Riding on the massive shift in consumer behaviour towards shopping online and sharp surge in uptake for its ‘Buy Now Pay Later’ (BNPL) offering, Capital Float, a credit-led digital financial services company, is looking to double its customer base to 2 million by the end of this fiscal, said a top official.

In a span of seven months since March 2020 when the lockdown was first imposed, this digital financial services company, which started its journey in 2013, has financed customer purchases worth ₹400 crore and witnessed a 350 per cent growth in BNPL customer base, Sashank Rishyasringa, Co-Founder and MD, Capital Float, told BusinessLine .

BNPL is among the three primary offerings of Capital Float, and allows customers to shop on credit as conveniently and affordable as possible.

“BNPL is gaining traction both as a payment option and credit and affordability option for middle-income earners. You will see us continue to innovate and expand our offerings. We should be on track to double our customer base by the end of the fiscal, driven by smaller ticket offerings,” he said.


Capital Float’s products are targeted to serve the rising middle class in India and the middle-income group of ₹2-5 lakh looking to improve the quality of life.

On whether the company expects to achieve break even, Rishyasringa said he expects the break even at entity level to be achieved in the next 12 months. “We are already at break even at unit level and product level. We are seeing points of acceleration in the last two months post-Covid. That sets us up on a path to profitability over the timeline I mentioned. Our endeavour is to make financial products more accessible as well as digitally convenient to the middle class, especially the under served,” he said.

Rishyasringa said he also sees lot of scope for Capital Float, which is backed by marquee investors such as Elevation Capital (formerly SAIF Partners), Sequoia India, LGT Lightstone Aspada, Creation Investments Capital Management LLC, Ribbit Capital and Amazon, to grow on the non-credit side.

“We see room for innovation and growth on non-credit side like expense management and budgeting tools. We are looking at tools to help people better manage their money. There is lot of opportunity as there is heightened awareness post-Covid on the importance of budgeting, income tracking and expense management and cash flow management. It will be a combination of tools as well as third party partnerships that we do with other providers,” he said.

Besides BNPL, Capital Float’s two other primary offerings are a larger loan product for personal and businesses and Walnut, a personal finance management app that helps users track spends, receive bill reminders, split expenses with friends and family and avail insurance.