Bengaluru, Feb 11 (IANS): Capital Float, a technology platform for lending to small and medium enterprises (SMEs), has raised $13 million (Rs.81 crore) in the first round of funding from Saif Partners, Sequoia Capital and Aspada to expand operations across India.

Saif and Sequoia are first-time investors in the proprietary firm while Aspada is the maiden investor in the venture set up to evaluate the financial health of SMEs and deliver working capital to a segment underserved by traditional banks.

"We delivered Rs.40 crore in loans to SMEs in 10 cities across the country this fiscal and registered over 100 percent increase in online applications, particularly in the e-commerce space, partnering with Snapdeal, Flipkart, Amazon, PayTM and Myntra to fund small merchants," the company said in a statement here.

The two-year-old company raised $4 million (Rs.20 crore) seed round in mid-2014 from Aspada, bringing the total capital raised to Rs.100 crore this fiscal.

"The new round of funding will help us to scale up and unveil new loan products, as technology and data will be key drivers in cracking SME financing in the country," co-founders Gaurav Hinduja and Sashank Rishyasringa said in a statement.