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Electric Vehicle financing firm Mufin Green raises $5 Mn

EntrackrEntrackr ยท 1y ago
Electric Vehicle financing firm Mufin Green raises $5 Mn
Medial

Electric vehicle financing platform Mufin Green Finance has raised $5 million in a debt funding round led by BlueOrchard. Last month, Mufin raised Rs 140 crore (approximately $17 million) in a Series B round of equity funding, on top of Rs 530 crore raised in debt funding, last financial year. The funds will be utilised to propel its initiatives in the green and energy space, driving innovation, and facilitating sustainable development, Mufin said in a press release. Founded in 2016 by Kapil Garg, Mufin Green Finance provides financing options for EVs across two, three and four-wheelers. With a presence in 16 states across India, it has financed EVs worth over Rs 350 crore to date. Mufin claims to have recorded a 12-fold growth in just two years. The AUM for Mufin Green Finance stood at Rs 502 crore as of December 2023 and the company is expecting to close FY24 with an AUM of Rs 650-700 crore. In the electric vehicle financing space, Muffin competes with Revfin, Finayo, Vidyut, OTO, evfin, and Hero FinCorp, among others. Recently, Revfin raised $14 million in a Series B round led by Omidyar Network.

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EV financing startup Vidyut raises $5 Mn in Series A

EntrackrEntrackr ยท 1y ago
EV financing startup Vidyut raises $5 Mn in Series A
Medial

EV financing and vehicle lifecycle management platform Vidyut has raised $5 million or Rs 40 crore in its Series A round. This is the first round of investment for the Bengaluru-based company this year. The board at Vidyut has passed a special resolution to issue 6,185 Series A CCPS at an issue price of Rs 64,690 per share to raise $5 million or R 40 crore, its regulatory filing accessed from the Registrar of Companies shows. 3one4Capital spearheaded the round with Rs 22.2 crore while Zephyr Peacock India Fund and Saison Capital pumped in Rs 7.1 crore and Rs 8 crore respectively. LetsVentures, Angellist, and high-profile angles including Sujeet Kumar and Rajiv J Chaudhri cumulatively poured Rs 2.7 crore during the round. As per the data intelligence platform TheKredible, the company has been valued at around Rs 148 crore or $18 million post-allotment. Following the fresh proceeds, 3one4Capital became the largest external stakeholder with 15% followed by Zephyr Peacock India Growth Fund and Saison Capital which commands 13.96% and 5.41% respectively. Head to TheKredible for the complete captable. Vidyut has further passed a resolution to expand its ESOP pool by adding 768 fresh options which increased its pool size to 1,879 Esops. As per TheKredible estimates, its ESOP pool is now worth Rs 12.1 crore. The company had closed its seed round of $4 million in a mix of equity and debt led by Force Ventures, Veda VC, and a group of marquee angles including Sujeet Kumar, Kunal Shah, Shriharsha Majety, and others. Founded in 2021, Vidyut focuses primarily on serving commercial vehicle fleet owners. The company offers electric vehicle (EV) financing and ownership plans designed to mitigate the risks associated with owning a battery. The two years old company is in the pre-revenue stage which posted an income of Rs 68 lakh with a loss of Rs 3 crore during the previous fiscal year ended March 2023. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. Recently, Revfin raised $14 million in Series B round led by Omidyar Network.

EV financing startup Perpetuity Capital raises Rs 7 Cr

EntrackrEntrackr ยท 1y ago
EV financing startup Perpetuity Capital raises Rs 7 Cr
Medial

Perpetuity Capital, a fintech platform specializing in clean-tech mobility, has raised Rs 7 crore through Non-Convertible Debentures (NCDs) from N+1 Capital and RevX Capital. Perpetuity Capital plans to utilise these funds to enhance its lending capabilities and expand its loan book, particularly focusing on the regions of East India. This strategic move is aimed at promoting the adoption of environmentally friendly mobility solutions in these states. Led by Karamveer Dhillon, Perpetuity Capital helps delivery drivers and autorickshaw drivers avail finance to purchase electric vehicles for commercial use. In October 2023, Perpetuity Capital raised Rs 5 crore in debt from Clime Finance. In the electric vehicle financing space, Perpetuity Capital competes with Vidyut, Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. Revfin raised $14 million in Series B round led by Omidyar Network in December whereas Vidyut raised $10 million in February this year.

Rooftop solar focused NBFC Dugar Finance raises $3 Mn in debt

EntrackrEntrackr ยท 29d ago
Rooftop solar focused NBFC Dugar Finance raises $3 Mn in debt
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 UKโ€™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.

Vidyut raises $10 Mn in Series A led by 3one4 Capital

EntrackrEntrackr ยท 1y ago
Vidyut raises $10 Mn in Series A led by 3one4 Capital
Medial

EV financing and vehicle lifecycle management platform Vidyut has raised $10 million in its Series A round led by 3one4 Capital. The round also saw participation from new and existing investors including Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital and Udaan CEO Sujeet Kumar. The Series A round is a mix of equity and debt funding. Entrackr had exclusively reported about Vidyutโ€™s new fundraise earlier this month. Previously, it closed its seed round of $4 million in a mix of equity and debt led by Force Ventures and others in December 2022. This funding emphasizes the companyโ€™s commitment to improve EV ownership for SMBs and the startup will utilize the new funds to scale its offerings to the EV ecosystem, the startup said in a press release. Vidyut, which offers EV insurance, lifecycle management, and EV resale, is also looking to expand its presence to 40 Indian cities. The company will also double its team size by the end of FY25 as it prepares to build a full stack EV ecosystem. Founded in 2021 by Xitij Kothi and Gaurav Srivastava, the company offers a battery subscription ownership plan powered by proprietary asset-underwriting algorithms. It already offers ownership solutions for Mahindra, Piaggio, Altigreen, Murugappa Groupโ€™s Montra Electric, Euler Motors and OSM vehicles. The two-year-old company was in the pre-revenue stage until FY23 and posted an income of Rs 68 lakh with a loss of Rs 3 crore during the last fiscal year. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. The Indian startup ecosystem has seen an uptick in funding for EV financing focused startups in the past couple of months. In December, Revfin raised $14 million in Series B round while Mufin and OTO raised $17 million and $10 million, respectively, earlier this month.

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