Bangalore-based Zen Lefin, which owns and operates online SME lending platform Capital Float, has raised INR 6 crore from SAIF Partners. The funding is the latest tranche of round which began with Aspada Investment investing INR 12 crore in June. The latest round takes the total amount raised by Capital Float to INR 24 crore. The company is looking to raise INR 20 crore by the end of the year as well as expand to Pune, Chennai and Ahmedabad.
Founded in October last year by Stanford Graduate School of Business alumni Sashank Rishyasringa and Gokaldas Exports promoter family member Gaurav Hinduja, Capital Float provides short-term working capital loans to SMEs across three sectors: B2B service providers, small manufacturers and e-commerce merchants selling on online marketplaces. It has also developed its own technology-led underwriting platform to assess credit risk, using data analytics and psychometrics.
Source: Economic Times
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