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Capital Float raises USD 15 mn from existing investors

Capital Float raises USD 15 mn from existing investors

Capital Float raises USD 15 mn from existing investors
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By PTI Apr 13, 2020 1:08:08 PM IST (Published)

Ribbit Capital, Amazon, SAIF Partners and Sequoia Capital India participated in the funding round and the money raised will be used for expanding lending activities to both small businesses and consumers, an official statement said.

Digital lender Capital Float on Monday said it has raised USD 15 million (around Rs 114 crore) from existing investors including Amazon, SAIF Partners and Sequoia Capital India.

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The funding round comes amid the COVID-19 pandemic and concerns over lacklustre economic growth.
Ribbit Capital, Amazon, SAIF Partners and Sequoia Capital India participated in the funding round and the money raised will be used for expanding lending activities to both small businesses and consumers, an official statement said.
With this new addition, the total equity raised by the company has grown to USD 125 million or Rs 800 crore. It has also raised USD 300 million or Rs 2,200 crore in debt funding till now, it said.
The company's co-founders Sashank Rishyasringa and Gaurav Hinduja acknowledged that the industry is faced with multiple challenges at present and thanked the investors.
"We are eager to significantly increase our lending capacity once the lockdown is lifted to enable SME growth and consumer spending at scale, the co-founders said in a statement.
In the last seven years of operations, the company has so far disbursed a total of USD 1.2 billion or Rs 8,800 crore in loans to the target segments.
Its customer base is present in 300 cities, and includes short term loans to small businesses and also product finance to consumers in association with e-trailer Amazon.
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