EnableCap eyes disbursing Rs 100 cr to gig workers by 2023

Technology enabled non-banking finance company EnableCap on Monday said it plans to disburse loans worth Rs 100 crore to gig workers by 2023. EnableCaps initiative will support the gig economy by providing them something to lean on for their daily needs or in case of an emergency, the company said.

Technology enabled non-banking finance company EnableCap on Monday said it plans to disburse loans worth Rs 100 crore to gig workers by 2023. The Kolkata-based fintech startup has already provided loans worth Rs 3.2 crore to gig workers, it said in a release. The company aims to cater to companies across sectors, including aggregator platforms, manufacturing companies, and employers with a large number of low-income or gig workers. While India's gig sector is expected to grow to USD 455 billion by 2024, nearly 90 per cent of gig workers have lost their jobs during the COVID-19 pandemic, it said. ''Torn between protecting themselves and a need to continue earning, they were among the worst hit by the coronavirus pandemic...they found themselves even more trapped. ''EnableCap's initiative will support the gig economy by providing them something to lean on for their daily needs or in case of an emergency,'' the company said. EnableCap co-founder Nirpeksh Kumbhat said the gig economy in India is largely unregulated and most of the employees work with little job security and few/zero benefits. ''With our latest initiative, we aim to loosen the burden of gig workers by providing customized loans that provide easy, accessible, and quick funding to them. Our flexible repayment schedules are designed in a way that would cater to the ups and downs of gig work,'' he said. EnableCap said it has grown significantly since its inception and is currently disbursing loans worth Rs 75 lakh a month. ''With a 100 per cent month-on-month growth rate, the company aims to expand to Rs 24 crore per month in the coming year,'' it said.

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