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Climate-focussed NBFC Ecofy secures Rs 90 crore in equity funding from Dutch bank FMO
Economic Times
·
1y ago
Medial
Ecofy, a green energy-focused non-banking finance company, has raised Rs 90 crore in equity funding from Dutch bank FMO. The company plans to use the funds to expand its loan book, diversify its products, and improve its credit rating. Ecofy finances electric two- and three-wheelers and businesses that are working towards reducing climate impact. This investment aligns with their vision for a cleaner and more resilient future.
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U GRO Capital Raises $30 Million From ADB
OutlookIndia
·
1y ago
Medial
U GRO Capital, a datatech NBFC specializing in MSME lending, has raised Rs 2,500 million through Non-Convertible Debentures (NCDs) from the Asian Development Bank (ADB). This comes in addition to the Rs 2,500 million financing from FMO, the Dutch entrepreneurial development bank, received in December 2023. With an asset under management of Rs 83,638 million, U GRO Capital has provided credit to around 90,000 small businesses. The company aims to bridge the credit gap in the MSME sector through technology and credit expertise.
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SPE Capital looking to strike LP-style bet for latest vehicle
VCCircle
·
1y ago
Medial
SPE Capital is seeking a new European institutional investor for its third fund, the SPE III Fund. The private equity firm is targeting the Dutch entrepreneurial development bank, FMO, for a potential investment of $25 million in the sector-agnostic, North-Africa-focused fund. SPE Capital specializes in Africa and Middle East investments, with a portfolio of over 15 companies.
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ADV, NewQuest-backed U Gro snags capital from Dutch investor
VCCircle
·
1y ago
Medial
U Gro Capital, a non-banking lender backed by ADV Partners and TPG NewQuest, has secured new debt capital of around Rs 250 crore ($30 million) from Dutch investor FMO. The funds were raised through the issuance of non-convertible debentures with a tenor of four years. U Gro Capital aims to utilize the funds to further strengthen its lending operations.
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Secured lending NBFC Techfino secures Rs 65 crore funding
Economic Times
·
1m ago
Medial
Bengaluru-based NBFC Techfino has secured Rs 65 crore in equity funding led by Stellaris Venture Partners and Saison Capital. Founded in 2019 by banking veterans, Techfino initially financed education fees and has now expanded to offer loans against property for small businesses. With a current loan book of Rs 225 crore, it plans to increase this to Rs 350 crore. Techfino aims to double its branch count and increase its workforce by 200 employees.
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Aye Finance Raises INR 250 Cr Debt Funding To Fuel MSME Lending
Inc42
·
1y ago
Medial
Aye Finance has secured debt funding from Dutch entrepreneurial development bank FMO. The funding will be used to provide loans to underserved micro, small, and medium enterprises in India. Aye Finance has already disbursed loans worth over INR 10,000 Cr to more than 8.67 Lakh customers so far.
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NBFC Dvara KGFS raises $14.4 Mn debt
Entrackr
·
1y ago
Medial
Dvara Kshetriya Gramin Financials, an NBFC operating in remote rural parts of India, has raised $14.4 million through listed non-convertible debentures (NCDs) from Impact Investment Exchange (IIX). IIX provided Dvara debt capital through the $100 million Women’s Livelihood Bond 6 (WLB6. Last month, Dvara KGFS raised $27 million in debt capital from Dutch company FMO and Enabling Capital. Together, Dvara KGFS will contribute to the movement’s goal of mobilizing $10 billion to empower 100 million women, girls, and gender minorities by 2030, the company said in a press release. Dvara KGFS also said that it aims to impact 87,900 women and girls over the WLB6’s four-year tenure, leveraging the IIX Values platform for impact measurement. Led by LVLN Murty, Dvara KGFS is an NBFC which focuses on the well-being of individuals and nano and micro-businesses in rural India. It has over 400 branches across 10 states including Tamil Nadu, Uttarakhand, Uttar Pradesh, Chhattisgarh, Jharkhand, and Bihar among others. In February, the firm also surpassed Rs 2,000 crore in Assets Under Management (AMU). Dvara KGFS recorded 33% growth in its scale to Rs 380.5 crore in FY23 as compared to Rs 285.9 crore in FY22. As per the company’s consolidated financial statements, it also turned profitable during the year with Rs 12.6 crore profits against loss in FY22.
