Business

Trade finance firm Drip raises $25 mn

Eyes funding $1 bn worth trade

Drip Capital, which extends finance to small and medium-scale exporting industries, has raised $25 million, taking the total amount raised by it so far to $100 million.

Drip Capital said the total funding includes $45 million in equity and $55 million in debt.

Pushkar Mukewar, co-founder and co-CEO of the company, told The Hindu that Drip Capital started operations in India in 2016 and had ventured into Mexico six months ago. It recently entered the UAE market. “The funds will be used to launch services in emerging countries in southeast Asia and to strengthen presence in countries where the company is present. We will also ramp up the team, especially for technology and product engineering,” he said.

Drip Capital works with over 400 SMEs in India, including many garment exporting units in Tiruppur. It extends finance to agro- commodity, garment, and industrial goods exporters.

The firm works with export promotion councils and industrial organisations and signed a memorandum of understanding with the Federation of Indian Export Organisations last month. It is also engaging with the Tiruppur Exporters’ Association, Mr. Mukewar said.

The company has funded over $500 million worth trade and by FY 2020, aims to fund $1one billion worth trade originating from India.

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Printable version | Jul 10, 2020 12:50:33 AM | https://www.thehindu.com/business/trade-finance-firm-drip-raises-25-mn/article28809218.ece

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