CapitaWorld raises equity from high networth individuals, corporate honchos

| Updated on: Dec 13, 2017

CapitaWorld, a Mumbai-based company helping small businesses and micro-entrepreneurs get loans without hassle from banks, has raised an undisclosed amount of equity from high net-worth individual investors and corporate honchos, including overseas funds from Hong Kong and West Asia.

The investor list includes former bankers, officials and industrialists including Mohan Tanksale (Ex-IBA Chief), Kiran Shetty (Swift India CEO), Darshak Shah (MD- Madhu Silica) and Mandar Mhatre (ex-JP Morgan).

Jinand Shah, founder and promoter of CapitaWorld, told BusinessLine that the funds have been closed for pan-India expansion, business development and bank integration.

Shah said there is a dearth of opportunity for talented and hardworking youth from small towns and it took a considerable amount of time for them to establish a relationship with multiple banks and NBFCs for discussing finance proposals.

“The potential is huge as 70 per cent of MSMEs do not have bank finance currently and, therefore, providing them technology to reach out to banks is going to lead to a revolution in the MSME banking segment. We provide technology to all local intermediaries to connect with multiple options and not just keep a relationship with a single bank,” Shah said.

According to industry sources there are more than 50 million small businesses that require more than Rs 32,00,000 crore of funding every year.

CapitaWorld, which currently has offices in Bengaluru, Mumbai and Ahmedabad, has developed a simple interface where all data gets filled in a few seconds, making it easy for the banker to access the form in a few days as against the usual two-three weeks' time.

“We have developed algorithms through which every person gets a chance to represent to the bank their proposal. These algorithms are self-learning and they improve with each iteration,” he said. adding that algorithms are the future of banking and they are the only choice to ensure faster and accurate loan processing by the banks, digitally and penetrating deeper into Indian markets.

The company with a team of 60 people is also planning to aggressively hire more from a BFSI background who are in sync with the idea of complete digital lending ecosystem.

Published on January 09, 2018

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