Bengaluru-based online SME lending platform Capital Float has raised $45 Mn Series C funding, led by Silicon Valley-based Ribbit Capital. The round also saw participation from existing investors SAIF Partners, Sequoia India and Creation Investments.
Palo Alto-based Ribbit Capital is a global investment organisation focussed on the finance sector. This is Ribbit Capital’s fourth bet in Indian fintech. Earlier Ribbit Capital has invested in Zest Money, Policy Bazaar and Money View.
Apart from this, Capital Float also stated that it has raised more than $67 Mn in new debt lines. The money was raised over the course of last year, from banks including RBL Bank, IDFC Bank, Kotak Mahindra Bank, and NBFCs (including IFMR, Reliance Capital). Capital Float announced this development in an official statement.
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.”
Launched in 2013 by Gaurav Hinduja and Sashank Rishyasringa, Capital Float is an SME lending platform. It 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.
Capital Float has tailored products to cater to the needs of all these segments such as Merchant Cash Advance, Online Seller Finance, Pay Later, Invoice Finance among others.