HAPPY facilitates wealth creation of INR 18b for MSMEs across India

By Leandra Monteiro

HAPPY, the MSME Digital Lender, announced today that it has so far catalysed huge wealth creation of more than INR 18 billion for its 350 thousand customers in India borrowing through its platform and institutional lending partners.

HAPPY has facilitated disbursement of credit worth more than INR 5 billion across 18,400 pincodes throughout the length and breadth of the country. This has benefitted 350 thousand nano, micro and small businesses across 80+ categories including grocery, apparel, restaurant, business correspondents and others. HAPPY’s ability to underwrite and disburse credit to businesses that were first-to-credit and revolve it to grow their business manifold, has turned out to be a win-win situation. Timely availability of credit to these businesses has catalysed an exponential growth in their wealth.

HAPPY, API-based digital lending platform aims to reach 1million customers by 2023, with at least 40% of them being new to credit, thus inching closer to its vision of bringing the credit invisible micro-MSMEs into the formal credit ecosystem and accelerating nation’s inclusive growth agenda.

Manish Khera, Founder & CEO, HAPPY said, “While there are multiple players tiding the digital lending boom in India, the micro-MSME segment is still excluded from flexible and timely access to credit. Moving beyond a straight jacketed approach, we have pioneered sachetization of credit in the form of immediate working capital credit attuned to the occupational cycles of micro-MSMEs. Our robust product tech platform is great for partners and lenders to expand into the MSME segment. The milestones we have achieved while remaining bootstrapped startup is a testimony of our customers’ creditworthiness, valuable partnerships and a strong committed team. As an Indian entrepreneur, I see HAPPY as supporting the hard work of lakhs of micro-entrepreneurs by providing them venture capital”

The evolution of HAPPY’s business model was based on solving barriers to affordable digital credit to micro-enterprises at scale and ease. The deep learning and insights have helped the lending platform to be agile and suitable for multiple micro-MSME sectors.