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[edit]

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[edit]

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[edit]

Since the start of operations, Drip has raised nearly $525 million through venture capital and debt.[27][28] The company has raised over $95 million through investors such as Accel Partners, Sequoia Capital, TI Platform, Wing VC, Irongrey and Y Combinator and over $430 million from banks like the East West Bank and Barclays along with family offices, HNIs, institutional investors and wealth advisors.[29][30] As of March 2022, it has funded more than $2.2 billion of international trade.[31][32][33][34]

Locations[edit]

Drip's corporate headquarters are Palo Alto, California. It also has offices in Mumbai, India and Mexico City, Mexico.[35]

References[edit]

  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.
  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. ^ www.ETBFSI.com. "Drip Capital crosses $1B of cross border trade through platform - ET BFSI". ETBFSI.com. Retrieved 2021-03-17.
  28. ^ "Fintech Startup Drip Raises $175 Million for Cross-Border Trade". www.bloomberg.com. Retrieved 2021-12-10.
  29. ^ "Drip Capital raises $25M to help exporters access working capital". TechCrunch. 24 July 2019.
  30. ^ Review, G. T. (2021-11-03). "Drip Capital to ramp up activities following bumper funding round". Global Trade Review (GTR). Retrieved 2021-12-10.
  31. ^ "Drip Capital Named to Y Combinator's Top Companies List". AP NEWS. 2022-03-03. Retrieved 2022-03-11.
  32. ^ "Drip Capital closes $40 million credit facility from East West Bancorp". cnbctv18.com. Retrieved 2021-03-25.
  33. ^ GmbH, finanzen net. "Drip Capital Surpasses $1 Billion in Cross-Border Trade Receivables Financing Transactions". markets.businessinsider.com. Retrieved 2021-03-17.
  34. ^ Dewan, Neha. "Drip Capital raises $175 mn to build tech-enabled global trade facilitation platform for MSMEs". The Economic Times. Retrieved 2021-12-10.
  35. ^ PYMNTS (2020-05-17). "Drip To Help SMB Importers Unlock Working Capital". www.pymnts.com. Retrieved 2021-03-17.
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