Amazon-backed Capital Float has raised $50 million in a new investment round.
TechCrunch reports that Lightrock India led the investment in the Indian buy now, pay later (BNPL) firm, which brings Capital Float’s total money raised to date to over $600 million.
Existing investors Sequoia Capital India, Ribbit Capital, and Creation Investments participated, as well as entrepreneurs David Vélez of Nubank, Kunal Shah of CRED and Amrish Rau of Pine Labs.
The cash will go towards supporting the “rapid growth” the firm says it has experienced in recent months, thanks to the pandemic and longer-term consumer behaviour trends.
Capital Float partners with other firms to reach its 2.5 million customers and is a lending partner for Amazon India, online learning service Unacademy, airline Spicejet. Capital Float also reaches SMEs through payments firm Razorpay and offers personal finance through Walnut.
Collectively, customers on these platforms make over two million purchases a month, financing over $271 million a year.
Capital Float is just one firm hoping to capitalise on a market in India forecast to be worth $300 billion by 2026.
Australian BNPL company Zip acquired a minority stake in India’s largest BNPL provider last month through a $50 million investment, as it looks to tap into new markets as part of its global expansion strategy.