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Venture Capital | 6 August 2014

Digital Finance Firm Capital Float Secures Investment From SAIF Partners

by Ahemad Shaikh
Digital Finance Firm Capital Float Secures Investment From SAIF Partners
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SAIF Partners has made a $1 Mn (c.INR 60 Mn) investment in Capital Float, an online platform that provides working capital finance to SMEs in the country.

With the cash the company plans to expand its operations to other cities including Pune, Chennai and Ahmedabad, build its technology and increase its loan book to INR 200 Mn which currently stands at about INR 70 Mn.

The year old venture founded by Stanford alumni, Gaurav Hinduja and Sashank Rishyasringa had raised seed funding from earlier this year and had secured a commitment of $2 Mn (INR 120 Mn) from Aspada investment Company, the investment vehicle of Soros Economic Development Fund (SEDF), a social investment fund set up by billionaire investor George Soros.

Capital Float offers flexible tailor made short-term loans to SMEs spread across a variety of sectors, including manufacturing, services, and e-commerce through a technology-led loan origination and credit underwriting platform.
It offers loans ranging from INR 3 lac- 30 lac, with terms between 1 – 12 months and offers an interest rate starting at 16% per annum with a processing fee of 0.5% of the loan amount.

As per website borrowers can apply online in minutes, select desired repayment terms and receive funds in their bank accounts in 7 days.

Capital Float is the trade name of Zen Lefin Private Limited, a NBFC registered with the RBI.

SAIF partners started investments in India in 2001 and currently manage over $1 Bn of investments in India. It has invested in companies like Speciality Restaurants, Persistent Systems, Just Dial, Indian Hotels, Blue Star, Edelweiss Financial, Mind Tree, Havells, among others.

Recently, it made seed investment of INR 40 Mn in TouchTalent and also infused $2 Mn in e-learning portal Toppr.
After successful bets on travel portal MakeMytrip and travel search engine ixigo.com, SAIF had made INR 100 Mn investment in TravelTriangle, a four year old startup founded by IITians that connects travel agents to users to provide best customized deals

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