GeM portal hopes to get extra start-ups onboard, to quickly launch revamped lending initiative

The federal government’s procurement portal, GeM (Authorities e Market) is trying to encourage increasingly start-ups and small and micro enterprises to listing themselves as sellers. Because the platform’s inception, virtually 23,000 start-ups have come onboard , Ajit Chavan, Extra CEO, GeM mentioned in his tackle on the Begin-up Mahakumbh occasion.

“GeM portal has been one of many earliest profitable experiment of the federal government of India within the digital panorama. From nearly ₹422 crore in 2016, we anticipate to cross ₹4-lakh crore-mark when it comes to GMV (gross merchandise worth) this yr. We have now 1.5 lakh patrons throughout the three tiers of the government-Central, State and native governments. We have now a base of 21 lakh sellers which incorporates a big chunk of small and micro enterprises, underserved vendor teams comparable to girls and SC and ST entreprenuers amongst others “ Chavan acknowledged.

Encouraging start-ups to leverage on the alternatives supplied by the general public procurement portal, he mentioned, “Since inception, 23,000 DPIIT-recognised start-ups have onboarded as sellers on the portal. Simply final yr, start-ups fulfilled 84,000 orders value ₹9,725 crore on the GeM portal. Begin-ups symbolize innovation, are tech-driven and are led by younger expertise bringing disruptive interventions. We recognise that they’ve particular necessities and face challenges when it comes to market entry and want decreased compliance prices and regulatory overhangs.”

Stating that the GeM portal affords straightforward market linkages to start-ups exempting them from sure necessities to listing as sellers, Chavan mentioned that GeM will quickly be launching a revamped mobile-based lending platform GeM Sahay 2.0. This initiative endeavours to supply collateral free loans of as much as ₹10 lakh to start-ups and entreprenuers at rates of interest of upto 10 per cent and can be permitted inside ten minutes.

He additionally urged start-ups to leverge on GeM’s ‘Begin-up Runway’ initiative , which supplies start-ups direct visibility with the patrons of the general public procurement portal.