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Drip Capital

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Drip Capital
Type of site
Private
Founded2014
HeadquartersPalo Alto, California
Founder(s)Pushkar Mukewar
Neil Kothari
Key peoplePushkar Mukewar (CEO)
IndustryFintech, International Trade
Employees300+

Drip Capital is a digital trade finance company based in Palo Alto, California.[1] The company offers working capital to small and medium sized companies engaged in cross-border trade in India, Mexico and the United States using technology and data analytics.[2][3]

History

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The company was founded in November 2014 by Wharton School alums Pushkar Mukewar[4] and Neil Kothari.[5] Using their prior experience in finance and technology, they set up the company to bridge the trade finance gap for SME export-import worldwide.[6][7][8]

In 2016, Drip Capital launched its Indian subsidiary, Drip Capital Services India LLP to begin operations in the country.[9] In 2018, Drip introduced its supplier financing solutions and domestic factoring services for small businesses in Mexico.[10] In early 2020, the company launched its buyer financing solutions for US-based SMB importers.[11]

Products and services

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Drip Capital currently offers collateral-free finance to businesses participating in international trade.[12] The company uses electronic data and its proprietary automated risk management system to assess its customers and their deals.[13] Drip offers credit lines ranging from $100,000 to $2.5 million, depending on the size of the business and its requirement.[14]

Drip Capital has been extensively engaging with various trade associations and export promotion councils like FIEO, EEPC, CHEMEXCIL, and PLEXCONCIL to educate exporters about its product offerings.[15][16][17][18] In November 2021, Drip Capital announced two new partnerships, a collaboration with CARGOES Finance by DP World and another with TradeLens, a blockchain enabled digital platform,[19][20] to enable access to working capital for emerging market small and medium-sized businesses.[21][22]

In September 2020, Drip Capital was named to the CB Insights Fintech 250 list.[23] In March 2022, it was featured in Y Combinator's Top Companies list.[24][25][26]

Growth and Funding

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Drip Capital has raised nearly $640 million in venture capital and debt funding since it started operations. Drip is backed by prominent equity investors, including, Accel, Wing, Transpose Platform, Peak XV Partners (Sequoia India), Sumitomo Mitsui Banking Corporation (SMBC), GMO Payment Gateway, and Y-Combinator. On the debt side, Drip partners with leading financial institutions including IFC, Barclays and East West bank.[27][28] As of July 2024, it has funded more than $6.3 billion of international trade.[29][30][31][32]

Locations

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Drip's corporate headquarters are Palo Alto, California. It also has offices in Mumbai, India and Mexico City, Mexico.[33]

References

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  1. ^ "Drip Capital offers easy finance to MSME exporters". @businessline. Retrieved 2021-03-17.
  2. ^ "Drip Capital Surpasses $1 Billion in Cross-Border Trade Receivables Financing Transactions". finance.yahoo.com. Retrieved 2021-03-17.
  3. ^ "Drip Capital raises $15 mn from Accel, Sequoia and others". www.fortuneindia.com. Retrieved 2019-04-06.
  4. ^ "Invoice factoring has great potential to help SME exporters: Drip Capital co-founder". www.smetimes.in. Retrieved 2019-04-06.
  5. ^ "Accel, Sequoia and others invest in trade finance firm Drip Capital". VCCircle. 2018-06-21. Retrieved 2019-04-06.
  6. ^ "Drip Capital found out how to fund small manufacturers without big banks". Protocol — The people, power and politics of tech. 2021-01-18. Retrieved 2021-03-17.
  7. ^ Network, Knn India-Knowledge & News. "Drip Capital helps Kochi exporters and SMEs capitalize on trade finance solutions". knnindia.co.in. Retrieved 2019-04-06.
  8. ^ Chakraborty, Subhayan (29 March 2019). "Apparel exporters fear tough year ahead as global orders fall". Business Standard.
  9. ^ "Drip Capital raises $25M to help exporters access working capital". TechCrunch. Retrieved 2021-03-17.
  10. ^ "Drip Capital plans to expand into new markets across the world".
  11. ^ Desk, FTS News (2020-05-15). "Trade Finance Firm Drip Capital Launches Inventory Financing Product GoTrade". GlobalFinTechSeries. Retrieved 2021-03-17. {{cite web}}: |last= has generic name (help)
  12. ^ "Drip Capital offers easy finance to MSME exporters". @businessline. Retrieved 2021-03-17.
  13. ^ Gooptu, Biswarup. "Drip Capital raises $15M from Sequoia Capital, Accel Partners & others". The Economic Times. Retrieved 2021-03-17.
  14. ^ "You are being redirected..." www.ciol.com. Retrieved 2021-03-17.
  15. ^ "Drip Capital Brings Invoice Factoring To Nagpur Exporters". Retrieved 2021-01-20.
  16. ^ "Drip Capital Help Faridabad Exporters Capitalize On Trade Finance Solutions". SMEStreet: Knowledge & Networking for Growth. 2019-08-30. Retrieved 2021-01-20.
  17. ^ "Big boost for SMEs! FIEO, Drip Capital to power Indian small business exports". Zee Business. 2019-07-12. Retrieved 2021-01-20.
  18. ^ "Drip Capital partners with BAA to bring alternative financing solutions for exporters". ANI News. Retrieved 2021-01-20.
  19. ^ "Drip Capital joins hands with TradeLens to provide blockchain-enabled financing solutions for exporters". The Economic Times. Retrieved 2022-03-11.
  20. ^ "Drip Capital connects with TradeLens to provide blockchain-enabled financing solutions for importers and exporters". ThePrint. 2021-11-11. Retrieved 2022-03-11.
  21. ^ "Drip Capital partners with CARGOES Finance to help SMEs". The Economic Times. Retrieved 2022-03-11.
  22. ^ "Drip Capital partners with CARGOES Finance by DP World". SeaNews. 2022-02-23. Retrieved 2022-03-11.
  23. ^ GmbH, finanzen net. "CB Insights Names Drip Capital to the 2020 Fintech 250 List". markets.businessinsider.com. Retrieved 2021-03-17.
  24. ^ "Drip Capital Named to Y Combinator's Top Companies List". The Week. Retrieved 2022-03-11.
  25. ^ "Drip Capital named on Y Combinator's Top Companies List". ANI News. Retrieved 2022-03-11.
  26. ^ "Y Combinator Top Companies List". Y Combinator. Retrieved 2022-03-11.
  27. ^ "Drip Capital raises $25M to help exporters access working capital". TechCrunch. 24 July 2019.
  28. ^ Review, G. T. (2021-11-03). "Drip Capital to ramp up activities following bumper funding round". Global Trade Review (GTR). Retrieved 2021-12-10.
  29. ^ "Drip Capital Named to Y Combinator's Top Companies List". AP NEWS. 2022-03-03. Retrieved 2022-03-11.
  30. ^ "Drip Capital closes $40 million credit facility from East West Bancorp". cnbctv18.com. Retrieved 2021-03-25.
  31. ^ GmbH, finanzen net. "Drip Capital Surpasses $1 Billion in Cross-Border Trade Receivables Financing Transactions". markets.businessinsider.com. Retrieved 2021-03-17.
  32. ^ Dewan, Neha. "Drip Capital raises $175 mn to build tech-enabled global trade facilitation platform for MSMEs". The Economic Times. Retrieved 2021-12-10.
  33. ^ PYMNTS (2020-05-17). "Drip To Help SMB Importers Unlock Working Capital". www.pymnts.com. Retrieved 2021-03-17.
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