#Asia Startup that gets your business loans approved in 24 hours raises US$25M funding

//

Capital Float’s current product offerings include e-commerce seller financing, term loans, receivables financing, lines of credit, and commercial vehicle loans

Capital Float Co-founders Sashank Rishyasringa (L) and Gaurav Hinduja

Capital Float Co-founders Sashank Rishyasringa (L) and Gaurav Hinduja

Capital Float, a leading online lending platform for small and medium businesses (SMBs) in India, has raised US$25 million (INR 170 crore) in Series B financing round, led by Creation Investments Capital Management.

The round also saw significant participation from existing investors SAIF Partners, Sequoia India, and Aspada.

The fresh funds will be used to expand the company’s lending footprint to over 20,000 SMBs in 100-plus cities, and continue to introduce new, transformational financial products online.

It will also enable the company to widen capital sources on the platform; in addition to lending from its own balance sheet, Capital Float operates a lending marketplace with multiple large banks and NBFCs actively participating.

This is Capital Float’s third round of funding, which brings its total equity capital raised thus far to US$42 million.

Founded in 2013 by Sashank Rishyasringa and Gaurav Hinduja, Bangalore-based Capital Float is a digital finance company that provides loans to underserved small businesses in India via a technology-led loan origination and credit underwriting platform. Businesses can apply online in minutes and get funds in less than 24 hours, claims the company.

Also Read: Capital Float launches collateral-free loans for women entrepreneurs

Its current product offerings include e-commerce seller financing, term loans, receivables financing, lines of credit, and commercial vehicle loans.

In just over two years, the platform has originated INR 400 crore (US$60 million) in loans to small businesses across 40-plus cities, with 20x growth in the last year, according to a press statement.

The company has partnered with leading aggregators — such as Snapdeal and Paytm in B2C e-commerce; Alibaba in B2B e-commerce; Uber in transportation; Pine Labs and mSwipe in payments, and Via.com in travel — to deliver credit to entrepreneurial ecosystems that have been traditionally underserved by banks.

“At Capital Float, we are striving to create an entirely new paradigm for delivering financial products to SMEs,” said Co-founders Gaurav Hinduja and Sashank Rishyasringa in a joint statement.

“Today, a customer can apply from anywhere through the web or smartphone, and have their creditworthiness analysed within minutes using sophisticated algorithms that draw on financial and alternative data. In many cases, we are able to approve and disburse a loan in less than an hour. This unique blend of tech and data is enabling us to scale rapidly while minimising defaults and significantly lowering the cost of delivery for micro loans,” the duo added.

The post Startup that gets your business loans approved in 24 hours raises US$25M funding appeared first on e27.

from e27 http://ift.tt/24Quzw0

Ce contenu a été publié dans #Asia par Startup365. Mettez-le en favori avec son permalien.

A propos Startup365

Chaque jour nous vous présenterons une nouvelle Startup française ! Notre pays regorge de talents et d'entrepreneurs brillants ! Alors partons à la découverte des meilleures startup françaises ! Certaines d'entre elles sont dans une étape essentielle dans la vie d'une startup : la recherche de financement, notamment par le financement participatif (ou crowdfunding en anglais). Alors participez à cette grande aventure en leur faisant une petite donation ! Les startups françaises ont besoin de vous !