Capital Float will be using the freshly raised funding to scale its operations and meet demand of its 2 million customers.
On Wednesday a Bengaluru based startup Capital Float raised Rs 50 crore in debt funding from The Netherlands-based Triodos, for a period of three years.
Capital Float is an online consumer and business loans platform which has raised $154 Million in funding from investors including Sequoia Capital, Amazon, and Franklin Templeton uptill now.
Aditya Mohan, Senior Investment Manager at Triodos IM said, “It’s been a great association with Capital Float for over the past three years. The company has demonstrated resilience and progressive growth year on year”.
Triodos IM invested in the startup via its two financial inclusion funds, Triodos Microfinance Fund and Triodos Fair Share Fund. The investment management company manages around €5.4 billion in assets.
Since January 2021, the startup has raised over Rs 200 crore in debt against the increasing demands for its credit products, especially from the small and medium enterprises (SME) sector.
Co-founder and Managing Director of Capital Float, Sashank Rishyasringa said, “This agreement reflects the strength of our association and further enables us to unlock new opportunities in digital credit in India”.
Founded in 2013, Capital Float is the trade name for Capfloat Financial Services Private Limited (formerly known as Zen Lefin Private Limited), a non-banking finance company (NBFC) registered with the Reserve Bank of India.
The enterprise currently has an origination run rate of over Rs 120 crore per month, and collection efficiencies at around 95 percent. It expects to cross over four million customers by the end of the current financial year, with around 2X increase in disbursals.
Capital Float has raised over $154 million in funding from marquee investors such as SAIF Partners, Sequoia India, Aspada Investments, Creation Investments Capital Management LLC, Ribbit Capital, and Amazon.
The startup is headquartered in Bengaluru, with offices in Mumbai, Delhi-NCR, and other cities.