Cash News
US-based trade finance platform Drip Capital, which has 90 per cent employees in India, secured $113 million, about Rs 949 crore, through a mix of debt and equity issue, the company said on Thursday.
The funding includes $23 million equity investment from Japanese institutional investors GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC), while it has raised $90 million in debt financing led by the International Finance Corporation (IFC) and East West Bank.
“We have raised $113 million which is a mix of debt and equity investment. Japanese institutional investors GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC) have invested $23 million in equity while $90 million in debt financing has been led by the International Finance Corporation (IFC) and East West Bank,” Drip Capital Co-Founder and CEO Pushkar Mukewar said.
He said that the company funds trade worth $1.8-2 billion annually and 50-60 per cent of its business originates from India.
“We fund merchants when the shipments leave Indian shores,” Mukewar said.
He said that the latest funding will expedite the company’s market expansion and support the development of new products tailored to customer needs.
“We have quadrupled our revenue in the last two years and expect to double it in the past two years. We have achieved cash profitability and expanded our business during this period. We are excited to welcome our new investors and, alongside our existing investors and debt partners, are ready to drive our next phase of growth,” Mukewar said.
Drip has raised about $ 640 million in a mix of equity and debt funding to date. The company’s equity investors include Accel, Wing, Transpose Platform, Peak XV Partners (Sequoia India), Sumitomo Mitsui Banking Corporation (SMBC), GMO Payment Gateway, and Y-Combinator.
It has raised debt from financial institutions like IFC, Barclays, and East West Bank.
(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.)
First Published: Sep 05 2024 | 11:21 PM IS