Capital Float, a digital lender, raised ₹144 crore in equity funding from Amazon, according to a company statement.
This takes Capital Float’s total equity funding to about $110 million from Amazon and other existing investors including Ribbit Capital, SAIF Partners, Sequoia India, Creation Investments, and Aspada.
In addition, the company has also raised debt amounting to ₹840 crore from leading banks and NBFCs.
Capital Float enables small enterprises with customised credit solutions and is expanding into new customer segments, according to the statement. The company currently has an outstanding loan portfolio of ₹1200 crore and has originated loans worth ₹4500 crore.
It added 50,000 new customers in the year ended March 31, 2018.
“With this investment from Amazon, we enter FY19 with a relentless focus to add 300,000 customers and originate over ₹5,000 crore in loans this year,” said co-founders Gaurav Hinduja and Sashank Rishyasringa in the statement.
The funds will be used to bolster Capital Float’s proprietary end-to-end digital loan origination system and to design innovative credit solutions for customers, they said.
