E-commerce and cloud computing firm Amazon has invested $22m in India-based online lending platform Capital Float as part of a series C round that now totals $67m, Hindu Business Line reported today.
The extra capital will be added to the $45m the company raised from Ribbit Capital, which led the tranche, fellow venture capital firms SAIF Partners and Sequoia India, and alternative investment manager Creation Investments in August 2017.
Capital Float offers short-term working capital and unsecured business loans to small and medium-sized businesses looking to support new orders, buy inventory or optimise cashflow. It serves a customer base of 60,000 borrowers, including schools, doctors and pharmacies, across 300 cities.
The company raised the new funding from Amazon alongside $130m in debt financing from Kotak Mahindra Bank, IDFC Bank, RBL Bank, HDFC Bank, Reliance Capital, L&T Finance and Northern Arc Capital, according to LiveMint.
Sashank Rishyasringa, co-founder and managing director of Capital Float, told Business Line: “The fresh fundraise will be used in the areas of product innovation to improve the digital user experience and for the ease of applying for loans and continued investments in the credit assessment algorithm.”
Capital Float has now raised $109m since it was founded in 2013, including $25m in a May 2016 series B round led by Creation Investments and backed by SAIF Partners, Sequoia Capital and VC firm Aspada, all three of which had backed its $13m series A the previous year.