Non-bank lender Capital Float has raised $15 million (about Rs 110 crore) from its existing investors as it looks to bolster its capital base and expand its lending operations to small and medium enterprises.
Ribbit Capital, Amazon, SAIF Partners and Sequoia Capital India participated in the latest round.
This, according to Capital Float, signals strong support and trust in its vision of scaling up digital financial inclusion in India.
“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 non-banking financial 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.
With the latest capital infusion, the company has so far raised $125 million (Rs 800 crore).