India-based online consumer lender Capital Float, which already counts e-commerce and cloud computing group Amazon as a backer, has raked in $50m in equity funding, The Economic Times reported yesterday.
Sequoia Capital India filled out the round alongside Ribbit Capital, Creation Investments and angel investors David Vélez, Kunal Shah and Amrish Rau. It followed $15m in equity funding from Amazon, SAIF Partners, Ribbit Capital and Sequoia India in April 2020.
Founded in 2013, Capital Float operates a buy now, pay later service for both consumers and businesses, and will use the capital to grow its merchant base and meet rising demand for its product.
The relative lack of credit card penetration in India makes it a ripe market for Capital Float, which provides access to credit and currently boasts more than 2.5 million customers collectively making in excess of 2 million purchases each month, translating into over $270m of sales volume to finance.
Amazon pumped $22m into a series C round that closed in 2018, building on a previous $45m tranche led by Ribbit Capital and backed by Amazon, Creation Investments, SAIF Partners and Sequoia India.
Creation Investments led the lender’s $25m series B round in 2016, with Aspada, Sequoia India and SAIF Partners also investing. The same trio had backed its $13m series A round the previous year.
