Money & Banking

Drip Capital raises $25 million in Series B funding

Rajesh Kurup Mumbai | Updated on July 24, 2019

Pushkar Mukewar and Neil Kothari of Drip Capital

Trade fintech firm Drip Capital has raised $25 million in Series B funding led by venture capital firm Accel Partners, with participation from existing investors Sequoia India, Wing VC and Y Combinator, in exchange for a minority stake.

The new investors in this round were GC1 Ventures and institutional investor platform Trusted Insight. Following this, Drip Capital has raised a total of $45 million in equity funding and another $55 million in debt.

The Palo Alto-headquartered company which has a major presence in India, works with exporters in India, Mexico, UAE and the US (where it raises all its debts).

“We intend to use the funding for our global expansion plans as we would look to foray into additional markets in South East Asia. The second area would be to continue to focus on our existing markets and focus on our products and team, and developing new products and services,” said Pushkar Mukewar, Co-Founder and Co-CEO at Drip Capital said.

“In the next 12 months we would be looking at foryaing into another 2-3 countries, which we are yet to iron out. These could be probably certain South East Asian countries,” he added.

The company was founded in 2014 in the US by entreprenuers Mukewar and Neil Kothari, who is also a co-CEO.

The company, which provides working capital finance for global trade transactions, has a team of 120 personnel with offices in Mumbai, Bengaluru and Delhi, and three global offices.

The company had raised $20 million in a Seed round and a Series A from companies such as Accel Partners, Sequoia Capital India and early stage incubator Y Combinator among others.

“The exit options for the investors could be either a strategic sale or a potential Initial Public Offering or bring in a large PE investor to buy out the existing investor,” Mukewar added.

Published on July 24, 2019

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