PUNE: Aditya Birla Finance Ltd. (ABFL), the lending subsidiary of Aditya Birla Capital, has launched Udyog Plus, an innovative one-stop business platform designed for MSME customers. The B2B digital platform offers a wide range of financial solutions, including financing, protection, investments, advisory, and value-added services for Maharashtra’s growing MSME sector.
Through Udyog Plus, ABFL aims to facilitate the growth and development of MSMEs in Maharashtra 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 Maharashtra can now avail of business loans of up to Rs 10 lakh 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 customized 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 and 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 of Aditya Birla Finance Ltd., said, “We are excited to present Udyog Plus for our MSME customers in Maharashtra, which will empower them to achieve new horizons of success. Maharashtra is now home to more than 47 Lakh MSMEs, providing employment for a significant number of individuals. 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 Maharashtra.“
The MSME sector played a pivotal role in driving Maharashtra’s economy by achieving economic growth of 10% in the fiscal year 2023 and employing more than nine million people. Contributing to the progress, Maharashtra is the largest state in terms of registered MSMEs, and over 45% of the MSMEs in the state are present in Mumbai and Pune. ABFL through Udyog Plus aims to better serve the MSME customers in Maharashtra and create a winning experience while further strengthening its value proposition in the market.