Capital Float, India's first technology platform for SME lending, raised $13 million in Series A financing round led by investors SAIF Partners and Sequoia Capital. The round also witnessed participation from their existing investor Aspada. The new funding will be used by the company to expedite growth and to expand technology, enabling the company to scale up nationally and launch new loan products. With this, the total funding raised by the Bangalore based company accounts to Rs.100 crore till date.

Founded in 2013, Capital Float has been highly acknowledged for their proprietary technology platform that evaluates the financial health of SMEs and the digital finance company efficiently delivers working capital to a segment that is underserved by traditional banks. The platform has recorded nearly Rs.40 crore deliveries in loans to SMEs across 10+ cities in India till present. In their very few years of existence, the company has reaped in eminent partners from e-Commerce industry, such as Snapdeal, Flipkart, Amazon, PayTM and Myntra and has witnessed a 10 times of increment in online applications to finance small merchants selling online.

Celebrating the new round of investments, Gaurav Hinduja and Sashank Rishyasringa, the co-founders of Capital Float, proclaim, "We started Capital Float with the belief that technology and data would be the key drivers in cracking SME financing in India. Over the past year, we've focused on building the platform to deliver what our customers want, above all else - flexible and ultra-convenient access to finance that can scale with their business. By leveraging alternative data in our underwriting model, we are increasingly able to not only make faster decisions, but also lend to emerging business models. We are very excited to partner with SAIF, Sequoia and Aspada, and truly believe that we now have a world-class set of investors to propel us towards this vision".