Fintech startup Drip Capital raises $25 million from Accel, to enter Mexico and UAE
- Drip Capital, the Palo Alto and Mumbai-based company, which helps exporters in financing their global trade, has raised $25 million in a series B round.
- The investment was led by Accel with participation from existing investors
Sequoia India, Wing VC, and Y Combinator.
- The total funding raised by the startup so far stands at $100 million.
The investment was led by Accel with participation from existing investors Sequoia India, Wing VC, and Y Combinator. It also saw new investors GC1 Ventures and institutional investor platform Trusted Insight chip in.
Drip Capital, which is based in Palo Alto and Mumbai, helps entrepreneurs and businesses with the working capital necessary to grow their business. It finances small exporters who want to expand to newer markets.
“Trade finance is an age-old paper-based industry dominated by banks that primarily focus on large, established corporate customers. Hence, small businesses, despite accounting for 50% of merchandise exports from India, remain largely neglected. Our mission is to level the playing field for these small business exporters, not just in India but across emerging markets around the world.” says Pushkar Mukewar, Co-Founder and Co-CEO, Drip Capital.
So far, the startup raised $45 million of equity and $55 million of debt, taking its total funding to $100 million.
With this investment, the global trade finance company will also enter Mexico and UAE markets.
According to the company, Drip Capital has financed over $500 million worth cross-border trade originating from India. It now aims to cross $1billion by FY 2020, becoming the de-facto trade finance provider for Indian exporters.