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.