Fintech startup Drip Capital raises Rs 100 cr from Sequoia, early backers

Fintech startup Drip Capital has raised $15 million (about Rs 100 crore) in a new round of funding, bringing on board marque venture capital firm Sequoia Capital as a new investor, with existing backers Accel Partners and Wing VC also participating. The Palo Alto and Mumbai-based company, which has now raised a little over $20 million in equity financing since inception, also disclosed that it had raised $5 million in its seed round in January last year, which saw the entry of Accel Partners, Wing VC and Y Combinator on to its investor cap table. The four-year-old startup offers a credit line to SME exporters, across sectors and including agro-commodities, industrial goods and textiles, among others, allowing them to draw against the same every time they have a shipment going out.

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