NeoGrowth at National Garment Fair 2017

The 65th National Garment Fair organized by the Clothing Manufacturers Association of India (CMAI) was held at Bombay Exhibition Center, Mumbai from 10th July to 12th July. This being one of the largest event in India for Garment Industry witnessed over 800 exhibitors comprising of retailers, distributers and suppliers from the garment sector.

img_27_7_17_3NeoGrowth was present at the exhibitor booth and generated an encouraging response for availing the facility of business finance, both from the garment retailers who came as visitors, as well as the exhibitors who were pre-dominantly garment distributors. This 3 day event saw a footfall of more than 20,000 visitors from across India.

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This event helped NeoGrowth in having a close and personal interaction with the retailers and provided an opportunity to brief them about the ease and benefit of availing NeoGrowth loans using which they can boost their business.

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The keen interest in unique features like technology enabled processing, door-step service and minimum documentation of NeoGrowth loan was fuelled by that fact that many of these retailers required quick finance to add new garment stocks at their outlets in order to gear up for the upcoming festive season in India. These enquiries were promptly addressed by the NeoGrowth team present at the event and all assistance for the same was provided to retailers during the event.

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The participation in events like these has helped NeoGrowth in promoting its unique tech & touch model to the retailers and also provides the retailers with an opportunity to grow their business by availing financial assistance from NeoGrowth.

NeoGrowth co-sponsors IMC Conference

The Indian Merchant Chamber (IMC) organized its Banking and Financial Services conference on ‘Catalyzing MSME Entrepreneurship in India’ on 22nd June 2017 at Mumbai, where NeoGrowth was one of the co-sponsors.

This daylong conference focused on key issues being faced by Indian entrepreneurs – Capital, Technology and Policy wherein experts presented their views on these relevant issues.

4_7_17The inaugural speech for the conference was given by Mr. Arjun Ram Meghwal, Union Minister of State for Finance, Government of India. Also present as key invitees of the conference were Mr. Urjit Patel, Governor, Reserve Bank of India (RBI), Mr. Pravin Gordhan, Former Finance Minister, South Africa, Mr. Junaid Ahmad, Country Director (India), World Bank.

 

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KPMG India were the knowledge partners for the conference and released their research paper on SME Financing. The conference was spread over three sessions, each covering a key issue.

Mr. Sanjoy Shome, (COO – NeoGrowth) was a panelist during the session on how the need for Capital can be addressed best for MSME’s. He showered light on how the amalgamation of analytics, technology and Digital mediums is important to build an efficient and robust architecture for MSME financing.

 

4_7_17_3 Mr. P. Ravindra (Specialist – Compliance, internal audit & spcl. projects, NeoGrowth) and Mr. Yogesh Nakhwa, (VP-Operations & Business Excellence, NeoGrowth) were the delegates that represented NeoGrowth at this conference.

The conference highlighted key indicators which will help in the growth of SME sector like policy changes that can help underwrite finance for industry segments that are not completely organized. How factors like data around Inventory management, analysis on spends happening on a merchant’s outlet etc. can be additional tools that can be used to underwrite finance in addition to the traditional methods of bank statements, collaterals etc. The need for resolute adoption of technology and digital mediums to help smoothen the process of financing for MSME’s were a highlight of the conference.

NeoGrowth is already on the path to address and implement these factors with its initiatives like merchant portal, Sales App that will help in quick financing for MSME’s. The adoption of Digital medium to reach out to prospect customers is a step closer towards financing them.

NeoGrowth continues its quest of bringing customer delight in the Fintech domain by working closely with all the stakeholders that can make the life of an end consumer better & making the process of doing business easy for them by addressing the key issues of obtaining finance.