Digital lender Capital Float raises $ 15 million in fairness from current buyers
Bengaluru-based digital lender Capital Float introduced on Monday that it has raised a $ 15 million (Rs 110 crore) fairness fundraiser from its current buyers
Bengaluru: Bengaluru-based digital lender Capital Float introduced Monday that it has raised a $ 15 million (Rs 110 crore) fairness fundraiser from its current buyers.
Contributors within the tour included Ribbit Capital, Amazon, SAIF Companions and Sequoia Capital India.
The corporate mentioned in an announcement that it might use the funds to strengthen its capital base and develop its lending operations to SMEs and customers.
“With this new addition, the entire fairness raised by Capital Float to this point stands at $ 125 million (Rs 800 crore),” mentioned the corporate which has additionally raised $ 300 million (Rs 2,200 crore) in debt financing to this point.
Since its inception, Capital Float has mentioned it has disbursed over $ 1.2 billion (Rs 8,800 crore) and has over half 1,000,000 prospects in India.
The corporate’s buyer base is unfold throughout 300 cities throughout the nation and consists of each SMEs and shopper debtors.
Within the space of SME financing, Capital Float is specializing in constructing its mortgage portfolio with its newest product referred to as FAST (Totally Automated Small Time period fast loans). This absolutely digital financing answer is designed to fulfill the working capital wants of SMEs in India, with a powerful concentrate on Tier 2 and three markets.
The corporate mentioned additionally it is increasing its shopper credit score vertical with the net cashier finance product, the place Amazon is a serious companion, and its private finance administration app referred to as Walnut.
Along with providing a private line of credit score, Walnut additionally not too long ago launched a digital COVID insurance coverage product and a “Discover a Retailer” characteristic to assist customers throughout the present lockdown interval, it was mentioned.
“We sit up for considerably growing our lending capability as soon as the lockdown is lifted to allow SME progress and large-scale shopper spending,” mentioned Sashank Rishyasringa and Gaurav Hinduja, co-founders of Capital Float.