Capital Float, the largest digital lending platform to SMEs in India, has partnered with OfBusiness, a leading B2B e-commerce marketplace to help small scale Indian manufacturers and traders avail easy funding for expanding their business. Through this partnership, buyers on the OfBusiness platform can leverage Capital Float’s Pay Later product to avail instant funds for procuring industrial materials.
Capital Float has enabled purchase financing for small scale manufacturing companies and assists them in growing their business on OfBusiness. This partnership will help in bringing these informal borrowers into the mainstream credit ecosystem. Buyers on this platform often face hurdles in obtaining timely finance to operate and expand their business, due to their lack of credit history based on traditional credit parameters.
However, Capital Float’s tech and big data-driven algorithms uniquely underwrite applicants, confirming their eligibility in minutes, while also offering credit limits in real time. Some of the factors taken into consideration during the decision-making process include transaction history, cancellation rate and customer rating on the platform.
Sashank Rishyasringa, Co-Founder, Capital Float said
For the first time, a partnership of this scale is focused on enabling B2B e-commerce buyers in India. We are the pioneers of digital lending in India and the first movers in the online seller financing space. The insights we have gained by closely working with online sellers has aided us in developing this best-in-class product, custom-built to address the needs of buyers on the OfBusiness platform.
Through this partnership, we aim to diversify our customer portfolio and strengthen our position in this space. Our target is to increase our present loan disbursement by three times by the end of September 2016.
Capital Float has strategic partnerships with some of the largest online marketplaces. Equipped with this rich experience in the online selling space, Capital Float is augmenting its reach by penetrating into the B2B e-commerce segment. The company is aptly placed to serve the unique needs of the sector with it’s highly customized credit offerings and swift processes.
Ruchi Kalra, Co-founder, OfBusiness said
SME financing in the manufacturing space requires deep understanding of SME’s cash flows. We at OfBusiness, are committed to building a tech-enabled ecosystem for SMEs for all their commerce and credit needs. Partnering with Capital Float has enabled us to bring customized financing solutions in the manufacturing space.
About Capital Float
Capital Float is India’s leading digital financing platform that provides quick and easy capital to help SMEs fund rapid growth and achieve their next milestone. The company also manages India’s largest online lending marketplace, with leading banks and financial institutions participating as lenders.
Founded in 2013, Capital Float which is the trade name for Zen Lefin Private Limited a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India. It is a dominant player in the e-commerce lending space that includes partnerships with Snapdeal, PayTM, Shopclues, eBay, Alibaba, UBER & Via. For more information please visit CapitalFloat