Private equity firm SAIF Partners today announced an investment of USD 1 million (Rs 6 crore) in Capital Float, a Bangalore-based digital SME finance company.
Capital Float is a non-banking financial company which focusses on e-commerce merchants, small manufacturers, and early-stage business-to business service providers.
SAIF Partners, Managing Partner, Ravi Adusumalli said: "We look forward to a mutually-fulfilling partnership with Capital Float, as they accelerate their journey to be a leading firm in this segment."
Elaborating on the purpose of the venture, Capital Float founder member Sashank Rishyasringa said, "Even today, many entrepreneurs prefer to borrow from informal sources for their convenience and speed. Our goal is to make the process of getting a business loan as simple as shopping online.
Earlier this year in June, Capital Float had announced a seed investment of USD 2 million from Aspada Investment. Aspada is backed with a significant commitment from the Soros Economic Development Fund (SEDF).