Monday, April 10, 2017

Capital Float raised Rs 15 crore Mahindra & Mahindra Financial Services Ltd

Online lending platform Capital Float has raised $2.3 million (Rs 15 crore) from Mahindra & Mahindra Financial Services Ltd through non-convertible debentures (NCDs).

NCDs are a class of preferential shares that cannot be converted to equity. Companies receiving NCDs in lieu of investment usually lend the money to earn interest income and get back the money within a specified time period.

Also read: Medwell raised Rs 136 crore from Mahindra Partners and others

Capital Float, founded in 2013 by Stanford University alumni Rishyasringa and Hinduja, lends to small businesses via a tech-led loan-origination and credit-underwriting platform. Its offerings include e-commerce seller financing, term loans, receivables financing and commercial vehicle loans.

Zen Lefin Pvt. Ltd which is the parent company of Capital Float said, will use the funds to strengthen its loan book.



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