Capital Float, an online platform that provides working capital finance to SMEs in India, has raised $45 million (Rs 293 crore) in Series C round of funding led by Silicon Valley-based fintech Venture Capital firm Ribbit Capital, with the alongside participation of existing investors SAIF Partners, Sequoia India and Creation Investments.
The company will use the fund in enhancing its geographic footprint, improve customer experience and launch a new set of credit products for SMEs across India.
Launched in 2013 by Gaurav Hinduja and Sashank Rishyasringa, Capital Float is an SME lending platform.
Regarding the funding, the co-founders said that they are growing at an exciting pace, and currently originating over INR 200 Cr in disbursals every month. And in 2016 alone, they have disbursed loans of INR 2,500 Cr to 12,000 plus customers across 300 cities.
In the announcement that was made, the company has also added that it has raised more than $67 million (Rs 437 crore) in new debt financing from leading banks in 2016.
The company currently has Rs 700 crore in assets under management (AUM), and about 15,000 customers who are mostly engaging in e-commerce-based selling, traditional retail, manufacturing and services businesses.
Ribbit Capital is a global investment organisation with one single, relentless mission i.e, to change the world of finance.
This is the third and largest investment of Ribbit Capital in India’s financial services sector, besides Policy Bazaar (2014) and Zest Money and Money View (2015).
