Last week, India-based online lender Capital Float announced it secured $45 million during its Series C funding round, which was led by Ribbit Capital with participation from returning investors SAIF Partners, Sequoia India, and Creation Investment.
Founded in 2013, Capital Float describes itself as a digital finance company that serves businesses in India. The company provides fast, flexible, and transparent working capital finance to businesses that are looking to grow their customer base, purchase inventory, or manage cash flows. Borrowers simply apply online in minutes and receive the funds within three days.
“Our innovative lending products are ideal for young, rapidly growing companies that have successfully initiated business relationships with reputed corporate clients or are increasing their sales rapidly on any of the online marketplaces. Sign up at www.capitalfloat.com to learn more and join our platform.”
Speaking about Ribbit Capital’s investment in Capital Float, Nick Shalek, partner at Ribbit Capital, reportedly shared:
“We’ve been impressed with the Capital Float team since the first time we talked with them about their business four years ago. The company has achieved remarkable growth by delivering innovative products to small businesses and consumers, while at the same time providing attractive returns to investors on the platform.”
The funds come just after Capital Float announced its partnership with Payworld to boost business of kirana stores in India. Gaurav Hinduja, Co-Founder of Capital Float, stated:
“Due to the lack of established lending norms and consequent delay in financing activity, existing and new players in the retail space have lesser access to credit, which affects their growth and expansion plans. With Payworld, we have simplified the lending process so that neighbourhood kirana stores are able to fulfil their financial needs and better service their customers.”