your password has been reset successfully, Please login again.

Capital Float raise Rs 293 cr in Series C funding

Capital Float lifts up a corpus of Rs 293 crore in Series C funding round led by Ribbit Capital.
BY BEx Bureau
BusinessEx
Aug 22, 2017

Capital Float lifts up a corpus of Rs 293 crore in Series C funding round led by Ribbit Capital and investors like SAIF Partners, Sequoia Capital India, and Creation Investments also participated in this round.

Recently the digital lending platform has also raised amounts in form of debt from lenders like RBL Bank, IDFC Bank, Kotak Mahindra Bank, and NBFCs IFMR and reliance Capital, which has helped them to raise the total capital to $112 million in one year.

Co founders Sashank Rishyasringa and Gaurav Hinduja said, We are thrilled to partner with a world-class fin-tech investor like Ribbit Capital.

They further added, We are growing at an exciting pace, currently originating over Rs. 200 crores in disbursals every month. Over the past year alone, we have disbursed loans of over Rs. 2,100 crores to 12,000-plus customers across 300 cities, largely in tier II and III cities and towns. Our proprietary technology and credit-scoring platform is now able to deliver loans in as fast as three minutes via a mobile app. We have kept our NPAs (non-performing assets) to 2% and are on track to reach profitability by the end of the current fiscal year.

The company plans to use these generated funds to expand their services in different markets which helps them to cover 500 cities and initiate new credit products for SMEs in India. It also aims to use this capital to provide their customers with better experience as well as upgrade their technology with the help of lenders and financial institutions.

The platform provides its lending services to some of the major sectors like manufacturing, e-commerce, transportation, services, retail and hospitality. Before demonetization, the company has developed its lending business to offer loans from Rs 25,000 to Rs 1crore to target small stores and kiranas as well.

Typically, our loans range Rs. 8-10 lakh over an 18-month term, on interest rates of 16-19% said Hinduja.

The platform has managed to raise its assets under management to Rs 700 crore as compared to Rs 190 crore last year.

We plan to end FY2018 with an AUM of Rs. 1,500 crore, with Rs. 450 crore in disbursals every month, serving 30,000 customers he said.

Please add your Comment
SIMILAR News
July 20, 2018
Customers can order from the nearest Patanjali store through the Baxi app, which can be downloaded f ...More
By Shah Mohsin
July 20, 2018
The venture capital firm typically invests between $300,000 and $1.6 million in a portfolio firm. ...More
By Shah Mohsin
July 20, 2018
It could not be immediately ascertained whether the latest infusion was part of a larger funding rou ...More
By Shah Mohsin
July 20, 2018
The transaction is subject to applicable regulatory and statutory approvals and customary closing co ...More
By Shah Mohsin
July 20, 2018
PaySense which has hit the Rs 50 crore monthly disbursement rate already is targeting to double it w ...More
By Shah Mohsin
July 19, 2018
Payment links can also be used as reminders to accept scheduled or recurring payments. ...More
By Shah Mohsin
July 19, 2018
Apart from the usual food storage, users can control and monitor their other connected appliances li ...More
By Shah Mohsin
July 19, 2018
The company’s services are accessed by 25,000 travel agents in India, Middle East, Africa, Asia, Lat ...More
By Shah Mohsin
July 19, 2018
The e-commerce firm would also invest $511.1 million in an entity controlled by Focus Media's chairm ...More
By Shah Mohsin
July 19, 2018
The merger will involve the radio businesses of HT Media, unit HT Music & Entertainment Co. Ltd and ...More
By Shah Mohsin
July 18, 2018
Punjab National Bank will 28.16 billion rupees, while Corporation Bank, Indian Overseas Bank, Andhra ...More
By Shah Mohsin
July 18, 2018
The development comes months after the Bengaluru-based news startup raised around Rs 1.48 crore from ...More
By Shah Mohsin