India: Capital Float raises $2.5m from IFMR, AdStringO to get $5m

Online credit platform Capital Float which is run by Zen Lefin Pvt. Ltd, has raised $2.5 million (Rs 17 crore) from IFMR Capital Finance and its alternative investment fund through non-convertible debentures (NCDs).

The company has raised a total of Rs 60 crore this financial year through this route. The fresh funding will be used to lend to existing and new small and medium enterprises (SMEs).

“The NCD raise is for strengthening our lending books. This will enable us to fulfil the working capital requirements of SMEs; for both repeat borrowers from our existing customer base and for new customer acquisition,” said Sashank Rishyasringa, co-founder of Capital Float.

First appeared at DealStreetAsia