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SAIF Partners, a venture capital and private equity firm, has invested $1 million in Capital Float, a Bangalore-headquartered non-banking financial company.
Capital Float provides working capital loans to small businesses in India through a technology-led loan origination and credit underwriting platform. It works with SMEs across Bangalore, Mumbai, Delhi and other cities in India, SAIF Partners said in a statement.
“SME lending presents a large and growing opportunity in India. We believe this segment requires a differentiated approach, with a potential to use technology to disrupt existing models. We look forward to a mutually-fulfilling partnership with Capital Float, as they accelerate their journey to be a leading firm in this segment,” said Ravi Adusumalli, Managing Partner at SAIF Partners.
Capital Float had secured an initial round of angel funding earlier this year, and in June 2014 it got $2 million in seed investment from Aspada Investment Company.
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