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UK’s BII extends timeline for final tranche investment in Mahindra’s EV arm
VCCircle
·
1y ago
Medial
Mahindra & Mahindra (M&M) announced an extension of the timeline for the final tranche of investment in its electric vehicle (EV) subsidiary by British International Investment (BII). The UK development finance institution had agreed to invest INR 1,925 crore in two stages. M&M said it has approved an investment of INR 12,000 crore in Mahindra Electric over the next three years and expects to generate sufficient operating cash. Singapore's Temasek has also invested INR 300 crore in Mahindra Electric and will invest the remaining INR 900 crore.
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BII trims investment commitment to M&M’s EV arm, extends timeline
VCCircle
·
7m ago
Medial
British International Investment (BII) has reduced its investment commitment to Mahindra Electric Automobile Limited (MEAL) from Rs 725 crore to Rs 650 crore and extended the investment timeline to March 31, 2025. Initially, BII agreed to invest Rs 1,925 crore in two stages, with the first stage by June 2023. The revised total investment will be Rs 1,850 crore, with BII holding 2.64-4.58% of MEAL's share capital.
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BII bullish on Indian EVs, expects to invest $300M in 3 yrs: MD Abhinav Sinha
YourStory
·
1y ago
Medial
British International Investment (BII), a major development finance institution in the UK, plans to invest an additional $300 million in the Indian electric vehicle (EV) industry over the next three years. BII has already invested around $300 million in the country's EV sector, including backing Mahindra group's EV arm and other startups. BII sees significant growth potential in India's EV manufacturing, components, and financing segments. The company expects India to surpass Europe and the US in terms of EV adoption and aims to play a major role in the country's EV ecosystem.
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British International Investment to invest $33.5M in Indian EV startups
YourStory
·
8m ago
Medial
The UK's development finance institution, British International Investment (BII), has announced investment commitments of $33.5 million in India's electric vehicle (EV) sector. The funding includes debt financing for Everest Fleet to expand its EV fleet, equity investment in TI Clean Mobility for scaling its EV manufacturing capabilities, and equity commitment to Vecmocon for enhancing its research and development in the EV component manufacturing. BII has been actively investing in India's EV sector and aims to contribute to India's energy transition and decarbonization efforts. The investments align with BII's goal of investing up to $1 billion in climate-friendly initiatives and green technologies in India.
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BII backs Everest Fleet, TI Clean as India EV commitments top $300 mn
VCCircle
·
8m ago
Medial
UK development finance body, British International Investment (BII), has invested $33.5m in three Indian electric vehicle (EV) companies - Everest Fleet, TI Clean Mobility and Vecmocon. BII said the investments were part of its commitment to invest $1bn in climate-mitigating initiatives and green technologies in India. The funding will be used to expand the EV fleet managed by Everest Fleet, scale the manufacturing of low-carbon vehicles at TI Clean Mobility, and enhance R&D at Vecmocon to enter the commercial EV market. BII has now committed a total of $328m to India's EV sector.
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Rooftop solar focused NBFC Dugar Finance raises $3 Mn in debt
Entrackr
·
1m ago
Medial
Non-banking financial company (NBFC) Dugar Finance has raised $3 million in debt from the $75-million Green Basket Bond issued by Swiss based impact investment firm Symbiotics Investments. The bond was issued by Symbiotics Investments and subscribed to by British International Investment (BII), the UK’s development finance institution and impact investor, aiming to drive the adoption of renewable energy solutions across Asia and Africa. The proceeds will be utilized to expand its presence in the EV financing and rooftop solar financing space, primarily targeting residential as well as MSME customers, including housing societies, in tier-II and tier-III cities, Dugar Finance said in a press release. According to Dugar Finance, it provides income-generating vehicle loans tailored for self-employed individuals and gig economy workers, helping create livelihoods and foster upward mobility. Beyond traditional vehicle and mortgage loans, it actively promotes green and inclusive financing through electric vehicle (EV) loans, rooftop solar financing, and credit solutions for micro, small, and medium enterprises (MSMEs). Since its inception, Dugar Finance states that it has made significant strides in promoting EV/renewable energy solutions. Until now, the company has helped over 1,200 customers adopt rooftop solar solutions and help purchase EV vehicles. With over 30 branches across 6 states, Dugar Finance claims to have served more than 25,000 customers since its inception, focusing on underserved and credit-invisible segments.
