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Aspada Investment Co has made a commitment of Rs 12 crore in Bangalore-based Capital Float, a business that provides working capital loans to under-served small businesses in India via a technology-led loan origination and credit underwriting platform.
Capital Float works with SMEs in various sectors, including manufacturing, services and e-commerce. It is led by Gaurav Hinduja and Sashank Rishyasringa, who started the company after completing their MBA at Stanford University.
A majority of the SMEs operate with cash cycles of 60 days or longer, with institutional options for working capital finance. Many of the SMEs resort to borrowing from informal sources to meet day-to-day funding needs at high rates of interest.
Aspada provides growth capital to early-stage busineses in India operating in healthcare delivery, agricultural supply chain, education, logistics and financial services. It is permanent capital vehicle anchored with a significant commitment from the Soros Economic Development Fund.
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