Capital Float, a Bangalore, India-based provider of business loans for SMEs, raised $13m in Series A funding.
The round was led by SAIF Partners with participation from Sequoia Capital and Aspada.
The company intends to use the funds to continue to grow operations.
Led by Ashank Rishyasringa and Gaurav Hinduja, Capital Float is an online platform that provides working capital finance to SMEs in India. It offers short-term loans that can be used to purchase inventory, service new orders or optimize cash cycles. Borrowers can apply online, select desired repayment terms and receive funds in their bank accounts in 7 days.
Capital Float is the trade name of Zen Lefin Pvt. Ltd., a non-banking finance company (NBFC) registered with the RBI.