In the months following the foreclosure, small businesses felt the lack of adequate working capital. Most of them did not have access to formal credit and had to resort to seeking credit from their distributors / suppliers. Distributors / suppliers who were offering credit to some retailers for a short period of time also pulled out after the foreclosure, due to market uncertainty. This has further exacerbated the shortage of working capital for retailers, forcing them to resort to options such as term loans from lending platforms or loans from informal sources at high interest rates. This further reduced their income.

This fact was noticed by Sanket Shendure and Sanmati Shendure, entrepreneurs based in Goa, and the promoters of MinksPay. Minkspay had been working with over 10,500 small offline retailers on its ‘SmartIncome’ platform for more than 2.5 years before the market foreclosure began in 2020. Minkspay SmartIncome is a mobile app for offline retailers to sell banking and financial services such as money transfer, Aadhaar Bank, Micro-ATM, bill payments, prepaid recharges and earn up to 50 percent additional income each month.

In addition to allowing retailers to benefit from SmartIncome, Minkspay was developing a solution to meet the working capital needs of small retailers and the closure scenario created an opportunity to launch SmartCredit. Minkspay also realized that the gap between the actual incomes of small retailers and their potential incomes had worsened after the market closed.

Smart credit

MinksPay rolled out SmartCredit in mid-November. This product is intended to provide small retailers with credit on invoices from their distributors for up to 30 days. This pre-approved credit limit works like an OD or CC digital installation.

“As a next-generation OD / CC facility for retailers, we not only solve their problem by giving them access to easy and instant credit, but also lenders because credit is only used by retailers. for a use case by paying their distributor. invoices, ”said Sanket Shendure, co-founder and CEO of MinskPay, speaking to Activity area.

MinskPay SmartCredit has 1,500 integrated retailers in Phase I of the launch. The company aims to have 50,000 retailers on SmartCredit by the end of this fiscal year and three lakh retailers by the end of fiscal year 21-22. It intends to achieve this by partnering with medium to large scale FMCG companies and its distributors across the country.

The company currently has a team of 28 members spread across Goa and Bangalore.

According to Sanket, there are currently no competitors trying to allow small offline retailers in semi-rural and rural areas with a pre-approved digital credit limit to be used on their distributor invoices.


MinskPay raised $ 150,000 from Mumbai Angel Networks in September 2019. In August 2020, it onboarded two industry veterans, Prateek Aggarwaal, ex-CBO (Lending), BharatPe, and Ravi Linganuri, ex-Target Retail Group, States -United as investor-advisers.

MinskPay is at an advanced stage in talks to raise $ 1 million to fund its next stage of growth, Sanket added.

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