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Ecofy raises Rs 380.5 Cr in Series B round led by BII and Finnfund

EntrackrEntrackr · 17d ago
Ecofy raises Rs 380.5 Cr in Series B round led by BII and Finnfund
Medial

Ecofy, a non-banking financial company focused on climate change solutions, has raised Rs 380.5 crore (approximately $42 million) in a Series B equity round co-led by British International Investment and Finnfund, with participation from existing investors Eversource Capital and FMO. Entrackr had exclusively reported this development a week ago. The company had earlier raised Rs 90 crore in equity funding in January 2024 from FMO and later secured around Rs 110 crore through a long-term loan facility (debt) from Denmark’s Investment Fund for Developing Countries (IFU) in March 2025. The fresh funds will be deployed for expansion across rooftop solar, electric vehicles, and SME financing, underpinned by a strengthened balance sheet, experienced leadership, robust governance frameworks, and a high-performance, purpose-driven operating culture, Ecofy said in a press release. Co-founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan, Ecofy provides financing for economically sustainable climate initiatives, including electric vehicles (EVs), rooftop solar systems, energy-efficient equipment, energy storage, e-mobility, waste recycling, and water management, among others. Ecofy aims to be a catalyst in accelerating the transition toward a net-zero carbon world. It partners with individuals and small businesses seeking to reduce their carbon footprint and restore balance to the planet. The company plans to enter its next phase of growth by scaling high-quality retail green lending in partnership with banks and financial institutions. On the financial front, Ecofy’s revenue from operations surged 4.8X to Rs 93.3 crore in FY25 from Rs 19.19 crore in FY24. At the same time, its losses increased by 15.6% to Rs 42.28 crore. Over the past three years, Ecofy claims to have served more than 1,20,000 customers across rooftop solar, electric vehicles, and other sustainable asset categories. The company has grown its assets under management (AUM) to over Rs 1,400 crore, supported by a 100% retail loan book, partnerships with more than 100 OEMs and over 23 banks and financial institutions, strong asset quality, and a capital adequacy ratio of approximately 50% following the fundraise.

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Exclusive: Ecofy set to raise Rs 380 Cr led by British International Investment

EntrackrEntrackr · 23d ago
Exclusive: Ecofy set to raise Rs 380 Cr led by British International Investment
Medial

Exclusive: Ecofy set to raise Rs 380 Cr led by British International Investment Ecofy Finance, a non-banking financial corporation focused on climate change solutions, is set to raise Rs 380 crore (approximately $43 million) in its Series B equity round led by British International Investment. The company’s board has passed a special resolution to issue 20 equity shares and 38.05 crore Series B preference shares at a face value of Rs 10 each to raise Rs 380.5 crore, according to its regulatory filings sourced from the Registrar of Companies (RoC). British International Investment (BII) will lead the round with Rs 220 crore, while Finnfund Digital Access Impact Fund will invest Rs 70.5 crore. Existing investor FMO and promoter Green Growth Equity Fund (Eversource Capital) will contribute Rs 65 crore and Rs 25 crore, respectively. Following the round, GGEF (Eversource Capital) and FMO will hold 49.59% and 16.23% stakes in Ecofy, while new investors BII and Finnfund will own 20.36% and 6.53%, respectively. As per Entrackr’s estimates, the company is valued at around Rs 800 crore or $89 million post-allotment. According to the filings, the company aims to support sustainable private sector growth in developing and emerging markets by investing in businesses, projects, and financial institutions. The fresh proceeds will be used to meet its working capital requirements. Ecofy provides financing for economically sustainable climate initiatives, including electric vehicles (EVs), rooftop solar systems, energy-efficient equipment, energy storage, e-mobility, waste recycling, and water management, among others. The company had earlier raised Rs 90 crore in equity funding in January 2024 from FMO, and later secured around Rs 110 crore through a long-term loan facility (debt) from Denmark’s Investment Fund for Developing Countries (IFU) in March 2025. On the financial front, Ecofy’s revenue from operations surged 4.8X to Rs 93.3 crore in FY25 compared to Rs 19.19 crore in FY24. At the same time, its losses grew by 15.6% to Rs 42.28 crore. As an early mover into the financing space for solar and EVs, Ecofy has done well to build a portfolio that clearly meets with its backers' approval for quality. A big intangible is the learnings the firm has in terms of the issues that can impact credit quality in the segment. A real benefit is of course the distribution muscle as well. With a long, clear pathway for both solar growth and electrification of transport in India, competition has moved in of course, but Ecofy remains well placed to build on its learnings as an early mover.

