Drip Capital Bags $175 Mn To Scale Business In South Asia & Latin America
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San Francisco and Mumbai-based fintech startup – Drip Capital has raised $175 Mn in a fresh round of funding. The investment includes a $40 Mn Series C investment and $135 Mn in warehouse debt facilities.
TI Platform led the startup’s Series C round alongside participation from new and existing investors, including Accel, Sequoia, Wing VC, Irongrey, and GC1 Holdings. The new capital also includes a $100 Mn warehouse credit facility with Barclays Investment Bank (Barclays) and a $35 Mn increase in the existing facility (initially $40 Mn) with East West Bank (EWB).
To date, including this fundraise, Drip Capital has raised about $525 Mn in equity and debt funding.
The startup will utilise the fresh capital to scale its business over the next 18 months. It will invest in products and technology and accelerate go-to-market in existing and new geographies like South Asia and Latin America.
The company also plans to launch a new trade facilitation platform designed to address the issues faced by small businesses while collaborating with participants across the value chain, including shipping lines, payment processors, and insurance providers.
Founded in 2016 by Pushkar Mukewar and Neil Kothari, Drip Capital offers digitised trade financing solutions in the US, India, and Mexico by providing SMB clients access to working capital. The startup at present works with over 3.5K sellers and buyers across 80 countries. The company boasts of having financed $2 Bn worth of global trade transactions.
Drip Capital competes against the likes of CredAvenue FlexiLoans, ePayLater, Indifi, Lendingkart, among others. Digital lending is considered to be one of the fastest-growing segments in India’s evolving fintech industry. As per a Statista report, India’s digital lending market grew from $9 Bn in 2012 to $150 Bn in 2020.
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Tajammul Pangarkar
Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.
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