Bengaluru-based digital lending startup Capital Float, saw standalone revenues rise to ₹135.10 crore in FY18, from ₹53.84 crore in FY17, according to the company filings.
For Capital Float, interest income on loans surged to ₹88 crore in FY18, from ₹35 crore in the previous year, while fee income on loans increased to ₹33.8 crore in FY18, from Rs 10 crore in FY17.
While the revenues saw more than double fold growth, losses for the fintech startup grew to ₹92.1 crore in FY18, from ₹63.47 crore in the previous fiscal.
With losses soaring, the total expenses for Capital Float stood at ₹227.2 crore. The expenses attributed to employee benefits stood at ₹75.1 crore. It is to be noted, that loan write-off rose nearly ten times to ₹16 crore in the current fiscal, from ₹1.8 crore in FY17.
Capital Float was founded by Gaurav Hinduja and Sashank Rishyasringa in 2013. It offers collateral-free credit to SMEs and other individuals to expand their business. This credit lending startup aims to enable entrepreneurs with easy and hassle-free lending to grow their business.
“Our provision coverage is in excess of 85%. In the last six months, since the close of FY18, we have scaled our assets under management by 50%, led by SME finance and our recently launched consumer finance vertical. Over the last financial year, our AUM has increased by 200%,” Hinduja said.
Earlier in August 2018, Capital Float acquired fintech startup Walnut for ₹210 crore, in a cash an stock deal.
In April 2018, Capital Float raised $7 million in debt funding from Triodos Investment Management. The digital lending startup also counts Amazon, SAIF Partners, Northern Arc, and Sequoia Capital India, among its investors.
Recently, it was reported that another digital lending startup Lendingkart nearly tripled revenues, at the cost of widening losses.
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