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Amazon to invest $22 million in MSME lender Capital float

Updated: Apr 24, 2018 10:59:03am
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Amazon to invest $22 million in MSME lender Capital float

New Delhi, Apr 24 (KNN) The Capital Float, a digital finance company that provides loans to small and medium enterprises (SMEs) has received an investment of $22 million from Amazon.

This investment is the continuation of the series C round raised by the company last year.

The company had raised $45 million earlier in a round led by US based Ribbit Capital.

With this, company has raised total equity funding of $110 million which help the company to have a strong hold on India’s fintech space.

These C series round of funds will be used by Company to do product innovations and build proprietary underwriting algorithms.

Since its inception, the Company has so far disbursed Rs 4,500 crore loans to 60,000 customers.

Amit Agarwal, SVP and country manager of Amazon India, said that the Capital Float provide right kind of credit solutions to undeserved and un-served segments of MSMEs.

He said with highly under-penetrated structure of credit in India, many potential firms would not get loans thus in this direction, company will help to serve those by introducing new credit solutions.

The company is well positioned for the digital age with its strong technology and data-driven approach to lending, he added.

With this latest investment from Amazon, company will further invest in technology to improve the user experience for customers.

Founded in 2013 by Stanford University alumni Sashank Rishyasringa and Gaurav Hinduja, Capital Float provides short terms working capital to SMEs. (KNN/YV)

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