Polytrade finance, a DeFi lending platform backed by blockchain and providing working capital to Small and Medium Enterprises (SMEs) in the real-world using crypto liquidity, was awarded the Best Institution for Supporting & empowering SMEs by the Government of Maharashtra.
Bhagat Singh Koshyari, Governor of Maharashtra, today, February 17, handed over the award to Piyush Gupta, founder, and CEO, Polytrade at an official function in Raj Bhavan, Mumbai.
Polytrade was founded by IIT-Bombay graduate, Piyush Gupta in 2014 to support small businesses by providing working capital to those who were struggling for finances for a myriad of reasons including a lack of understanding around some trade finance instruments, lack of collaterals, high cost of borrowing, and exhaustion of credit limits.
Piyush Gupta, MD & Founder, Polytrade, “We are absolutely honoured to have been awarded as the Best Institution for Supporting & empowering SMEs by the Government of Maharashtra. I dedicate this award to each and every individual and institution who have contributed to the growth of SMEs across the country. This award will further drive us on our quest to providing working capital to SMEs.”
According to industry data, the unmet working capital requirement for SMEs in India total more than INR 2,200 crores. Polytrade has successfully financed over INR 3,700 crores worth of invoices since its inception in 2014, and our recently launched Mainnet will significantly increase the availability of funds for SMEs.
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