IDFC Bank Ties-up with SME MaXX to Enable Indian SMEs to Succeed at E-commerce

Mumbai, Maharashtra, India

SME MaXX, India’s leading SME success services company, announced collaboration with IDFC bank to enable Indian SMEs set up an effective e-commerce channel for their business. As a part of the collaboration IDFC bank will sponsor a series of e-commerce workshops in major Indian cities.

E-commerce adoption has positively impacted revenues and profitability of SMEs. Despite high potential, a majority of Indian SMEs are yet to adopt e-commerce or are sub optimally engaged. A recent KPMG study highlighted the need for training programs and support to help SMEs benefit from e-commerce.

SMEs attending these workshops will be trained to set up and manage their own e-commerce channels. They will gain insights in to global best practices and access the latest e-commerce tools to grow their business.

As per a recent Goldman Sachs report, the e-commerce sector in India is projected to cross USD80 billion by 2020 and USD300 billion by 2030. A large percentage of this growth will be at the cost of conventional business channels. SMEs that are unable to leverage e-commerce effectively, risk losing customers.

“We are already seeing the digital economy get a massive boost post the recent demonetization. As more people get comfortable with digital payments, e-commerce will boom,” said Dr. Kiran Reddy, CEO of SME MaXX. “The objective of our initiative is to help SMEs with the impending transition. The workshops will equip SMEs to compete effectively with large chains and e-commerce companies and protect their market share.”

The workshops will be conducted in Mumbai, Delhi and Bengaluru and later expanded to Ahmedabad, Chennai, Hyderabad and other cities. SMEs can get complete information and register for the workshop at www.smemaxx.com.

About SME MaXX

SME MaXX is a one stop shop for SME Success. SME MaXX provides solutions to the most common challenges faced by small and medium sized businesses. We maximize the success potential of SMEs by enhancing employee effectiveness, providing technology and finance solutions, saving costs and time, while connecting them with an ecosystem of partners who can contribute to their success. SME MaXX is a unit of F.A.C.E Pvt Ltd, with its registered office in Mumbai, India. More details could be had from www.smemaxx.com.

About IDFC Bank

IDFC Bank (BSE: 539437, NSE: IDFCBANK) is a subsidiary of IDFC Ltd (BSE: 532659, NSE: IDFC). Headquartered in Mumbai, IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet and mobile. Envisioned as a new age bank, IDFC Bank seeks to set a new standard in customer experience, using technology and a service-oriented approach, to make banking simple and accessible, anytime and from anywhere. In keeping with IDFC’s legacy of building the nation, IDFC Bank will focus on serving the rural underserved communities and the self-employed, while continuing to support the country’s infrastructure sector. IDFC Bank provides customized financial solutions to corporates, individuals, small and micro-enterprises, entrepreneurs, financial institutions and the government. With best-in-class corporate governance, rigorous risk management, experienced management and a diversified team, IDFC Bank is uniquely positioned to meet the aspirations of its customers and stakeholders.