Bangalore-headquartered Zen Lefin Pvt Ltd, the company behind Capital Float, an online platform that provides working capital finance to SMEs (small and medium enterprises) in India, has secured $13 million (Rs 81 crore) in Series A funding from Sequoia Capital with participation of existing investors SAIF Partners and Aspada, it said on Wednesday.

The funds will be used for expanding into more cities, improve its tech platform and launch new products.

“The use of technology and data will transform lending to businesses and consumers. The technology that Capital Float has built enables meaningfully faster and better decision-making,” Gautam Mago, managing director, Sequoia Capital India, said.