Coronavirus: Fashion platform LimeRoad launches ‘Financial Clinic’ for sellers
The company said the mission of the Clinic is to help provide financial assistance to Seller Partners by addressing their immediate financial challenges and helping them set long-term goals as markets recover from this crisis.
As the nation grapples with the spread of the COVID-19 outbreak despite the lockdown, LimeRoad, a Gurugram-based independent fashion platform, launched a new Financial Clinic to provide assistance to thousands of Seller Partners who are currently facing financial challenges as a result of the uncertainty.
In a statement, the company said the mission of the Clinic is to help provide financial assistance to Seller Partners by addressing their immediate financial challenges and helping them set long-term goals as markets recover from this crisis.
The Clinic will focus squarely on the company’s small- and medium-scale sellers, essentially manufactures for the domestic market and exports, and provide them with solutions around a variety of issues including operational and fixed cost management, inventory and working capital management, access to short term credit etc, it added.
LimeRoad Raises $ 5 Million in Series-A Funding from Matrix Partners and LightSpeed Ventures
Suchi Mukherjee, Founder CEO, LimeRoad, said,
“This pandemic will reshape our industry. It will impact consumer behavior, encouraging more and more people to move from offline to online, as was seen post SARS in China. Globally, all industries will divide up into winners and losers, and it is our belief that our Seller Partners, along with us, will be on the winning side."
"The next 3 months will be painful for everyone, and it is our mission to be as helpful as possible to our Seller Partners through this period," she added.
The Financial Clinic was launched on April 3, 2020 with a Seller Partner who had quarantined himself at his warehouse.
“When there is an outside expert working on the financial books of any company, it helps in getting a different perspective with a clear scope of improvement. We are delighted that LimeRoad is offering us this help,” said the first Seller Partner who availed the services of the Financial Clinic.
Recently, the Clothing Manufacturers Association of India (CMAI) reported that the global impact of COVID 19 will negatively impact exports thereby resulting in potentially 50 lakh job cuts in the apparel sector. LimeRoad, which works with over 10,000 apparel manufacturers across the country, will be extending the Clinic to 1000 Seller Partners in Phase 1 of the rollout.
(Edited by Kanishk Singh)
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