Welcome Guest

Businessex.Com
Home News Capital Float secures $13 million for nationwide expansion

Capital Float secures $13 million for nationwide expansion

Tags: Capital Float, SME, MSME, SME financing, Aspada, SAIF Partners, Sequoia Capital

February 11, 2015 | COMMENTS ( 0 )

Capital Float secures $13 million for nationwide expansion

Capital Float, a technology platform for SME lending, has raised $13 Million in Series A financing to support the company's rapid growth. The round was led by SAIF Partners and Sequoia Capital, with participation from existing investor Aspada.

"SME lending presents a large and growing opportunity in India. We have been working with the Capital Float team for some time now and firmly believe in their ability to create a distinctive, technology led platform which follows a differentiated approach to SME lending. We are delighted to continue and enhance our partnership with Capital Float team as they accelerate their journey to be the dominant player in this segment," said Ravi Adusumalli, Managing Partner, SAIF Partners.

Founded in 2013, Capital Float has created a proprietary technology platform to evaluate the financial health of SMEs and efficiently deliver working capital to a segment that is underserved by traditional banks.

To date, the Capital Float platform has delivered nearly Rs 40 crore in loans to SMEs across 10 cities in India. The company achieved record results in 2014 and saw a 10x increase in online applications, particularly in the e-commerce market, where it has partnered with leading marketplaces such as Snapdeal, Flipkart, Amazon, PayTM and Myntra to finance small merchants selling online. 

This round of funding will help expand Capital Float's industry-changing technology, enabling it to scale up nationally and launch new loan products. The company had raised a $4 Million seed round in mid-2014 from Aspada and SAIF, bringing the total capital raised thus far to Rs 100 crore in this fiscal.

"We started Capital Float with the belief that technology and data would be the key drivers in cracking SME financing in India," said co-founders Gaurav Hinduja and Sashank Rishyasringa. "Over the past year, we've focused on building the platform to deliver what our customers want above all else - flexible and ultra-convenient access to finance that can scale with their business. We are very excited to partner with SAIF, Sequoia, and Aspada, and truly believe that we now have a world-class set of investors to propel us towards this vision."

Gautam Mago, MD, Sequoia Capital India Advisors, said, "The use of technology and data will transform lending to businesses and consumers. The technology that Capital Float has built enables meaningfully faster and better decision-making. We are excited to partner with Capital Float in their journey to build a lending platform that continues to be at the forefront of technological innovation."

Kartik Srivatsa, Managing Partner, Aspada Investment Advisors, said, "We have strong conviction in the Capital Float team's abilities in building India's leading platform that enables access to capital to the underserved small business segment, the cornerstone of employment generation and economic development in any emerging economy." 

Please add your comment

Rating
Not readable? Change text.
Enter the characters as seen on the image (case insensitive)
  Notify me of followup comments via e-mail   Subscribe for daily newsletter

Other NEWS

Delhi based startup i2e1 raises $5,00,000

Delhi based startup i2e1 raises $5,...

December 10, 2015

Delhi-based i2e1, a smart network player platform which aims to provide low-cost and free internet to consumers and actionable ana....

Cab aggregators collaborate with state governments to boost entrepreneurship

Cab aggregators collaborate with st...

November 06, 2015

Ola and Uber, cab aggregators have signed agreements with Rajasthan government for skill development and creation of entrepreneuri....

Phase II of startup incubator T-Hub to be operational soon

Phase II of startup incubator T-Hub...

November 04, 2015

Telangana government is planning to expand T-Hub, its ambitious incubator programme, in its second phase with about Rs 150 crore i....

Sabse Technologies receives investment from Ratan Tata

Sabse Technologies receives investm...

November 04, 2015

Global telecom carrier, Sabse Technologies Inc, started by Hotmail Founder Sabeer Bhatia today announced that Tata Sons' Chairman ....

Mobile startup BlackNGreen seeks international expansion

Mobile startup BlackNGreen seeks in...

November 02, 2015

Buoyed by a strong demand for value added services, mobile startup BlackNGreen is eyeing revenue of Rs 350 crore in the next one y....

Startups seek better future under Hay Group's programme

Startups seek better future under H...

October 30, 2015

Global management consultancy, Hay Group will help 100 selected entrepreneurs transform their startups into successful companies o....

Quintype raises USD 3.25 million for product enhancement

Quintype raises USD 3.25 million fo...

October 27, 2015

Quintype, a data-driven publishing company raised USD 3.25 million to enhance product and business development. ....

Hospitality aggregator startup Qik Stay raises $250K

Hospitality aggregator startup Qik ...

October 27, 2015

Delhi-based Qik Stay, a hotel branding and aggregator startup, has raised $250K in seed round of funding from venture capital firm....

Milk Mantra targets a turnover of Rs 150 crore this fiscal

Milk Mantra targets a turnover of R...

October 26, 2015

Odisha-based startup dairy firm, Milk Mantra is targeting a turnover of Rs 150 crore this fiscal.....

Vista Rooms creates app on Instagram, targets tier II & III cities

Vista Rooms creates app on Instagra...

October 23, 2015

Mumbai-based online budget accommodation aggregator, Vista Rooms has created an app-like experience on Instagram where travellers ....

Jiyo Natural receives funding from Indian Angel Network

Jiyo Natural receives funding from ...

October 23, 2015

Indian Angel Network (IAN) has invested an undisclosed amount in Bengaluru-based consumer health food startup, Jiyo Natural.....

​​Vodoo raises USD 1 million from SAIF Partners

​​Vodoo raises USD 1 mi...

October 15, 2015

Deals and price comparison application, Vodoo has raised USD 1 million (around Rs 65 lakh) from SAIF Partners in a seed funding ro....

IBM launches public data centre in Chennai, partners with Nasscom to boost start ups

IBM launches public data centre in ...

October 15, 2015

Technology giant, IBM today launched public data centre in Chennai to tap into growing demand from financial services and governme....

For Nasscom, PPP will boost startups in India

For Nasscom, PPP will boost startup...

October 14, 2015

In the wake of some reservations over the central government creating startup funds, Nasscom's "10,000 startups" Vice President, R....

WalmartLabs to seek partnership with Indian startups

WalmartLabs to seek partnership wit...

October 14, 2015

WalmartLabs, the digital arm of US-based retailing major Walmart Stores, is scouting for startups in India for partnership and wor....