Wint Wealth raises Rs 250 Cr in Series B round

EntrackrEntrackr · 2m ago
Wint Wealth raises Rs 250 Cr in Series B round
Medial

Wint Wealth raises Rs 250 Cr in Series B round Debt investment platform Wint Wealth has raised Rs 250 crore (nearly $28 million) in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round also saw participation from existing investors including Eight Roads Ventures, 3one4 Capital, Arkham Ventures, and Rainmatter. Last month, Entrackr had exclusively reported on the company’s Series B round and valuation. Prior to this round, Wint Wealth had raised about $22 million (Rs 173 crore) from investors including Eight Roads Ventures, Zerodha, 3one4 Capital, and Unitary Fund. The company last raised a $17 million Series A round. The proceeds will be used to scale the platform, expand product offerings, and strengthen its credit and compliance infrastructure. Wint Wealth is also expected to deepen partnerships with issuers and improve distribution of fixed-income products to retail investors. Founded in 2020, Wint Wealth allows retail investors to invest in fixed-income products such as corporate bonds, securitized debt instruments, and non-convertible debentures (NCDs) asset classes that were largely limited to institutional investors earlier. The firm operates as a SEBI-registered Online Bond Platform Provider, enabling individuals to access listed bonds digitally. The Bengaluru-based startup has been focusing on building a transparent and regulated marketplace for debt investments, as more retail investors look beyond equities and mutual funds for stable returns. Wint Wealth is yet to file its FY25 numbers. In FY24, the company posted Rs 17.2 crore operating revenue with a loss of Rs 18 crore. According to data compiled by Entrackr, Indian wealthtech startups raised over $634 million across 51 deals involving 39 startups during 2024 and 2025. However, the sector saw limited large-ticket rounds, with only six deals of $30 million or more.

MS Dhoni-backed Garuda Aerospace raises Rs 100 Cr in Series B round

EntrackrEntrackr · 11m ago
MS Dhoni-backed Garuda Aerospace raises Rs 100 Cr in Series B round
Medial

MS Dhoni-backed Garuda Aerospace raises Rs 100 Cr in Series B round Drone technology startup Garuda Aerospace has raised Rs 100 crore ($11.6 million) in its Series B funding round led by Venture Catalysts (VCAT) at a post-money valuation of $250 million. Previously, the firm had raised $22 million in its Series A round led by Venture Capital firm SphitiCap in February 2023. The fresh proceeds will be used to scale up drone manufacturing, enhance production capabilities, and complete an R&D and testing center focused on defense drone technology. Founded in 2015 by Agnishwar Jayaprakash, Garuda has grown to a team of over 200 members and manufactures 30 drone types while offering 50 services. Garuda currently holds over 20 patents and operates a fleet of over 400 drones with 500 trained pilots across 84 cities. It serves clients including government agencies and major corporations such as TATA, Reliance, and Adani. It has also partnered with global companies like Lockheed Martin and Elbit Systems. As per TheKredible, Garuda Aerospace’s revenue from operations grew by 2.3X to Rs 110 crore in FY24 from Rs 47 crore in FY23. Its net profit reached Rs 16 crore in FY24, a 2.7X increase from Rs 6 crore in the previous year. Garuda competes with the likes of ideaForge, Aarav Unmanned Systems, Throttle Aerospace Systems, General Aeronautics, and Omnipresent Robot Tech in the drone manufacturing and drone-as-a-service (DaaS) segment across defense, agriculture, and industrial applications.

Solar platform Aerem Solutions raises $15 Mn in pre-Series B

EntrackrEntrackr · 2m ago
Solar platform Aerem Solutions raises $15 Mn in pre-Series B
Medial

Solar platform Aerem Solutions raises $15 Mn in pre-Series B Distributed solar platform Aerem Solutions has raised $15 million (Rs 136 crore) in a pre-Series B funding round led by SMBC Asia Rising Fund, the venture arm of Sumitomo Mitsui Banking Corporation (SMBC). Existing investors British International Investment (BII), UTEC, Blume Ventures, Avaana Capital, Riverwalk Holdings, and SE Ventures (Schneider Electric) also participated in the round. With this infusion, Aerem’s total funding has reached approximately $34.5 million. Prior to the current round, the Mumbai-based startup had raised Rs 100 crore (around $11.7 million) in April last year, led by UTEC. In 2023, it had raised $5 million in an earlier funding round led by Avaana Capital. The fresh capital will be used to expand Aerem’s pan-India footprint, strengthen its EPC and installer partner network, and drive solar adoption among MSMEs and residential customers. The company also plans to invest in improving affordability, execution quality, and post-installation performance visibility. Founded in 2021, Aerem operates a full-stack platform for distributed solar adoption in India, integrating solar financing, an equipment marketplace, and a technology layer spanning system design, procurement, financing, and asset monitoring. It primarily serves MSMEs, homeowners, EPCs, and financial institutions. To date, Aerem claims to have enabled over 1,200 MW of solar capacity and financed more than 2,000 projects across the country. The company works with over 3,200 installation partners across 150 cities in India.

