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EV financing startup Ascend Capital raises Rs 50 Cr
Inshorts
·
1y ago
Medial
Commercial electric vehicle financier Ascend Capital has raised Rs 50 crore in a Series A funding round led by InfoEdge Ventures and Asha Ventures. The company said it will use the capital to expand its loan book. It added it hopes to cross Rs 300 crore in assets under management over the next two years.
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EV Financing Startup Ascend Capital Bags INR 50 Cr For Business Expansion
Inc42
·
1y ago
Medial
EV financing startup Ascend Capital has raised INR 50 Cr in its Series A funding round to fuel its expansion plans. The funding round was co-led by InfoEdge Ventures and Asha Ventures. Ascend Capital aims to become a leading player in India's mobility finance industry and plans to expand its book across multiple geographies, targeting an AUM of INR 300 Cr in the next two years. The company faces competition from other players in the EV financing space such as Revfin, Mufin Green Finance, Ecofy, and Vidyut.
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Chargeup partners with Credit Fair and Ascend Capital
Thehindubusinessline
·
1y ago
Medial
Chargeup, an EV platform offering Energy-as-a-Service, has partnered with non-banking financial corporations (NBFCs) Credit Fair and Ascend Capital. The collaborations will enable the facilitation of ₹100 crore as quick and secure loans in FY25. Chargeup aims to provide driver-centric financial solutions for EVs, including financing and asset lifecycle management. Credit Fair aims to offer subsidy-independent and cost-effective credit to ease the transition to EVs, while Ascend Capital focuses on empowering drivers in underserved Tier-II and -III cities in India. The partnerships aim to contribute to creating a sustainable and inclusive EV ecosystem.
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CredAble raises Rs 30 Cr from SIDBI
Entrackr
·
1y ago
Medial
Fintech startup CredAble has raised Rs 30 crore ($3.6 million) in debt funding from SIDBI. The fund will be used to scale up its operations and extend affordable financing solutions to MSMEs and women-led businesses in India, CredAble said in a press release. Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble provides working capital to large, mid, and emerging corporates, as well as micro, small, and medium enterprises (MSMEs), and financial institutions. Beyond traditional banking and loan products, the company has built a comprehensive working capital infrastructure for digitising corporate-led financing and underwriting needs. CredAble’s platform hosts over 125 corporate customers, over 3,50,000 small business borrowers, and more than 35 large financial institutions and banks. The company recently had dedicated Rs 200 crore to back women-led enterprises and has supported more than 50 such businesses across India over the course of 10 months. In March, CredAble raised $10 million in a new round from Singapore-based Equentia Natural Resources. It has raised nearly $60 million to date. CredAble’s revenue from operations grew 2.78X to Rs 13.94 crore in FY23 from Rs 4.92 crore in FY22. In pursuit of growth, the losses of the company surged 3.37X to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22.
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This startup is bridging the gap in EV servicing with AI-powered battery diagnostics
YourStory
·
19d ago
Medial
E-Vega Mobility Labs, founded in 2019, addresses the gap in EV servicing with EV Doctor, an AI-powered device diagnosing battery health within 15 minutes. Serving over 1,500 B2B clients globally, it offers a faster alternative to traditional methods, enhancing customer satisfaction and workshop efficiency. Bootstrapped with Rs 50 lakh, the startup has generated over Rs 4.5 crore in revenue. It plans to integrate battery intelligence into EV financing models and expand product capabilities.
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Vidyut raises $10 Mn in Series A led by 3one4 Capital
Entrackr
·
1y ago
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.
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Ascend Elements Raises Additional $162M in Funding
Finsmes
·
1y ago
Medial
Westborough-based company Ascend Elements has raised an additional $162 million in funding to support the construction of its Apex 1 EV battery materials manufacturing facility in Kentucky. The round was led by Just Climate, Clearvision Ventures, and IRONGREY, and brings the total amount raised by the company to $704 million. Ascend Elements is focused on producing sustainable lithium-ion battery materials through EV battery recycling and commercial-scale production of battery precursor and cathode active materials. Its proprietary technology allows for more efficient and cost-effective production methods with reduced greenhouse gas emissions.
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ProsParity raises $2 Mn pre-seed round from BEENEXT, others
Entrackr
·
1y ago
Medial
Fintech startup ProsParity has raised $2 million in its pre-seed round from global institutional investors such as BEENEXT, Sparrow Capital, All In Capital, DeVC, and Huddle Ventures. Angel investors like Dr Ashish Gupta (co-founder of Junglee and Helion Ventures), Raj Dugar (ex-Eight Roads Ventures), Dhyanesh Shah (co-founder of Mosaic Wellness), Abhishek Goyal (co-founder of Tracxn) and Nitin Kaushal (co-founder of Country Delight) also participated in this round. The funds will be used for building proof of concept, technology, and expanding origination networks, starting with central India. ProsParity is also building a comprehensive partnership network across original equipment manufacturers (OEMs), fleet operators, dealerships, and lenders. Founded by Saurabh Khodke and Anirudh Dhakar, ProsParity is an end-to-end electric mobility financing platform that focuses on compliance, scalability, and agility for lenders, while easing access to financing relationships for EV dealers and OEMs to enable financing for their end-customers. Through its proprietary platform and approach of origination, the firm aims to aggregate the demand for financing on a single platform for the lenders to channelize their capital in the emerging EV financing asset class.
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Fintech startup QuiD Cash raises $4.5 Mn in pre-Series A round
Entrackr
·
7m ago
Medial
Supply chain fintech startup QuiD Cash has raised $4.5 million (around Rs 38.23 crore) in its pre-Series A round from a host of angel investors, including Piyush Jain and existing backer MINTCAP. Earlier in 2024, QuiD had raised Rs 5 crore in its pre-seed funding led by Mint Cap Enterprises and Stone Park Capital. The proceeds will be used for technology enhancement and business growth. The firm has also launched QuiD Capital, an NBFC designed to facilitate anchor-led invoice financing. Founded by Subhash Gupta and Vikram AG, QuiD Cash provides tech-based financial solutions through its B2B supply chain platform. It serves around 8,000 users and partners with over 20 major companies in the FMCG, automotive, pharmaceuticals, and agriculture industries. These companies handle transactions worth Rs 50 crore to RS 250 crore every month. The firm operates with a team of 40 employees and plans to expand to 50 people next year. It aims to onboard 5 lakh retailers in the next two years.
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Digital lending startup LoanTap raises pre-Series C round
VCCircle
·
1m ago
Medial
Digital lending startup LoanTap, supported by venture capital firms like 3one4 Capital, has secured Rs 54 crore ($6.2 million) in a pre-Series C equity funding round. The Pune-based company aims to expand its supply chain financing for small retailers. CEO Satyam Kumar emphasizes leveraging the momentum in India's MSME sector to enhance invoice financing and empower MSMEs. Founded in 2016, LoanTap offers personal and MSME loans, reporting improved financial performance in recent years.
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StrideOne acquires ‘strategic’ stake in MoEVing
Livemint
·
1y ago
Medial
StrideOne Capital Pvt. Ltd has acquired a strategic stake in MoEVing Urban Technologies Ltd, an electric vehicle tech startup. The deal will allow StrideOne to enter the last-mile EV financing sector. The financial details of the agreement were not disclosed. StrideOne will provide capital for MoEVing's overall business and help with fleet electrification, while MoEVing's last-mile data will enhance StrideOne's EV underwriting. StrideOne intends to deploy ₹1000 crore in EV financing over the next 12-18 months. MoEVing offers logistics solutions to optimize costs and reduce emissions for various industries.
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