Capital Float, a Bengaluru-headquartered non-Banking Finance company, announced it has raised $15 million (about Rs 110 crore) from its existing investors. Ribbit Capital, Amazon, SAIF Partners and Sequoia Capital India participated in the latest round.
The company will use the funds to bolster its capital base and expand its lending operations to small and medium enterprises. Till now the company has raised $125 million (Rs 800 crore).
“At a time when the industry is faced with multiple challenges, we are grateful for this reinforcement and want to continue making lending effortless for SMEs and consumers across the nation,” Sashank Rishyasringa and Gaurav Hinduja, co-founders of Capital Float, saidin a joint press statement. “We’re eager to significantly increase our lending capacity once the lockdown is lifted to enable SME growth and consumer spending at scale.”
The company currently has a customer base across 300 cities in the country, and includes both SME and consumer borrowers. It claims to have disbursed over $1.2 billion and has more than half a million customers in India.
Capital Float has developed partnerships to finance SMEs across various ecosystems such as e-commerce, manufacturing supply chains, retail, travel and hospitality, and digital remittances. It has also partnered with consumers availing products and services in segments such as education, vocational training, wellness, elective healthcare, home furnishings, electrical equipment, lifestyle, travel, fitness and consumer durables.
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