Amazon-backed Capital Float plans to go big in the buy now, pay later segment; raises $50 million
Capital Float/ BCCL
- The recent round of funding was led by Lightrock India, with participation from Sequoia Capital.
Capital Floatis a non banking financial company (NBFC) that offers loans to small businesses and individuals.
- The fintech startup claims to have over 2.5 million customers registered on its platform.
AdvertisementAmazon-backed Capital Float has raised $50 million in the latest funding round to strengthen its buy now, pay later (BNPL) offering. The company provides these services on several e-commerce platforms, and will deploy a part of this capital to strengthen its network and further expand its user base.
The recent round of funding was led by Lightrock India, with participation from Sequoia Capital India, Ribbit Capital, Creation Investments and Dinesh Hinduja family office. Angel investors such as Nubank’s David Vélez, Cred’s Kunal Shah and PineLabs’ Amrish Rau.
Founded in 2013 by Gaurav Hinduja and Sashank Rishyasringa, Capital float is a non banking financial company (NBFC) that offers loans to small and medium enterprises (SMEs). The company also works with ecommerce merchants, small-scale manufacturers and early stage business-to-business (B2B) service providers.
The company also provides credit to salaried and self-employed individuals in India. It has partnered with companies like MakeMyTrip, Unacademy, boAt and others to offer short-term credit finance to finance purchases on these platforms.
Capital Float recently partnered with Razorpay to enable credit access to over 100,000 merchants on the digital payment gateway.
The fintech startup claims to have over 2.5 million customers registered on its platform, which enables it to facilitate purchases worth ₹2,000 crore on an annual basis. Walnut, a personal finance app, is also one of its offerings which provides instant small-ticket loans.
“We are now financing 2 million purchases every month across 14,000 pin codes, while maintaining NPAs below 1.5%. This positions us the market leader in BNPL in India today”, said co-founders Sashank Rishyasringa and Gaurav Hinduja in a joint statement.
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