Capital Float Raises $45 Mn From Ribbit Capital, Others
The round was led by Silicon Valley-based Ribbit Capital, with participation from existing investors SAIF Partners, Sequoia India and Creation Investments
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Digital lending platform Capital Float announced today (22 August) that it has raised $45 million or approximately Rs 293 crore in a Series C equity funding.
The round was led by Silicon Valley-based Ribbit Capital, with participation from existing investors SAIF Partners, Sequoia India and Creation Investments, Capital Float said in a statement.
In parallel, the company has also raised more than $67 million or Rs 437 crore in new debt lines from banks including RBL Bank, IDFC Bank, Kotak Mahindra Bank and NBFCs including IFMR, Reliance Capital, it added.
This brings the total amount of fresh capital raised in the last 12 months to over $112 million or about Rs 730 crore.
"We are growing at an exciting pace, currently originating over Rs 200 crores in disbursals every month. Over the past year alone, we have disbursed loans of over Rs 2,100 crores to 12,000 plus customers across 300 cities...," said Co-founders Sashank Rishyasringa and Gaurav Hinduja.
"Despite achieving rapid growth, we have kept our NPAs to 2 per cent, and are on track to reach profitability by the end of current fiscal year," they added.
Capital Float will utilise these funds to increase its geographic footprint, improve customer experience and launch a new set of innovative credit products for SMEs across India, it said.
It will also invest in scaling up its hybrid marketplace model and deepening technology integrations with partner financial institutions.
Over the past year, the lender has rapidly diversified its portfolio, lending to a wide range of sectors including manufacturing, services, e-commerce, transportation, hospitality and retail.
Post-demonetisation, the company expanded its lending business to target small merchants and kirana stores, delivering loans as small as Rs 25,000.