Amazon Invests Rs 144 Crore in Bangalore based E-Lending firm
Indian e-commerce major, Amazon has invested Rs. 144 crore( $22 million) in Capital Float, a platform for lending to small & medium enterprises (SME's).
This is Amazon's third investment in financial landscape after BankBazaar and Qwikcilver Solutions.
Founded in 2013 by Sashank Rishyasringa and Gaurav Hinduja, alumni from Standford University, Capital Floats raised funding round which was a part of Series C exercise raised by the company last year.
The company had also raised $45 million i.e nearly Rs. 299 crore in last year in August and now will be utilizing the money to promote innovations and build proprietary underwriting algorithms.
Capital Float has 20% of its customer base from e-commerce sellers and vendors thus making Amazon be one of its biggest customers. This ...