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Poonawalla Finance, part of the $9.8-billion Cyrus Poonawalla Group, has partnered with Capital Float to deliver working capital financing to Micro, Small & Medium Enterprises (MSMEs) across India.
Both companies will co-lend on Capital Float’s co-origination model to deliver last-mile credit to MSMEs.
Poonawala Finance, which started operations in April 2019, has already crossed AUM of ₹1,500 crore, and is one of the most well-capitalised NBFCs in the country.
Sashank Rishyasringa, Co-Founder, Capital Float, said: “Capital Float has proven capabilities and experience in MSME financing. We recently crossed $1 billion in lifetime disbursals and are heavily motivated to foster the growth of small businesses at the grassroot level.”
Abhay Bhutada, MD and CEO, Poonawalla Finance, said: “Through our collaboration with Capital Float, we will expand our reach beyond the metropolitan cities to Tier 2 and 3 towns of India.”
Poonawalla Finance and Capital Float have set a target to disburse more than ₹500 crore over the next 12 months, with a monthly run rate of ₹50 crore. Poonawalla Finance’s systems will be fully integrated with Capital Float’s co-origination platform through APIs to facilitate faster disbursals.
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