Drip Capital, a Palo Alto, CA and Khar West, Mumbai, India-based trade financing companyraised $25M in series B funding.
The round, which brought total venture and debt funding to $100m, was led by Accel, with participation from existing investors Wing, Sequoia India and Y Combinator and new investors Trusted Insight and GC1 Ventures.
The company inrends to use the funds to grow operations, expand its product, adding a new offering to provide working capital for importers, and reach new customers launching in the United Arab Emirates, Mexico and the United States.
Co-founded by Neil Kothari & Pushkar Mukewar, Drip Capital offers a trade financing product targeted towards SMEs in developing markets, which leverages an automated risk assessment model that enables SMEs to quick access finance.
The platform has more than $500M in loans financed, and 400+ exporters and 500+ importers already served across 60+ countries.
Exporters working with Drip are selling their products to brand names including Honeywell, Sam’s Club, TJ Maxx, Whole Foods, and Zara.