WorkIndia raises Rs 97 Cr in Series B led by Aavishkaar Capital

EntrackrEntrackr · 3m ago
WorkIndia raises Rs 97 Cr in Series B led by Aavishkaar Capital
Medial

WorkIndia raises Rs 97 Cr in Series B led by Aavishkaar Capital Blue and grey-collar job portal WorkIndia has raised Rs 97 crore (about $10.8 million) in a Series B funding round led by Aavishkaar Capital. Existing investor BEENEXT Capital participated with a Rs 22 crore contribution, while Aavishkaar Capital invested Rs 75 crore in the round. This is the first funding for the company in nearly 3 years since it raised $12 million in January 2023, led by SBI Holdings, Nintendo founding family and others. The proceeds will be used to strengthen WorkIndia’s technology platform, improve its employer-candidate matching systems, and expand operations into high-demand regions. The company said it also plans to invest in product innovation to support both job seekers and businesses seeking workforce solutions. Co-founded by Kunal Patil, Nilesh Dungarwal, and Moiz Arsiwala, WorkIndia is a job platform focused on blue- and grey-collar workers, offering opportunities across 50 categories including tele-calling, field sales, delivery roles, and more. According to startup data platform TheKredible, WorkIndia has raised around $30 million to date from investors such as BEENEXT, Xiaomi, SBI Holdings, Insitor, and others. BEENEXT is the largest external shareholder, holding an 11.31% stake before this round, followed by Xiaomi at 7.3%. The co-founders collectively hold a 32.1% stake in the company. For the fiscal year ended March 2025, WorkIndia posted a 25% year-on-year increase in operating revenue to Rs 78.7 crore, while narrowing its losses by 25% to Rs 23.06 crore.

Burger Singh raises Rs 82 Cr in Series B round at Rs 520 Cr valuation

EntrackrEntrackr · 14d ago
Burger Singh raises Rs 82 Cr in Series B round at Rs 520 Cr valuation
Medial

Burger Singh raises Rs 82 Cr in Series B round at Rs 520 Cr valuation Homegrown burger chain Burger Singh has announced the closure of its Series B funding round at Rs 82 crore (nearly $9 million) at a valuation of Rs 520 crore ($56 million). The round was led by Artal Asia Pte Ltd and saw participation from a mix of new and existing investors such as Negen Undiscovered Value Fund, Aurum Rising India Fund, and others. Entrackr had exclusively reported about this round back in July last year. The company will use the fresh capital to strengthen the systems, processes, and infrastructure required to build India’s most scalable franchise-first restaurant growth platform, Burger Singh said in a press release. Burger Singh runs a hybrid model with both company-owned and franchise-led outlets, serving a range of burgers, momos, fries, beverages, and desserts. The chain currently has over 200 outlets across 75 cities and aims to scale its footprint to more than 1,000 outlets by 2026. “India has no shortage of entrepreneurs. What it lacks is enough high-quality operating platforms that allow those entrepreneurs to succeed in the restaurant business at scale. That is the gap we are solving,” said Kabir Jeet Singh, Founder and CEO of Burger Singh. The company has reported 50% year-on-year growth to Rs 117 crore in FY25 from Rs 78 crore in FY24. Meanwhile, the net losses of the firm shrank by 86% to Rs 3.86 crore in FY25. It competes with both global and local QSR chains (quick service restaurants) such as McDonald’s, Burger King, Wendy’s, Jumboking, Wat-a-Burger, Burgernama, and several others.

Decentro raises Rs 30 Cr in Series B, to shift domicile to India

EntrackrEntrackr · 10m ago
Decentro raises Rs 30 Cr in Series B, to shift domicile to India
Medial

Decentro raises Rs 30 Cr in Series B, to shift domicile to India Y-Combinator-backed fintech startup Decentro has raised Rs 30 crore in its Series B funding round led by InfoEdge Ventures, with participation from Stargazer Growth and existing investors such as Uncorrelated Ventures. Entrackr has exclusively reported the Series B round recently. The proceeds will be used to grow enterprise adoption, expand product capabilities, and strengthen go-to-market efforts across financial institutions. Co-founded by Rohit Taneja and Pratik Daudkhane, Decentro’s offerings cover consumer and business verification, payment infrastructure for collections and disbursals, and AI-driven debt recovery systems. The API banking platform, which processes over Rs 50,000 crore in annual payment volumes, plans to shift its parent entity from Singapore to India within the next 12 to 18 months. The company claims to be profitable and serves more than 1,300 businesses including NBFCs, digital lenders, banks, and fintech firms. Recently, it launched Scanner, a real-time risk assessment engine, and Neobot, a multilingual AI voice agent focused on debt collections. As per TheKredible, Decentro reported a 47% year-on-year increase in operating revenue to Rs 17.7 crore in FY24 from Rs 12 crore in FY23. However, the company slipped into a loss of Rs 2.46 crore during the same period, after posting a profit in the previous fiscal.

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