 "funds, investments, stocks, valuations, returns, investors, MFs, mutual funds, savings")
Buy now pay later credit platform Capital Float on Tuesday said financing through its platform has crossed over Rs 2,000 crore by March 2021.
Capital Float said it has ended FY21 on a high note, crossing 20 lakh (2 million) lifetime customers-- a four times increase from March 2020, it said.
"It has now financed over Rs 2,000 crore worth of consumer purchases through its Buy-Now-Pay-Later (BNPL) model till-date, making it the fastest growing BNPL platform in India," it said in a release.
Additionally, Capital Float's Walnut app surpassed the 500,000 active customers mark and has seen considerable traction for consumer credit, personal financial management and insurance.
During the last quarter March'21, company's BNPL disbursals grew by 220 per cent from a year ago period and in March alone it financed over a million transactions.
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The company also raised Rs 150 crore in debt in Q4 FY20. Capital Float ended FY21 at a monthly disbursal run rate of Rs 140 crore and an net NPA of 1.56 per cent. The company has been adding over 150,000 customers every month.
"Our digital finance platform has brought millions of Indians closer to formal credit lines, many of whom have been traditionally underserved. Our Buy Now Pay Later' offering has emerged as a popular choice for millennial Indians in the 25-40 years age group, who make up nearly 70 percent of our customer base," Co-Founder and MD Gaurav Hinduja said.
These customers represent the next frontier for financial services, as nearly 50 per cent of them don't possess credit cards, 40 per cent had never taken a personal loan before, and over half reside in non-metro cities, he said further.
"Apart from the widespread adoption of our buy now pay later offering, we're seeing exceptional repayment behaviour as well. We ended FY21 with a collection efficiency of over 96 per cent," said the co-founder.
The company said it has executed a robust BNPL model across tier 1, 2 and 3 cities, with a reach of more than 10,000 pin codes across India.
The company, founded in 2013, has also issued small-ticket term loans to over 70,000 self-employed individuals, business owners, and salaried professionals across the country.
The company has raised funding from marquee investors such as Elevation Capital (formerly SAIF Partners), Sequoia India, Lightrock, Creation Investments Capital Management LLC, Ribbit Capital and Amazon.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
