Online Lending Firm Capital Float bags $2.3 mn from Mahindra’s NBFC Arm

Bangalore-based Zen Lefin Pvt. Ltd, which runs web based lending platform Capital Float, has raised $2.3 million (Rs 15 crore) from Mahindra and Mahindra Ltd's non-banking finance organization Mahindra and Mahindra Financial Services Ltd through non-convertible debentures (NCDs), regulatory filings show.

The new round of financing comes two months after it raised $2.5 million (Rs 17 crore) from IFMR Capital likewise, through NCDs.

NCDs are a class of special shares that can't be changed to equity. In India, organizations getting NCDs in lieu of venture as a rule loan the cash to gain premium salary and get back the cash inside a predetermined time period.

The organization will utilize the assets to reinforce its loan book, Sashank Rishyasringa, co-founder of Capital Float, disclosed to The Economic Times, which initially announced the improvement.

Email questions sent to Rishyasringa and prime supporter Gaurav Hinduja affirming the improvement stayed unanswered at the season of documenting this report.

Capital Float has aslo launched merchant cash advance & online seller finance in India as well to help web based business owners.

Read here full story: https://www.vccircle.com/lending-firm-capital-float-bags-2-3-mn-from-mahindras-nbfc-arm/