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MUMBAI

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Trade finance-focused non-bank CapitalXB Finance Pvt. Ltd has raised $15 million in seed funding led by London-based investor Nicolas Walewski, best known for managing multi-billion-dollar portfolios at investment firm Alken Asset Management and an Indian family office.

The $15 million round, a mix of equity and debt, marks Walewski's first investment in India. “The NBFC (non-banking financial company) space is one that we know reasonably well from a European perspective, and we are hugely impressed by the vision that Taranjit and his team have for Capital XB to become a significant player in this niche segment of the market," said Walewski, adding that his exposure to the country was likely to increase over time.

Founded in 2024 by Taranjit Jaswal and Ajitabh Bharti, both former Barclays executives, CapitalXB focuses on bridging the working capital gap for Indian small and medium enterprises and exporters.

The funds will be used to expand its lending book, strengthen its technology stack, and grow its team and partnerships, Jaswal, managing director and chief executive officer, told Mint in an interview on Thursday. “The capital will help us strengthen our lending engine and build a scalable tech foundation."

The startup operates across two lending verticals: supply-chain financing, enabling vendor and distributor financing for mid-market firms, and cross-border financing, offering pre- and post-shipment credit to exporters.

Mint reported earlier this year that as quick-commerce platforms such as Blinkit, Swiggy Instamart, and Zepto revolutionize consumer shopping habits, direct-to-consumer (D2C) brands are increasingly turning to alternative financiers such as Recur Club, GetVantage, Velocity, and Klub to secure larger working capital needed to stay competitive. CapitalXB will compete with such companies in this segment.

While the company originates its own deals with loan ticket sizes ranging between ₹25 lakh and ₹50 lakh, for larger requirements of up to ₹2-3 crore, it partners with other NBFCs while keeping a part of the exposure on its own books.

On the other hand, it has also obtained an Authorized Dealer Category III (AD-III) licence, after an NBFC factoring licence allowing it to lend to exporters in foreign currency and manage cross-border transactions.

“We’re addressing the financing gap for small exporters and D2C manufacturers who need fast, unsecured working capital," Jaswal said.

He added that this segment has seen largely secured financing solutions from banks so far, and the unsecured segment sees large opportunities. “We aim to end 2025-26 with assets worth ₹100 crore under management," he added.

The firm estimates a multi-billion-dollar opportunity in cross-border factoring, currently served mostly by offshore players.

Micro, small and medium enterprises in India have showcased exceptional growth in exports, rising from ₹3.95 trillion in 2020-21 to a staggering ₹12.39 trillion in 2024-25.

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