Capital Float, a working capital provider to India-based SMEs, has reportedly secured $22m in its latest funding round.
The investment was made by Amazon and comes part of the companies $45m Series C round which was raised late last year, according to various reports in the media.
Ribbit Capital led the initial Series C investment, alongside participation from SAIF Partners, Sequoia India and Creation Investments Capital Management. Capital Float also picked up $67m in debt financing from RBL Bank, IDFC Bank, Kotak Mahindra Bank, NBFCs, IFMR and Reliance Capital.
Capital Float is a credit 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.
With the new burst of capital, the company is hoping to develop its loan origination system and build new credit solutions for customers, the reports state.
This latest investment puts Capital Float total funding efforts to $155m. Its Series B round closed in 2016, pulling in $25m.
This transaction follows on from a slew of FinTech deal completions in India this month. Marketplace lending companies have seen recent interest with MSME financing company Veritas Finance closing an investment and P2P lending platform Finzy netted $1.3m in its pre-Series A,?this month.
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