Mumbai based fin-tech startup CapitaWorld Platform Pvt. Ltd. (CW) has raised an undisclosed amount of funds through convertible instrument/equity for their PAN India expansion. The expansion is aimed at expanding its geographical reach as well as on-boarding and assisting Banks and NBFCs to go digital (contact-less) in their lending business. The funds have been prominently raised through high net-worth individual investors, corporate honchos and investors from HongKong and the Middle East.
Mr. Jinand Shah, Founder and Promoter CapitaWorld, said that getting investments from reputed HNI’s globally shows the potential this platform has to scale up not only in India but also globally. The company has already been incubated by regulatory body in Abu Dhabi (UAE) to leverage the technology in Middle East markets.
The funding is primarily going to be used for launching various products of Banks digitally. The Company is already in process of launching products of large banks having pan India presence. The Lending Market is moving towards digital phase as the time and costs involved in the physical process are extremely high. Few players have already developed lead model where post basic data things happen physically, however CapitaWorld ensures the complete digital process for the customers and bankers till disbursement, he added.
This round of funding has been a top-up round of funding after the initial seed funding bought in by Promoters Mr. Vinod Modha, Mr. Jinand Shah and close family and friends.
The key investors and stakeholders in the current round include prominent personalities - Shri Mohan Tanksale (Ex-Chief Executive, Indian Banks’ Association (IBA), Shri Kiran Shetty (Swift India CEO), Shri Darshak Shah (MD-M/s Madhu Silica Pvt Ltd), Shri Mandar Mhatre (ex-JP Morgan), Smt Deepa Tracy (Maharashtra’s leading industrialist) and many more.
Mr. Mohan Tanksale, Ex-Chief Executive, Indian Banks’ Association (IBA) said “In my 40 years of banking experience in various leadership roles, I had not seen a platform that brought so much efficiency to the system and at the same time expand the lending market by making it simple and completely digital for all the stakeholders in lending business”.
Mr. Kiran Shetty, CEO-Swift India, was impressed by the pedigree of team and the product readiness that CapitaWorld has achieved without resorting to large external funding.
Mr. Darshak Shah, MD of M/s Madhu Silica Pvt Ltd, said that what interested him was the fact that the platform was improving access to credit for MSMEs and underprivileged - both which were essential for the growth of the economy.
CapitaWorld has been awarded the second most innovative banking application solution product by RBI’s technological wing IDRBT, in recent past and was also shortlisted as the Top 20 FinTech innovative companies for 2017 by India FinTech Awards.