This takes the company's total funding to nearly USD 110 million. In addition, the company has also raised total debt amounting to USD 130 million from banks and NBFCs
Bangalore-based online lending platform Capital Float has raised USD 22 million in equity funding from Amazon and other existing investors including Ribbit Capital, SAIF Partners, Sequoia, and others.
This takes the company's total funding to nearly USD 110 million. In addition, the company has also raised total debt amounting to USD 130 million from banks and NBFCs.
The funds will be used to bolster the company's proprietary end-to-end digital loan origination system and to design innovative credit solutions for customers.
“We are tremendously excited to bring Amazon on board as an investor at this key juncture in Capital Float’s journey,” said co-founders Gaurav Hinduja and Sashank Rishyasringa in a joint statement.
“This partnership has enormous potential. In the past six months alone, we’ve added several new products and crossed $185 million in overall loan portfolio outstanding. We’ve also achieved tremendous growth on the customer acquisition front, adding 50,000 new customers across the country. With this investment from Amazon, we enter FY19 with relentless focus to add 300,000 customers and originate over $800 million in loans this year."
The company was founded in 2013 by Gaurav Hinduja, Sashank Rishyasringa and Dinesh Hinduja.