What’s Happening With NOICE? Swiggy Clarifies Financing Programme
Swiggy has clarified that it will not bear any credit exposure or deploy its own balance-sheet capital under the financing programme announced for entrepreneurs working with its Instamart private-label brand, NOICE.
In a regulatory filing to the BSE and National Stock Exchange on October 5, Swiggy said the financing programme is being facilitated in partnership with financial institutions including the Small Industries Development Bank of India (SIDBI), Axis Bank and InCred Finance. The clarification followed media reports about NOICE's plans to expand its food entrepreneur base and product portfolio.
According to the company, the partner financial institutions will independently assess the creditworthiness of eligible entrepreneurs, extend the loans and bear the associated credit exposure. Swiggy said neither Swiggy Limited nor its subsidiary Swiggy Neocap Private Limited will fund the loans or take the related credit risk. In simple terms, Swiggy is helping NOICE’s food entrepreneurs access loans, but the money...
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