Capital Float, an Indian technology platform for SME lending, today announced that it has raised $13 million in Series A funding led by SAIF Partners and Sequoia Capital, with participation from existing investor Aspada.
This round of funding will help expand Capital Float’s technology, enabling it to scale up nationally and launch new loan products. The company had raised $4 Million seed round in mid-2014 from Aspada and SAIF, bringing the total capital raised thus far to $16 million in this fiscal.
Capital Float is a Non-Banking Financial Company (NBFC). The company secured an initial round of angel funding earlier last year. Capital Float provides working capital loans to under-served small businesses in India via a technology-led loan origination and credit underwriting platform. The company was founded in 2013 by Gaurav Hinduja and Sashank Rishyasringa. The company currently works with SMEs across Bangalore, Mumbai, Delhi, and other cities in India. Businesses can apply online in minutes and get funds in less than 7 days. The company currently lends to e-commerce merchants, small manufacturers, and B2B service providers.