Finance platform Drip Capital raises $113 mn through debt, equity issue

US-based trade finance platform Drip Capital, which has 90 per cent employees in India, secured USD 113 million, about Rs 949 crore, through a mix of debt and equity issue, the company said on Thursday.

The funding includes USD 23 million equity investment from Japanese institutional investors GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC), while it has raised USD 90 million in debt financing led by the International Finance Corporation (IFC) and East West Bank.

"We have raised USD 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 USD 23 million in equity while USD 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 USD 1.8-2 billion annually and 50-60 per cent of its business originates fro