SAIF Partners and Sequoia India-backed online lending platform Capital Float has raised $22 Mn in a follow-on Series C funding round from Amazon Inc.
A Capital Float spokesperson confirmed the development to Inc42.
Earlier in August 2017, the startup raised $45 Mn in Series C funding led by Silicon Valley-based Ribbit Capital with participation from the existing investors SAIF Partners, Sequoia India and Creation Investments.
The newly raised funds will be used to bolster Capital Float’s proprietary end-to-end digital loan origination system and to design innovative credit solutions for customers. With this, the total equity funding in the company has reached $107 Mn.
Launched in 2013 by Gaurav Hinduja and Sashank Rishyasringa, Capital Float acts as a digital financing platform that provides quick and easy capital to help businesses fund rapid growth. It works with SMEs, ecommerce merchants, small manufacturers and early-stage B2B service providers to provide flexible, short-term loans.
Commenting on the fundraise, co-founders Gaurav Hinduja and Sashank Rishyasringa said in a statement, “(We have) crossed $170 Mn (INR 1,100 Cr) in an overall loan portfolio outstanding. We’ve also achieved tremendous growth on the customer acquisition front, adding 50,000 new customers across the country. With this investment from Amazon, we enter FY19 with a relentless focus to add 300K customers and originate over $800 Mn (INR 5,000 Cr) in loans this year.”