Capital Float Breaks Rs 2,000 Crore Funding Through Its Platform
Buy now, pay later, credit platform Capital Float said on Tuesday that funding through its platform had exceeded Rs 2,000 crore by March 2021.
Capital Float said it ended fiscal 21 on a positive note, crossing 20 lakh (2 million) lifetime customers – a four-fold increase from March 2020, he said.
“It has now funded over 2,000 crore of consumer purchases through its Buy-Now-Pay-Later (BNPL) model, making it the fastest growing BNPL platform in India,” a- he said in a statement.
In addition, Capital Float’s Walnut app surpassed the 500,000 active customer mark and experienced significant growth in consumer credit, personal financial management and insurance.
In the last quarter of March ’21, the company’s BNPL disbursements increased 220 percent from a year ago and in March alone it funded more than one million transactions.
The company also raised Rs 150 crore in debt in the fourth quarter of fiscal 20. FY21 closed FY21 at a monthly disbursement rate of Rs 140 crore and a net NPA of 1.56 percent. The company added more than 150,000 customers each month.
“Our digital finance platform has brought millions of Indians closer to formal lines of credit, many of whom have been traditionally underserved. represent almost 70% of our clientele, ”said co-founder and MD Gaurav Hinduja.
These customers represent the next frontier of financial services, as nearly 50% of them do not have a credit card, 40% had never taken out a personal loan before and more than half live in non-metropolitan cities, he added.
“In addition to the widespread adoption of our Buy It Now offer, we are also seeing exceptional redemption behavior. We finished fiscal 21 with a collection efficiency of over 96%, ”said the co-founder.
The company said it has run a robust BNPL model in Tier 1, 2 and 3 cities, with a reach of over 10,000 PINs across India.
The company, founded in 2013, has also provided low-cost term loans to more than 70,000 self-employed workers, business owners and salaried professionals across the country.
The company has raised funds from reputable investors such as Elevation Capital (formerly SAIF Partners), Sequoia India, Lightrock, Creation Investments Capital Management LLC, Ribbit Capital and Amazon.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)