Two companies have joined forces to provide unsecured loans to hotels in India.
Indifi Technologies, which funds SMEs in India, has partnered with DJUBO, a cloud-based hotel technology solution, to offer loans of up to INR5 million (US$73,400), which can be obtained within three working days.
More than 1,400 hotels that already partner with DJUBO will have the opportunity to apply for the loans, with revenue data from their DJUBO systems acting as a credit check.
“DJUBO itself is [a] revenue-focused tech product and on average our clients using the complete DJUBO platform experience, on average, 30-40% growth in revenues,” said Sankalp Goel, co-founder of DJUBO. “This partnership with Indifi is another one of our attempts to deliver meaningful opportunities for our clients that will impact their business bottom lines and help independent hoteliers in India reach their true potential.”
The loans are aimed at providing funding for hotel improvements, in terms of investments in new amenities, service quality and operations.
Alok Mittal, co-founder & CEO of Indifi Technologies said the initiative would help to “solve the credit access issues faced by small businesses across sectors in India”.