Nagpur: DRIP Capital, a US-based company led by an engineer from Nagpur, has raised a series of C $ 175 million.
The company has Mukwar Pushkar as the CEO.
He has been camping in Nagpur since more than a year because of Covid and carrying out work from here.
He is also one of the founders of the Capital Drip.
New funding comes from Barclays Investment Bank and the East West Bank.
Fintech based company San Francisco has collected $ 525 million from funding so far.
Talking to Toi, Mukewar said the company was formed in 2016 and DRIP Capital had a technology-based platform to provide solutions to small and medium segment clients involved in the exim business.
Of the total business of $ 2 billion in global financial funding, a 15% business comes from exporters in Central India.
This includes rice exports too, he said.
Describe the model, Mukewar says this is a type of bill discount business.
Exporters can register on the company platform.
Based on data analysis, capital drops discounts, selected exporter invoices.
The invoice is further formulated by drip capital through its banking partners, producing margins in the process.
Capital drops identified himself as a foreign financing company.
It also helps exporter of discounts and enceasing invoices before payment is due, he said.
From $ 175 million dollars and $ 40 million in direct equity, all company loans in the form of debt.
Apart from India, the company also has business in Mexico and the US.
With small and medium enterprises as a target client, the company has provided free credit in this segment.
The company has bonds with banking partners and family-managed entities, he said.
DRIP Capital will use new funds to increase their business for the next 18 months.
It will invest in products and technology, and accelerate go-to-market in existing geography and new as South Asia and Latin America.
The company also plans to launch a new trade facilitation platform designed to reduce small business pain points while collaborating with participants throughout the value chain, including shipping lines, payment processors, and insurance providers, said press releases.
Currently working with more than 3,500 sellers and buyers in more than 80 countries.
“Pandemic Covid-19 has put severe pressure on cash flow exporters and the same importer.
This tension feels the most by SMEs, who have never had easy access to capital,” said Mukewar in a press release.