Capital Float secures ₹293 crore in Series C funding led by Ribbit Capital

Must Read

President Ram Nath Kovind appoints new governor for Kerala, Telangana, Himachal Pradesh and Maharashtra

President Ram Nath Kovind appointed new governors for Maharashtra, Kerala, Telangana, Rajasthan, and Himachal Pradesh on Sunday. https://twitter.com/ANI/status/1168037199767457792 Former Union Minister Kalraj...

NRC list for Assam released; Fear looms as 19 lakh people face exclusion

NRC (National Register of Citizens) for Assam has been published at 10 am today. The final list excludes over...

Lateral Entry Era Begins as Union govt. appoints 9 professionals to Joint Secretary posts

The government has appointed its first batch of private professionals to the post of Joint Secretary in various ministries....

Capital Float, which helps SMEs and start-ups to secure capital, has raised ₹293 crore in its Series C funding round. The round was led by US-based Ribbit Capital.

Along with Ribbit, the company’s existing investors —  SAIF Partners and Sequoia India, have also participated in the current funding round. This investment marks the largest funding from Ribbit Capital so far in India. Earlier, Ribbit had invested in Policy Bazaar and Zest Money and Money View.

Earlier, we had reported that the company was in advanced stages of talks with Ribbit Capital and others to raise around ₹300 crore in a new funding round.

Commenting on the investment, Nick Shalek (Partner) from Ribbit Capital, said,

We’ve been impressed by the Capital Float team as the company has achieved remarkable growth by delivering innovative products to small businesses and providing attractive returns to investors on the platform. With this financing, Capital Float is further cementing its lead as the top technology-enabled NBFC in India, and we are thrilled to support the company’s journey.

With this latest cash infusion, Capital Float will now spend money to expand its lending efforts, increase geographical footprint and invest in products and technology. It also plans to scale up its hybrid marketplace model and deepen technology integrations with partner financial institutions.

It will be focusing more to ramp up its disbursements to small merchants and kirana store owners. By the end of March 2018, the company aims to hit a loan book of ₹1,500 crore. Currently, it has ₹700 crore in assets under management (AUM), and about 15,000 customers.

Speaking on the investment, Sashank and Gaurav, co-founders of the company, stated,

We are growing at an exciting pace, currently originating over Rs 200 crore in disbursals every month. Over the past year alone, we have disbursed loans of Rs 2,500 crore to 12,000 plus customers across 300 cities.

Founded in 2013 and based in Bangalore with offices in New Delhi and Mumbai, Capital Float is an online platform that provides working capital finance to SMEs in India. It offers flexible, short-term loans which can be used to purchase inventory, service new orders or optimize cash cycles.

Earlier this year, Capital Float had raised debt capital from several investors. It raised Rs 15 crore from Mahindra & Mahindra Financial Services by allotting non-convertible debentures (NCDs) and Rs 17 crore from IFMR Capital Finance through NCDs in December.

Capital Float uses proprietory credit-scoring and underwriting algorithms to on-lend funds it raises from banks and NBFCs. The company has been focusing on a hybrid model, where it co-lends with its financial partners.

- Advertisement -

Latest News

AIIMS-Delhi donates Rs 93.89 lakh to Odisha

New Delhi, Sep 18 (IANS) All India Institute of Medical Sciences (AIIMS), Delhi on Wednesday donated Rs 93.89 lakh...

Does BJP gets funding from spas in Delhi? DCW chief

New Delhi, Sep 18 (IANS) After raiding a number of spa centres in Delhi, Chairperson of the Delhi Commission for Women on Wednesday asked...

Delhi Sahitya Kala Parishad to get new cultural centre

New Delhi, Sep 18 (IANS) Delhi Deputy Chief Minister Manish Sisodia on Wednesday approved the construction of a new cultural complex for Sahitya Kala...

Tripura Congress Chief threatens to quit

New Delhi, Sep 18 (IANS) Upset over "interference" by AICC General Secretary In-Charge North East Luizinho Faleiro, party general secretary Pradyot Deb Barman has...

Akshay Kumar takes a ride on Mumbai Metro

Mumbai, Sep 18 (IANS) Akshay Kumar has shared a video on social media to tell fans about how he got stuck...
- Advertisement -

More Articles Like This