wordpress blog stats
Connect with us

Hi, what are you looking for?

Digital lending company Capital Float gets $22M from Amazon

Capital Float, an online lending platform has raised $22 million (Rs 144 crore) from e-commerce giant Amazon in the latest round of funding. The investment is an extension of Capital Float's Series C round of funding, in which it had raised $45 million  (Rs 293 crores) in August last year from Ribbit Capital, with participation from existing investors - SAIF Partners, Sequoia India, and Creation Investments. In a statement, the Bangalore-based company said that the latest investment takes Capital Float’s total equity funding to nearly $110 million. In addition, the company has also raised debt amounting to $130 million till-date (Rs 840 crores) from leading banks and NBFCs.  Lending companies raise debts to replenish their loan books. Capital Float will use the fresh capital to strengthen its technology and add more credit products in the future. The company aims to add 300,000 customers and originate over Rs 5,000 crores ($800 million) in loans this year. In the past 6 months, it has crossed Rs 1,200 crores ($185 million) in overall loan portfolio outstanding, and have added 50,000 new customers across the country. The digital lending company offers working capital loans from Rs 3 lakh to Rs 1 crore to small businesses, through its technology-led loan origination and credit underwriting platform. It works with e-commerce merchants, early-stage B2B service providers and small manufacturers to provide three kinds of loans; loans against invoice, loans against purchase order and unsecured business loan. Previous Funding Before its Series C in August last year,  the company had raised $13 million…

Please subscribe/login to read the full story.
Written By

Writes about e-commerce, social media, tech and Internet ecosystem.

Free Reads

News

While Chandrasekhar said the advisory doesn't include startups, the advisory itself does not make any such classification based on platform sizes.

News

The case dates back to 2019 when Spotify filed a complaint against Apple's anti-steering rules which prevented apps like Spotify from informing their users...

News

DIP contains information regarding cases detected as misuse of telecom resources and acts as a back-end repository of all requests received on the Sanchar...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