Representing change in the trade finance industry, Polytrade helps SME borrowers access funds
Decentralized trade finance platform, Polytrade finance backed by Blockchain technology, has been honored with the “Best Financial Institution of the Year” award for its support and empowerment of SMEs.
* Polytrade pledges to meet unmet demands for Rs.2,200 crore working capital for SMEs in India
The esteemed award was presented to the founder and CEO of Polytrade, Piyush Gupta, by the Honorable Governor of Maharashtra, Shri Bhagat Singh Koshyari at Rajbhavan in the presence of many extrusive personalities. The award ceremony was jointly organized by the SME Chamber of India and the Industrial and Economic Development Association of Maharashtra on 13 February 2022.
* Funded over Rs. 3,700 crore in bills since 2014
Piyush Gupta, Founder and CEO of Polytrade, “We are honored to have been named Best Financial Institution of the Year by the Honorable Governor of Maharashtra. I dedicate this award to every person and institution that has contributed to the growth of SMEs across the country. This award will further motivate us in our quest to transform the trade finance industry with cutting-edge new technology and empower SMEs in India.
Polytrade was founded in 2014 by IIT-Bombay graduate Piyush Gupta to support Indian SMEs struggling for working capital for a myriad of reasons including lack of understanding of certain trade finance instruments, lack of collateral, high cost of borrowing and exhaustion of credit limits. .
According to industry data, the unmet trade finance demand for SMEs in India is over Rs. 2,200 crores. Polytrade has successfully funded over Rs. 3,700 crore of invoices since its inception in 2014, and their platform will significantly increase the availability of funds for SMEs.
Chandrakant Salunkhe, Founder and Chairman of SME Chamber of India, “SMEs in India are struggling on many fronts, with liquidity crisis being the main one. The Polytrade platform offers a holistic solution to SMEs by providing easy access to working capital, thereby strengthening the SME sector in India.
Our visionary Governor of Maharashtra, Shri Bhagat Singh Koshyari, quoted while praising the winners for their outstanding contribution: “Keep working to achieve your dreams. I wish to see you all next year, receive an award from the Honorable President of India. Polytrade is a blockchain-based decentralized trade finance protocol aimed at transforming receivables finance. It connects buyers, sellers, insurers and investors for a seamless experience. Polytrade offers SME borrowers access to low-interest and fast financing. By integrating with Polytrade, everyone wins as the platform bridges the gap in traditional receivables financing through blockchain technology. Polytrade aims to boost the commercial growth of SMEs where liquidity is not an obstacle.
Summary of news:
- Representing change in the trade finance industry, Polytrade helps SME borrowers access funds
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