The non-banking commercial firm currently has consumer support over 300 cities in the country includes both SME and consumer borrowers.

Capital Float acquired $15 million (Rs 110 crore) in recent funding from existing investors. Some of funders are Sequoia Capital India, SAIF Partners, Ribbit Capital, and online retailer Amazon.

The Bengaluru-headquartered NBFC was established in 2013 by Stanford University’s Graduate School of Business alums SashankRishyasringa and Gaurav Hinduja. Further it will appropriate the proceeds from the latest round to sustain its capital base. It will also extend lending to small and medium enterprises and consumers, said in a statement.

The latest funding cycle, with existing partners, signaled strong assistance and trust in Capital Float’s concept of digital financial inclusion. Further they are anxious to significantly expand their lending limit once the lockdown lifted to permit SME growth and user spending at scale.

Capital Float states its customer base spreads across 300 cities in the country, including both SMEs and consumer borrowers. It says it has distributed over $1.2 billion and has more than half a million consumers in India.

The latest funds raising comes after three investment capital investors put in $10.3 million into the firm, according to Tracxn.

In January, Capital Float had entered into a co-lending partnership with Japanese commercial services major Credit Saison. Further, It will see both parties expend business loans to India’s under-financed micro, small and medium companies.

However, the COVID-19 pandemic and the result from the IL&FS, DHFL, and Yes Bank crises expected to hurt a large number of fintech lending companies, which also hold NBFC licenses, even as repayment collections slow. In distinction, for others, the progress of credit from larger NBFCs and banks grind to a halt.