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BlackSoil NBFC raises $12 mn from rights issue to family offices
VCCircle
·
1y ago
Medial
BlackSoil NBFC, the non-banking arm of BlackSoil, has raised Rs 100 crore ($12.1 million) through a rights issue from its Indian investors and family offices. The funds will be used to enhance BlackSoil NBFC's credit profile and borrowing capacity as they venture into new business verticals and sectors. BlackSoil NBFC is a leading player in the alternative credit space, and their portfolio includes companies like Oyo, Yatra, and Udaan. Since its inception, BlackSoil NBFC has disbursed over Rs 5,000 crore and has raised Rs 250 crore in equity.
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Student loan fintech startup Kuhoo Finance secures RBI approval for NBFC licence
Economic Times
·
5m ago
Medial
Kuhoo Finance, a WestBridge Capital-backed student loan fintech startup, has secured an NBFC licence from the Reserve Bank of India, permitting loans up to Rs 2 crore for various educational programs. Kuhoo, founded in 2021, utilizes AI-driven models for responsible lending. This approval enhances its capacity to innovate and cater to diverse academic financing needs, competing with other education loan providers like Eduvanz. It raised $20 million in funding in March 2022.
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Education-focused NBFC Auxilo secures $6 Mn debt
Entrackr
·
1y ago
Medial
Education-focused NBFC Auxilo has raised Rs 50 crore (approximately $6 million) in non-convertible debt from AK Capital Finance. This marks the first fundraise of the Mumbai-based company in 2023. The board at Auxilo has approved the allotment of 5,000 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 each for a consideration of Rs 50 crore, the company’s regulatory filings with the Registrar of Companies show. The offer also includes an option for an additional subscription (green shoe option) of Rs 25 crore which will take the total to Rs 75 crore. Established in 2017, Auxilo offers student loans for pursuing education within India or abroad. It also extends loans to educational institutions for infrastructure and working capital requirements. Auxilo has raised over $100 million across equity and debt since its inception and it competes with well-funded firms such as Grayquest, Avanse Financial, Financepeer, Propelld, Leap Finance, and Eduvanz. In July last year, Auxilo scooped Rs 470 crore in a funding round led by Tata Capital. As per the startup intelligence platform TheKredible, the company raised that capital at a post-money valuation of around $250 million. Post-allotment of the round, Tata Capital owns 10.58% shares in the company while ICICI Bank has a 9.34% stake. For a complete shareholding pattern, visit here. Auxilo’s revenue from operations grew 2X to Rs 178 crore in FY23 from Rs 87 crore in FY22 (the revenue includes net gain on fair value worth Rs 4.4 crore in FY23 and Rs 1.4 crore in FY22). It primarily makes money through processing fees, interest received on loan disbursements and commissions. As per TheKredible, the company’s profits also surged two-fold to Rs 25.7 crore during the year from Rs 12.4 crore in FY22. As of July 2023, Auxilo claims to have funded over 7,500 students across over 900 universities in over 25 countries. During FY22, the company’s loan book (asset under management) stood at Rs 769 crore comprising education loans of Rs 605.70 crore (78.73%) and institute loans worth Rs 163.60 crore (21.27%). While the company did not provide the breakup for FY23, its loan book stood at Rs 1,691 crore in the previous fiscal year.
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Varthana bags ₹120 crore to expand lending portfolio
Inshorts
·
7m ago
Medial
Education-focussed non-banking financial company (NBFC) Varthana has raised ₹120 crore (around $14 million) debt from BlueOrchard Microfinance Fund. In a statement, the company said that the funding was raised through an external commercial borrowing framework. The fresh proceeds will be used to expand its lending portfolio.
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