Aditya Birla Finance Ltd. (“ABFL”), the lending subsidiary of Aditya Birla Capital, presents Udyog Plus, an innovative one-stop business platform designed for MSME customers. This new B2B digital platform offers a wide range of financial solutions, including financing, protection, investments, advisory and value-added services for Gujarat’s growing MSME sector. Through Udyog Plus, ABFL aims to facilitate the growth and development of MSMEs in Gujarat by empowering them with crucial financial support, wholly seamless and paperless, thereby promoting financial inclusion and digitalization in the lending landscape.
Udyog Plus is an open marketplace that can be accessed through the financing section of the Aditya Birla Capital website by both existing and new customers of ABFL. MSMEs in Gujarat can now avail business loans of up to Rs 10 lakhs through a completely paperless digital journey of Udyog Plus. In addition to unsecured business loans, the entire ecosystem of MSMEs, including promoters, owners and employees, can enjoy various other services offered by Udyog Plus, such as customised secured lending, insurance, investment solutions, etc.
The platform is integrated with government e-commerce websites via Open Credit Enablement Network (OCEN) and private e-commerce websites to provide credit facilities to sellers on these platforms. Aditya Birla Finance has also partnered with leading solution providers to offer a host of value-added services to the MSME customers, such as free access to business networking platforms, digital commerce, including corporate travel solutions, zero balance bank account, accounting, payroll, and tax filing tools and specialized knowledge content hub.
ABFL already has a strong presence in the MSME segment with around 50% of its total loan book comprising business loans. As an established player in the market, ABFL continues to grow strongly, achieving a 37% year-on-year growth in this segment. Through the launch of Udyog Plus, ABFL aims to simplify the credit landscape by digitizing the Business loan journey for the MSMEs, leading to instant loan disbursals.
Mr. Rakesh Singh, MD & CEO, Aditya Birla Finance Ltd., added, “We are excited to present Udyog Plus for our MSME customers in Gujarat, which will empower them to achieve new horizons of success. Gujarat is now home to over 33 Lakh MSMEs, providing employment to 60 Lakh people. Through this platform, we aim to further strengthen ABFL’s foothold in the MSME segment and provide them with a wide range of solutions throughout their business life cycle and encourage the entrepreneurial spirit of Gujarat.”
Gujarat has witnessed a remarkable increase of 60% in MSMEs in the last five years. Moreover, Gujarat leads the registered MSMEs count with more than 13.21 lakh, making it the fourth-largest state in terms of registered MSMEs. ABFL through Udyog Plus aims to better serve the MSME customers in Gujarat and create a winning experience while further strengthening its value proposition in the market.
About Aditya Birla Capital Limited
Aditya Birla Capital Limited (“ABCL”) is the holding company for the financial services businesses of the Aditya Birla Group.
With subsidiaries/JVs that have a strong presence across Protecting, Investing and Financing solutions, ABCL is a financial solutions group that caters to the diverse needs of its customers across their life cycle. Powered by more than 38,000 employees, the businesses of ABCL have a nationwide reach with over 1,331 branches, more than 2,00,000 agents/channel partners and several bank partners.
As of June 30, 2023, Aditya Birla Capital Limited manages aggregate assets under management of about Rs. 3.9 lakh Crore with a consolidated lending book of over Rs. 1 lakh Crore through its subsidiaries and joint ventures. Aditya Birla Capital Limited is a part of the global conglomerate Aditya Birla Group, which is in the league of Fortune 500.
Anchored by an extraordinary force of over 185,000 employees belonging to 100 nationalities, the Group is built on a strong foundation of stakeholder value creation. With over seven decades of responsible business practices, the Group’s businesses have grown into global powerhouses in a wide range of sectors – metals, pulp and fibre, chemicals, textiles, carbon black, telecom, cement, financial services, fashion retail and renewable energy. Today, over 50% of the Group’s revenues flow from overseas operations that span 36 countries in North and South America, Africa, Asia, and Europe.
For more information please visit: www.adityabirlacapital.com
About Aditya Birla Finance Limited, an Aditya Birla Capital Company
Aditya Birla Finance Limited (“ABFL”), a subsidiary of Aditya Birla Capital Limited, is among the leading well-diversified non-banking financing services company in India. ABFL offers end-to-end lending, financing, and wealth management solutions to a diversified range of customers across the country. ABFL is registered with RBI as a systemically important non-deposit accepting non-banking finance company (“NBFC”) and is amongst the top five largest private diversified NBFCs in India based on AUM.
As of June 30, 2023, ABFL has a total asset under management of Rs. 858.91 billion and total equity of Rs.119.36 billion. ABFL’s long-term credit rating of AAA (Stable) has been reaffirmed by ICRA in February 2023. ABFL also has a long-term credit rating of AAA (Stable) by India Ratings, Perpetual debt credit rating of AA+ (Stable) by ICRA and AA+ (Stable) by India Ratings (Stable) and short-term credit rating of A1+ by ICRA & India Ratings. ABFL caters to the varied needs of a diverse set of customers across retail, HNI, ultra HNI, micro-enterprises, SMEs, and mid and large corporates. ABFL offers customized solutions in the areas of personal finance, mortgage finance, SME finance, corporate finance, wealth management, debt capital markets and loan syndication.