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Capital Float raises $44M in Series C round led by Ribbit Capital

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CIOL Writers
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P2P lending platform Finzy raises $1.3M in pre Series A funding

Digital lending platform, Capital Float has raised $45 million (Rs 293 crores) in Series C equity funding. The round was led by Silicon Valley-based Ribbit Capital, with participation from existing investors - SAIF Partners, Sequoia India and Creation Investments. In parallel, the company has also raised more than $67

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In parallel, the company has also raised more than $67 million (Rs 437 crores) in new debt lines from leading banks (including RBL Bank, IDFC Bank, Kotak Mahindra Bank) and NBFCs (including IFMR, Reliance Capital), bringing the total amount of fresh capital raised in the last 12 months to over $112 million (Rs 730 crores).

“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. Our proprietary technology and credit-scoring platform is now able to deliver loans in as fast as 3 minutes via a mobile app. Despite achieving such rapid growth, we have kept our NPAs to 2 percent, and are on track to reach profitability by the end of current fiscal year,” said co-founders Sashank Rishyasringa & Gaurav Hinduja in a joint statement.

Capital Float will utilize these funds to increase its geographic footprint, improve customer experience and launch a new set of innovative credit products for SMEs across India. It will also invest in scaling up its hybrid marketplace model and deepening technology integrations with partner financial institutions.

The company lends to a wide range of sectors including manufacturing, services, e-commerce, transportation, hospitality and retail. Post-demonetisation, the company expanded its lending business to target small merchants and kirana stores, with loans from Rs 25,000 up to Rs 1 crore.

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