Poonawalla Finance partners with Fintech lender Capital Float to provide loans to MSMEs

New Delhi, Mar 3 (KNN) In a bid to deliver working capital financing to Micro, Small and Medium Enterprises (MSMEs) across India, Poonawalla Finance has partnered with Fintech lender Capital Float.

Reportedly, the two companies will co-lend on Capital Float’s co-origination model to deliver last-mile credit to MSMEs across the country.

“Capital Float is the pioneer of digital lending in India with proven capabilities and experience in MSME financing. We recently crossed USD 1 billion in lifetime disbursals and are heavily motivated to foster the growth of small businesses at a grassroots level. In this regard, we are delighted to partner with Poonawalla Finance and add impetus to our lending initiative for MSMEs, said Sashank Rishyasringa, Co-Founder, and Capital Float.

''We are deeply impressed by Poonawalla Finance’s speed in business execution and the significant focus on technology to innovatively solve problems. The agility of the companies involved helped take the partnership live in record time,” he added.

Commenting on the same, Abhay Bhutada, Managing Director and CEO, Poonawalla Finance, said, “We are very excited about our partnership with capital float. They paved the way for digital lending in India and have demonstrated maturity and resilience over the years. Capital Float is led by strong and professional promoters with significant experience, a key determinant of their success. Poonawalla Finance believes in relationship-driven partnerships being integral to jointly achieving mutual objectives and growth in a tightly contested market.

''Through our collaboration with Capital Float, we will expand our reach beyond the metropolitan cities to tier 2-3 towns of India,” he further asserted.

Poonawalla Finance and Capital Float are targeting to disburse over Rs 500 crores over the next 12 months, with a monthly run rate of Rs 50 crores.

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