Tata Steel has entered into the digital lending space for MSMEs with the launch of Urja on the company’s centralised digital buying and selling platform DigCA.

Urja programme has been designed for the MSMEs (Micro, Small & Medium Enterprises) and Emerging Customer Account customers of Tata Steel distributors. This facility is meant for customers seeking credit but finding it difficult to get the same due to the inaccessibility of unsecured finance from financial institutions, banks, and NBFCs, said the company.

Praveen Shrivastava, Chief of Marketing & Sales, Tata Steel said Urja connects multiple lenders such as major banks and NBFCs with MSME customers on this common platform and provides simplified working capital solutions offering highly competitive lending terms.

The integrated plug-and-play platform ensures easy documentation and hassle-free rotational credit that can be easily replenished basis utilisation and on request, he said.

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Managed by mjunction Services, a joint venture of Tata Steel and SAIL, the Urja programme operates digitally through an integrated online platform and payment system. Tata Steel and mjunction are actively working to expand the Urja programme by adding more lenders to provide a wider range of options for ECAs.

With B2B as the largest customer group, the company has partnered with key sectors such as automobiles, appliances, construction, industrial products, metal components, and power generation.

Tata Steel is also working towards expanding and enhancing its engagement with both retail and the emerging segment, consisting of small and medium-sized enterprises, which represents the growth engine of India’s manufacturing sector.

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