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Consumer and business loans company Capital Float said on Wednesday it has raised Rs 50 crore in debt funding from The Netherlands-based Triodos, for a period of three years.

The Bengaluru-based startup said it expects to use the funds to scale its operations and meet the demand of its user base of over two million customers, which has doubled over the last eight months.

“Over the last three years, we have enjoyed a fruitful association with Capital Float. The company has demonstrated resilience and progressive growth year on year,” Aditya Mohan, Senior Investment Manager at Triodos IM said in a press statement.

Triodos IM invested in the startup via its two financial inclusion funds, Triodos Microfinance Fund and Triodos Fair Share Fund. The investment management company manages around €5.4 billion in assets.

Capital Float has raised over Rs 200 crore in debt since January 2021, spurred by an increase in demand for its credit products, especially from the small and medium enterprises (SME) sector.

“This agreement reflects the strength of our association and further enables us to unlock new opportunities in digital credit in India,” Sashank Rishyasringa, Co-founder and Managing Director of Capital Float said.

Founded in 2013, Capital Float is the trade name for Capfloat Financial Services Private Limited (formerly known as Zen Lefin Private Limited), a non-banking finance company (NBFC) registered with the Reserve Bank of India.

The enterprise currently has an origination run rate of over Rs 120 crore per month, and collection efficiencies at around 95 percent. It expects to cross over four million customers by the end of the current financial year, with around 2X increase in disbursals.

Capital Float has raised over $154 million in funding from marquee investors such as SAIF Partners, Sequoia India, Aspada Investments, Creation Investments Capital Management LLC, Ribbit Capital, and Amazon.

The startup is headquartered in Bengaluru, with offices in Mumbai, Delhi-NCR, and other cities.