Rakesh Rathi's latest venture creating buzz for facilitating trade finance during the current pandemic
Jul 31, 2020
Mumbai (Maharashtra) [India] July 31 (ANI/Mediawire): Rakesh Rathi dons many hats. He is a chartered account, entrepreneur and a technology enthusiast who has successfully created value for his group (http://www.parthivgroup.com) by bootstrapping and investing in startups.
After the success of his finance consultancy, InsureTech (insureefficient.com), and F&B ventures in the name of EGGSPLORE, his FinTech venture www.lcbidding.comis creating considerable value for his existing and growing users.
LCBIDDING.COM is a unique and one-of-its-kind platform in the world, that makes the process of raising quick and cost-effective finances for the working capital needs of business easy, by discounting their LC (Letter of Credit) backed unpaid invoices.
Through LCBIDDING.COM, any kind of business house, located anywhere in India, which is either going to receive or issue domestic, export or import LCs, will now get an opportunity to get LC discounting quotes online through a network of 25 plus banks and get their LC discounted in shortest turnaround time.
"The idea behind LCBIDDING.COM was to remove geographical barriers and provide lowest discounting rates, with faster and smoother processes. This unique platform creates more value in tier II and tier III cities, where the options are very limited and available at a very high cost," revealed Rathi.
"Having worked on the LC discounting methods offline throughout my two-decade career as CFO in multiple corporates, I understand the pain of going through this process offline. I believe that this aggregator platform is a win-win for both, clients who get multiple & best quotes within no time, and banks/NBFC who get authentic and KYC verified clients," he added.
Rathi's vision is to extend this indigenously created platform to the global village for their trade finance requirements, where LC from any country could be discounted through this portal.
"We have just done a soft launch of our portal and already discounted LC worth of Rs 260 crores since its launch, in turn helping 50 plus corporates to reduce their trade finance cost and manage cash flow efficiently. We have seen a surge in inquiries on the portal during the current COVID-19 pandemic. Many corporates, SME's and MSME's are looking for alternative and faster solutions for their working capital needs now, and LCBIDDING.COM is a perfect solution to their needs," shared Ankur Shah CEO &Co-Founder of LCBIDDING.COM.
Anand Kewalia and Piyush Gupta, Co-Founders, and proficient IT minds behindLCBIDDING.COM are overwhelmed with the quick success of this platform. They have now started further enhancing the features of the platform based on blockchain technology.
"Our Vision is to create a market place of LC discounting first, then apply fora NBFC license and start lending in LC backed bill discounting product," said Ravi Balduwa, COO.
LCBIDDING.COM is helping many Indian organizations survive through the current pandemic, by easily solving their LC backed bill discounting needs effectively.
Visit our website: www.lcbidding.com
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