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Capital Float on Monday said, that it has financed customer purchases worth Rs 400 crores during the pandemic.
In a statement issued, the company said, “Since March 2020, Capital Float has financed Rs 400 crores of customer purchases and has witnessed a growth of 350 percent in its buy-now-pay-later customer base during the seven months as compared to FY20.”
“During the weeks of Indian e-commerce festive sale, the company has recorded a 100% increase in BNPL customer base,” the statement added.
Speaking on the development, 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,” Gaurav said.
Adding to the statement, the company said, “The Buy now pay later option has increased the purchasing power of customers through flexible credit options such as instant zero cost or low-cost EMI with customizable repayment terms.”
“Since the pandemic, the Capital Float has seen a 2X increase in online spending among its customer base in September compared to pre-pandemic levels,” the statement said.