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Beams Fintech Fund changes timeline for final close of maiden vehicle, ropes in two LPs
VCCircle
·
1y ago
Medial
Beams Fintech Fund, a private equity firm specializing in investments in growth-stage financial services and software companies, has adjusted the timeline for the final close of its maiden investment vehicle. The Mumbai-based firm had previously aimed to complete the fund's final close but has now made changes. Additionally, Beams Fintech Fund has recently secured two limited partners (LPs) for its fund.
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EV charging infra startup Charge Zone scoops up $19 Mn
Entrackr
·
1y ago
Medial
Electric vehicle (EV) charging network Charge Zone has received a $19 million commitment from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor. In March last year, the Vadodara-based startup scooped up $54 million in its Series A1 funding round led by BlueOrchard Finance. Charge Zone will use the funds for expansion of its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India, the company said in a press release. It also plans to roll out more than 1,500 supercharging stations over the next 18 months and reach a portfolio of over 10,000 charging stations by 2027. Led by Kartikey Hariyani, the six-year-old Charge Zone provides super-fast EV charging with more than 3,200 points across more than 400 locations in India and UAE. The firm has tied up with several OEMs and e-mobility companies including Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Marriott, Hyatt, Fortune, and Landmark Group. Charge Zone added that the investment from BII is a part of their long-term plan to create a network of one million charging points for all 4W categories of vehicles including cars, buses and trucks by 2030. It will focus on key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru and Chennai. For the fiscal year ended in March 2023, the company reported nearly three fold jump in its operating revenue to Rs 46.93 crore, according to startup data intelligence platform TheKredible. During the period, its losses surged two fold to Rs 9.89 crore. In the rapid EV charging space, it competes with ElectricPe, Bolt.Earth, Ather Energy, BluSmart, Magenta Power, among others.
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Physis Capital shifts timeline for maiden VC fund’s final close
VCCircle
·
8m ago
Medial
Physis Capital, a venture capital firm founded by the creators of Inflection Point Ventures (IPV), has extended the timeline for the final close of its first investment fund. Originally planned for 2024, the firm now aims to complete the fund's closure in 2026. Physis Capital, known for its angel investment platform IPV, has registered the investment vehicle as a Category-II fund.
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DCDC Health Services raises nearly $10 Mn from BII
Entrackr
·
8m ago
Medial
DCDC Health services private limited (DCDC), operating dialysis centers under its brand DCDC Kidney Care, has secured a strategic investment of Rs 82 crore (nearly $10 million) from British International Investment (BII), the UK’s development finance institution and impact investor. The proceeds will be used to deliver critical, life-saving dialysis treatments to low-income patients suffering from end-stage renal disease (ESRD). DCDC operates dialysis clinics in public-private partnership (PPP) arrangements with state governments. It provides treatments to economically weaker sections of the population. The startup claims to have a rollout of 900 dialysis machines in over 100 centers over the next three years. It is expected to reach over 15,000 unique patients, the majority of whom are low-income. This will also create around 1,000 direct jobs. According to BII, at least 30% of its total new commitments by value will be allocated to climate finance between 2022 and 2026. The company currently holds investments in over 1,580 businesses across 65 countries.
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British International Investment signs off from an India bet with a bummer
VCCircle
·
3m ago
Medial
British International Investment (BII), the UK government's development finance unit, ended its decade-long investment in India with a significant loss. Over six years, BII made multiple rounds of investments in a single portfolio company. After heavily investing, BII has now exited this venture, marking a setback in its private equity efforts in India.
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