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Chennai, January 12 Chennai-based Redington, a distribution and supply chain solutions provider, is building a FinTech ecosystem to leverage financing as a tool to drive business growth for the partner community, according to CEO Ramesh Natarajan.
Redington will combine its financial strength and market insights, with the fast evolving technology and FinTech ecosystem in India and outside for this initiative, he told businessline.
“There are many projects that require a higher number of days of credit,” Natarajan said, which its proposed FinTech platform would offer.
The FinTech initiative will enable a host of digital payment modes for partners (through payment links, cards and Unified Payments Interface), and channel financing solutions via digital platforms. The platform will enable the Buy-Now-Pay-Later option for new partners who require small ticket financing. Redington’s credit analytics backbone will drive this initiative that builds on partner profiling intelligence and Artificial Intelligence I tools to provide insights for credit decisions, he said.
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Ramesh Natarajan says, ‘Technology refresh is happening across all segments’; company aims to reach profitability target of 2%The company’s credit management system does business worth $1 billion with 5,000 to 7,000 partners every quarter. . It offers a credit period of 15 to 60 days. For credit periods of a longer duration, it makes channel financing possible through companies such as Aditya Birla Group and Cholamandalam Finance, he said.
“We are trying to get project finance options available to partners when it comes to larger projects,” he said.
The financing foray includes digital lending solutions for customers in the residential rooftop solar business, he said.
“All of this is work-in-progress. We should have a full-fledged FinTech platform in the next 12-18 months,” he said.
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