NEW DELHI, Feb 11: Capital Float, a digital SME finance firm, today said it has raised USD 13 million (about Rs 80 crore) from a group of investors led by SAIF Partners and Sequoia Capital, along with participation from its existing investor Aspada.
The Bangalore-based firm will utilise the funding to expand its product portfolio and scale up presence.
Founded in 2013, Capital Float has created a proprietary technology platform to evaluate the financial health of SMEs and efficiently deliver working capital to a segment that is underserved by traditional banks, the company said.
To date, Capital Float has delivered nearly Rs 40 crore in loans to SMEs across over 10 cities in India, the firm said in a statement.
The company has partnered with leading marketplaces such as Snapdeal, Flipkart, Amazon, PayTM and Myntra to finance small merchants selling online, it added.
“This round of funding will help expand Capital Float’s industry-changing technology, enabling it to scale up nationally and launch new loan products,” it said.
The company had raised USD 4 million seed capital around in mid-2014 from Aspada and SAIF, bringing the total capital raised thus far to Rs 100 crore in 2014-15 fiscal, it added.
The company currently lends to e-commerce merchants, small manufacturers and B2B service providers across major cities. Founded by Sashank Rishyasringa and Gaurav Hinduja, Capital Float is a registered Non-Banking Finance Company (NBFC) with offices in New Delhi and Mumbai. (PTI)
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