforce of more than 2000 across more than 65 sites in Delhi/NCR, Punjab & Haryana.  In our line of business, supplier payments are made almost daily. We have to make some payments regularly to keep our business ticking. This means that we need a fast working capital cycle.  We had identified that we needed a finance scheme where our vendors could be paid in cash by financing entity, and we could repay the same within a stipulated period. We could not find any banks willing to offer us this unsecured loan.

Tarun Sarin, Director of Fidere Facilities Management Services
Tarun Sarin, Director of Fidere Facilities Management Services

I had already seen some of my entrepreneur friends resorting to informal channels to avail finance due to a cash crunch. My organisation and I were not willing to go down this path since we had seen how crippling an effect of exorbitant rates of interest as well as often unreasonable demands of the lender had on them and their companies.

Help with working capital management proved difficult

We were at our wit’s end. We wanted an organisation that could help us in our vendor payments and thus help us reduce our working capital cycle but there was no end in sight, and we were frankly quite demotivated. Timely payment to vendors and associates has been a USP of ours through which we have inspired them to give us best quality services and thus have been able to create customer delight; we did not want to lose this.

Read why timely payments to your vendors is so important and how you can improve your working capital cycle using your vendors

The team at Fidere Facilities Management
The team at Fidere Facilities Management

It was at this time that one of my associates did a bit of research and found MarketFinance India. Being very detail oriented and risk averse, he did a fair bit of research on the company and asked for some references, even before he suggested them to me. After he had been satisfied, he suggested that we could explore the option of financing for our requirements through them. In spite of the good word that my associate put in, I was still very apprehensive. I read through their website, did a fair bit of internet research and eventually decided to explore the option myself.

Prompt service and vast network of finance companies

I contacted their office and got a prompt call back from their representative. The representative explained the concept on which they operate to me. The fact that they have tie ups with 15 banks and more than 200 angel investors along with many financing companies was mind boggling. It was surprising to know that I could apply to multiple banks and finance companies through their portal by filling one single application form. This was a USP since it would save a tonne of time and for us, time is money.

I had already seen some of my entrepreneur friends resorting to informal channels to avail finance due to a cash crunch. My organisation and I were not willing to go down this path since we had seen how crippling an effect of exorbitant rates of interest as well as often unreasonable demands of the lender had on them and their companies.

However, I was still very hesitant about going ahead and providing sensitive business-related as well as financial information of the company. Their representative was very professional and well trained. He quickly and efficiently helped me clear my doubts by sharing references and successful case studies of other business owners benefiting from associating with them. To my surprise, one of the company references he gave me was owned by an acquaintance of mine. A quick call to the person in question along with the credible references was enough to remove all the hesitation on my part.  After the assurances from the representative, I provided him with all the necessary information for filling my application. Another impressive thing they did was that all the documents were shared with them through a secured online mechanism.

Pay Later Finance Scheme

MarketFinance India helped me secure a Pay later finance scheme, where I was able to get an unsecured loan worth Rs 15 lakhs at 20% reducing balance for twenty-four months duration.  It was nothing short of a blessing for our organisation to secure this loan at a very reasonable rate when we needed it the most. MarketFinance has really helped us meet our financial needs without unnecessary hassles, within a very reasonable time duration. This has allowed us to focus on the daily working of our business and working towards better services for our clients without undue financial worries.

Liked what you read? Read about how a shoe seller managed to get access to working capital through us

  • Aman Thakur

    Amazing. Even Flexiloans (http://bit.ly/2eCFQNS) is one such NBFC which provides collateral free loans so that as you grow, your business grows with it.

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