Capital Float has reportedly raised around $45m in its Series C funding round led by Ribbit Capital.
Other backers to the round included SAIF Partners, Sequoia India and Creation Investments Capital Management, according to an article by e27.
Alongside this funding round, the company has picked up $67m in debt financing from firms including RBL Bank, IDFC Bank, Kotak Mahindra Bank, NBFCs, IFMR and Reliance Capital, the article said.
Capital Float is a capital financing provider for India-based SMEs, offering short-term loans to help buying inventory, new orders and optimising cash cycles. Users can apply for loans within minutes, selecting a desired repayment term.
Loan offerings from the company include term finance, online seller finance, pay later finance, merchant cash advance, supply chain finance and taxi finance.
This capital will be used to expand Capital Float global presence, improve customer experience and launching new credit products for SMEs across India, the article reports. The company will also use the funds to boost its marketplace model and increase technology integrations with partners.
Including the latest injection of capital, total funding into the company has reached around $155m, with the company picking up $25m in its Series B last year.
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