BENGALURU: Capital Float, India’s leading digital financial services player, has financed customer purchases worth ₹400 crores since March 2020 and witnessed a 350% growth in its buy-now-pay-later customer base in the short span of seven months when compared to FY20, as an increasing number of Indians found value in instant online credit.
Capital Float has tied-up with leading e-commerce and travel players to offer its instant online credit to millions of consumers pan-India. Earlier this month, Capital Float had achieved a milestone of serving over one million customers. Driven by a 100% jump in BNPL customer numbers during the weeks of Indian e-commerce festive sales and the current trajectory of 200,000 new customers per month, the company expects to double its customer base to 2 million by the end of this fiscal year.
Capital Float’s customer base comprises of a mix of salaried and self-employed individuals, spread across more than 300 cities in India. ‘Buy now pay later’ increases the purchasing power of customers through flexible credit options such as instant zero cost or low-cost EMI with customizable repayment terms. This model is gaining significant traction among Indian consumers, offering both convenience and affordability options as the shift to online shopping continues to accelerate.
Gaurav Hinduja, Co-Founder, Capital Float said, “Buy now pay later as a product has proven to be a standout success among millennials who constitute a substantial part of digital India. We are offering this product across 8000 pin codes in the country. Over 70% of our customers are between 25-40 years of age and 20% are new to credit. These customers are looking for digital-first financial products to make everyday goods and services more accessible, convenient, and affordable. With the shift to e-commerce, online bill payments & e-groceries since Covid, our buy-now-pay-later product has become increasingly relevant to customers in facilitating recurring and larger ticket purchases.”
Since the COVID-19 pandemic, the e-commerce sector has grown rapidly. Capital Float has seen a 2X increase in online spending among its own customer base in September compared to pre-pandemic levels. As a consequence, it has also witnessed a huge increase in demand for small-ticket digital credit facilities, particularly for online purchases.
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Copyright © 2014 - 2021 The Global Indian New Network (TGINN)