Drip Capital Bags Rs 949 Crore Through Debt And Equity Issue
The latest funding will fast track the company's market expansion and support the development of new products customised to customer needs.
US-based trade finance platform Drip Capital, which has 90% employees in India, secured $113 million, which amounts to about Rs 949 crore, through a mix of debt and equity issue on Thursday, according to the company.
The funding consists of a $23 million equity investment from Japanese institutional investors GMO Payment Gateway and Sumitomo Mitsui Banking Corp., along with $90 million in debt financing provided by the International Finance Corp. and East West Bank, Drip Capital Chief Executive Officer Pushkar Mukewar said.
He said that the company funds trade worth $1.8–2 billion annually and 50–60 % of its business originates from India.
"We fund merchants when the shipments leave Indian shores," Mukewar said.
He said that the latest funding will fast track the company's market expansion and support the development of new products customised 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.
(With Inputs From PTI)
