Capital Float has raised $13 million in Series A funding led by SAIF Partners and Sequoia Capital, with participation from existing investor Aspada.
Founded in 2013, Capital Float is a digital finance company that provides working capital loans to underserved small business in India via a technology-led loan origination and credit underwriting platform.
This round of funding will help expand Capital Float’s industry-changing technology, enabling it to scale up nationally and launch new loan products. The company had raised a $4-million seed round in mid-2014 from Aspada and SAIF, bringing the total capital raised thus far to Rs 100 crore in this fiscal.
To date, the Capital Float platform has delivered nearly Rs 40 crore in loans to small and medium enterprises across 10 cities in India.
"SME lending presents a large and growing opportunity in India,” said Ravi Adusumalli, Managing Partner at SAIF Partners.