C2FO to invest $200 mn in future growth opportunities in India

Fintech firm C2FO's India head Pradeep Gode on Thursday said a large part of USD 200 million raised by the company from Japanese investor Softbank, will be invested here. The US-headquartered company specialising in working capital loans, announced a new funding round earlier in the day, led by Softbank's Vision Fund I in which Temasek and Union Square Ventures also participated.

"A large portion of the capital infusion will be used to build on the leadership position we have created in India. We will continue to hire teams to serve our customers, build our product line and invest in future growth opportunities," its country head Pradeep Gode said.

India is the fastest growing market for the company, which matched over USD 1.2 trillion of accounts receivable and accounts payable globally. Using algorithms, the company "matches" between accounts receivable and accounts payable to dynamically price the value for early payment in real time, the statement said.

It added that the investment is designed to accelerate the company's development of newer markets including India. "India is our fastest-growing market, showcasing the need for alternate sources of working capital as Indian businesses continue to scale into global organizations," the company's founder chief executive Sandy Kemper was quoted as saying.

We invested in C2FO because we think their disruptive innovation offers a solution to an industry that has traditionally lacked cost-efficient alternatives for businesses of all sizes looking to free up cash quickly," Akshay Naheta, the managing partner for SoftBank Investment Advisers, said..