New Delhi, Sep 21 (PTI) Fintech firm udaanCapital has enabled credit of over Rs 2,200 crore to more than one lakh small retailers of discretionary goods across India in the 2022 fiscal year, the company said on Wednesday.

According to B2B e-commerce unicorn udaan, more than half of discretionary product sales on udaan platform are facilitated by udaanCapital and the base of users availing the facility also grew by 25 per cent in FY22.

Also Read | Electric Scooter Battery Fire Kills 8-Year-Old Girl in the US: Report.

"The market gap in working capital availability for trade is still very huge. This milestone gives us a lot of conviction that we are on the right path in helping reduce this gap. We will work with our lender partners and continue investing in core infrastructure areas like collections and risk advisory to keep chipping away at this problem," udaanCapital head Chaitanya Adapa said in a statement.

udaanCapital claims that its proprietary risk algorithms leverage alternate datasets such as transaction patterns and trade invoices to pre-select borrowers, enhance lenders partner's underwriting decisions and improve approval rates for borrowers by 35 per cent which results collection of 97 per cent of disbursed amount before the due date from discretionary category retailers.

Also Read | Tecno Pova Neo 5G India Launch on September 23, 2022.

In fiscal year 2021, UdaanCapital provided credit of Rs 1,600 crore to grocery stores registered on Udaan platform and collected 99.8 per cent of the disbursed amount within 180 days.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)