VC and PE firm SAIF Partners, said that it has invested $ 1 million in the digital SME finance company Capital Float. Founded in 2013 by MBAs Gaurav Hinduja and Sashank Rishyasringa, Bangalore-based Capital Float provides working capital loans to under-served small businesses in India via a technology-led loan origination and credit underwriting platform.
VC and PE firm SAIF Partners, said that it has invested $ 1 million in the digital SME finance company Capital Float. Founded in 2013 by MBAs Gaurav Hinduja and Sashank Rishyasringa, Bangalore-based Capital Float provides working capital loans to under-served small businesses in India via a technology-led loan origination and credit underwriting platform.
Commenting on the investment, Ravi Adusumalli, Managing Partner, SAIF Partners, said, “We really like the team at Capital Float and their approach to the business. We look forward to a mutually-fulfilling partnership with Capital Float, as they accelerate their journey to be a leading firm in this segment.”
The company currently works with SMEs in cities like Bangalore, Mumbai, and Delhi with a focus on e-commerce merchants, small manufacturers, and early-stage B2B service providers.
“Our goal is to make the process of getting a business loan as simple as shopping online. We are excited to partner with SAIF, and believe that their experience building world-class digital businesses in India will be invaluable in this journey,” said Sashank Rishyasringa.
Capital Float had earlier secured an initial round of angel funding in early 2014. In June 2014, it announced a seed investment of $ 2 million from Aspada Investment Company.
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