Mumbai (Maharashtra) [India], February 21 (ANI/PNN): Polytrade finance, a Decentralized Trade finance platform backed by Blockchain technology, has been awarded the “Best Financial Institution of the Year” for supporting & empowering SMEs.
The esteemed award was presented to Piyush Gupta, Founder and CEO, Polytrade, by Shri Bhagat Singh Koshyari, Hon’ble Governor of Maharashtra at Rajbhavan, in the presence of many prominent personalities. The Award ceremony was jointly convened by the SME Chamber of India & Maharashtra Industrial and Economic Development Association on February 13, 2022.
* Polytrade is committed to fulfilling the unmet demands of Rs.2,200 crore of working capital for SMEs in India
* Financed more than Rs. 3,700 crore worth of invoices since 2014
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 around some trade finance instruments, lack of collateral, high cost of borrowing, and exhaustion of credit limits.
Piyush Gupta, Founder & CEO, Polytrade, “We are honored to have been awarded the Best Financial Institution of the Year by the Hon’ble Governor of Maharashtra. I dedicate this award to every individual and institution who has been instrumental to the growth of SMEs across the country. This award will further drive us on our quest to transform the Trade Finance industry with new edge technology and empower the SMEs in India.”
According to industry data, the unmet trade finance demand for SMEs in India is more than Rs. 2,200 crore. Polytrade has successfully financed over Rs. 3,700 crore worth of invoices since its inception in 2014, and their platform will significantly increase the availability of funds for SMEs.
Chandrakant Salunkhe, Founder & President, SME Chamber of India, “SMEs in India fight on many fronts with liquidity crisis being the prominent one. Polytrade platform gives a holistic solution to SMEs by providing easy access to working capital, thereby empowering the SME sector of India.
Our visionary Governor of Maharashtra, Shri Bhagat Singh Koshyari, quoted while praising awardees for their outstanding contribution, “Keep working towards your dreams. I wish to see you all next year, receiving an award from the Hon’ble President of India.”
Polytrade is a blockchain-based decentralized Trade finance protocol aiming to transform Receivables financing. It connects buyers, sellers, insurers, and investors for a seamless experience. Polytrade provides SME borrowers with access to low interest and swift financing. By onboarding on Polytrade, everybody gains as the platform bridges the gap in traditional receivable financing through blockchain technology. Polytrade aims to boost the business growth of SMEs where liquidity is not a hindrance.
Contact: Aditi Saini Email: aditi@polytrade.finance
Website – https://polytrade.finance
This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)
This story is auto-generated from a syndicated feed. ThePrint holds no responsibility for its content.