GUWAHATI, April 25: Srei Equipment Finance Limited (“SEFL”), a wholly-owned subsidiary of Srei Infrastructure Finance Limited (“Srei”), and Bank of Baroda, India’s second largest public sector bank, has announced a strategic alliance to offer joint loans for infrastructure equipment under a co-lending arrangement.
iQuippo, a Kanoria Foundation initiative, will facilitate sourcing of loans under this program. The partnership will allow SEFL and Bank of Baroda to collaborate, co-operate and widen their respective markets and customer base. The partners, through this strategic alliance, will be able to leverage each other’s customers and cross-sell their products. The offerings would include both business to business (“B2B”) and business to customer (“B2C”) propositions.
The two partners will also use the platform of iQuippo, a unique digital marketplace, for loan origination, loan dues collection, auction of equipment, valuation of equipment and several other facilities provided by the platform. With over 70,000 customers and over $400 Million loans disbursed through iQuippo, SEFL and Bank of Baroda will jointly offer loans and other services for construction and mining equipment (“CME”), tippers, IT and allied equipment, medical and allied equipment, and farm equipment.
Commenting on the partnership, Mr. Sunil Kanoria, Vice Chairman, Srei, said, “Bank of Baroda has a strong track record, brand appeal and experience in customer services, which will be complemented by Srei’s knowledge, experience and strong partnerships in the equipment finance space. The alliance will create value for both businesses and customers, and continue our leadership position in the equipment financing business.”
Anant Raj Kanoria, CEO, iQuippo, added, “we are very excited to add the second largest bank in India to our list of partners. Bank of Baroda with its reach and network will be able to leverage our risk engine and digital process to on board new segment of customers especially in the SME and MSME space.”