Capital Float a Bangalore based online lending platform has raised $25 million in Series B round of funding from a US based Creation Investment Capital Management. Other investors participated were Sequoia Capital, Aspada Ventures and SAIF Partners.
Capital Float is valued at over $100 million and has raised $42 million in funding till now. The funds will be utilised in increasing its proprietary credit underwriting engine, penetrating newer segment, including driver financing and travel, also introducing new product lines.
It was launched by Gaurav Hinduja and Sashank Rishyasringa in 2013. It is a digital financing platform helping businesses fund in rapid growth by providing quick and easy capital. Their partners include Alibaba, Snapdeal, eBay, Shopclues, PayTm, Myntra, Zovi, Fashion & You to offer working capital finance.
So far Capital Float had raised a total of $42 million. In 2014 it raised $1 million from SAIF Partners and seend investment of $2 million from Aspada Investment Company. In 2015 it raised $13 million in Series A round from Sequoia Capital, Aspada and SAIF Partners.
Sashank Rishyasringa, co-founder of Capital Float, said,
“In terms of new segments, we have been looking at driver financing space through our partnership with Uber. B2B marketplaces will also be a strong focus area. We have a partnership with Alibaba and are also partnering with Industrybuying, Tolexo amongst others.”
Gaurav Hinduja, cofounder, Capital Float said
“We roughly receive one application every five minutes and more than half of all our applications come from tier-2 and 3 cities. The loan sizes are as small as Rs 50,000 or less.”