09 August 2022, Mumbai:
ReshaMandi launched ReshaMudra to offer personalised credit solutions for the textiles industry.
ReshaMandi, India’s largest farm-to-fashion natural fibre digital ecosystem, unveiled its new venture ReshaMudra, which offers personalised credit solutions for the textiles industry.
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ReshaMudra will give business partners across the ecosystem access to working capital solutions as well as long-term loans, enabling them to secure crucial funding to help them grow their businesses or tide over challenging times. All of these offerings are subject to regulatory approvals from respective authorities.
A majority of India’s micro, small and medium enterprises currently face working capital pressures as they lack access to credit. Today, only 20% of their credit needs are met by the formal sector and 40% by the informal sector.
ReshaMandi’s Founder and CEO, Mayank Tiwari said, “India’s textile sector is on course to becoming a $190 billion powerhouse by 2025-26. But lack of access to credit could stifle that potential as nearly 80% of the country’s MSMEs today is faced with this challenge. Our vision is to be the partner of choice to stakeholders across the textile industry by providing customised, financial products that are cost-effective and easy to use.
” Kshitij Kuthiala, AVP, ReshaMudra, says “With the textile industry picking up pace, it is imperative to provide the stakeholders in the supply chain with credit solutions that cater to their needs and facilitate their growth.
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