🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Electric Vehicle financing firm Mufin Green raises $5 Mn

EntrackrEntrackr · 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.

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

EntrackrEntrackr · 1m 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 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.

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

EntrackrEntrackr · 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 Vidyut’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 company’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 Group’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.

EV financing startup Perpetuity Capital raises Rs 7 Cr

EntrackrEntrackr · 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.

Download the medial app to read full posts, comements and news.