Global invoice financing marketplace Incomlend is establishing a multi-million invoice financing programme for SafeFlex International, a leading Indian-based manufacturer of flexible intermediate bulk containers (FIBCs) and knitted and woven fabrics, with four manufacturing plants across the country.

The working capital solution will enable the company to finance and increase the production capacity of its pharma and food-grade industrial container and bulk bags to capture new business opportunities.

SafeFlex has seen considerable revenue growth over the years and plans to expand its production capacity further. The company’s portfolio of over 500 global buyers comprises long-term customers who are distributors and manufacturers in countries such as the US, UK, and Europe.

Incomlend’s invoice financing programme will play a key role in SafeFlex expansion plans of to now double production capacity and increase revenue. The growing global bulk bags market is expected to reach nearly US$5 billion in value by 2023.

Traditionally, it takes SafeFlex up to 90 days to cash in an invoice. However, the extended payment terms can undermine its financial agility and limit its operations and manufacturing output. With the quick turnaround facility provided by Incomlend, the manufacturer can cash in an invoice as early as three days after the goods are shipped to its buyers. It provides the company with the cash flow needed to fund its next production cycle and effectively expand capacity to meet new or increased orders.

Founded in Singapore and with offices in Europe, India, and Southeast Asia, Incomlend connects small and medium enterprises (SMEs) globally,with communities of investors. It enables them to buy and sell individual invoices via a proprietary tech-enabled and secure invoice exchange platform.

“SafeFlex is excited to form this long-term partnership with Incomlend,” said SafeFlex CEO and president Jitesh Agrawal. “Its quick turnaround model provides us with the cash flow we need to expand our business and operations. This will place our company in a stronger position for growth as economies start to recover and the demand for our products continues to surge.”

www.incomlend.com