The online lending startup, Capital Float, operated by Bangalore – based, Zen Lefin Pvt Ltd, has raised an investment of Rs. 17 crores from the Chennai – based non-banking financial company, IFMR Capital Finance. Capital Float was founded in 2013 by Stanford University alumni, Sashank Rishyasringa and Gaurav Hinduja. Capital Float gives loans to small businesses via a tech – led loan – origination and credit – underwriting platform. The services Capital Float provides include e – commerce seller financing, term loans, receivables financing and commercial vehicle loans. So far, Capital Float has managed to raise Rs. 60 crores through investments from various companies. Read more on Investments
“The NCD (non – convertible debentures) raise is for strengthening our lending books. This will enable us to fulfill the working capital requirements of SMEs, for both repeat borrowers from our existing customer base and for new customer acquisition”, Rishyasringa said.
Startups in the online lending sector include Indifi, ZipLoan, LendingKart and LoanTap. These startups have received a lot of investments from investors lately. Indifi had raised Rs. 66.5 crores investment from the VC firm, Canaan Partners and its angel investor, Alok Mittal, in series B round of funding during December last year and LoanTap had secured Rs. 20 crores investment from its Mumbai – based angel investors, Abhishek Pandey and Jaysukh Sapra in August 2016. Read more on Startup News