Fintech startup Capital Float raises USD 45M for Series C
Founders: Sashank Rishyasringa and Gaurav Hinduja
Founded in: 2013
Financing status: USD 45 million for Series C round in 2017
Online lending platform Capital Float has raised USD 45 million for Series C round of funding led by Ribbit Capital, a Silicon Valley-based venture capital firm with a focus in the fintech space. Existing investors SAIF Partners, Sequoia India and Creation Investments also participated in the round, Capital Float said in a statement.
Capital Float was founded in 2013 by Stanford alumni Sashank Rishyasringa and Gaurav Hinduja. Rishyasringa previously worked as Engagement Manager at McKinsey & Company. Hinduja served as COO at Gokaldas Exports Limited, a leading manufacturer and exporter of apparels in India.
Capital Float is an online platform that provides working capital finance to small and medium-sized enterprises (SMEs) in India. The startup offers flexible, short-term loans that can be used to purchase inventory, service new orders or optimize cash cycles. Borrowers can apply online in minutes, select desired repayment terms and receive funds in their bank accounts in 3 days. Capital Float is the trade name of Zen Lefin Pvt. Ltd., a non-banking finance company (NBFC) registered with the Reserve Bank of India. Their partners include famous brands such as Uber, eBay, PayTM and more.
The startup will use the newly raised funds to expand its market size, improve customer experience and launch a new set of credit products for SMEs across India.
(Top photo from Pixabay）