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Exclusive: NeoGrowth raises debt from UTI International

EntrackrEntrackr · 1y ago
Exclusive: NeoGrowth raises debt from UTI International
Medial

MSME-focused digital lender NeoGrowth has raised debt funding from UTI International Wealth Creator. This will be the second debt infusion in the Mumbai-based company in the ongoing calendar year. NeoGrowth's board has approved the issuance and allotment of up to 4,200 non-convertible debentures (NCDs) to raise up to Rs 42 crore (approx $5 million), its regulatory filings sourced from the RoC shows. These NCDs will carry an interest rate of 11.7% per annum. UTI International Wealth Creator 4 is a debt fund managed by Mumbai-based UTI Asset Management Company. The debt infusion in the company has come at a time when NeoGrowth is eyeing to raise Rs 500 crore growth capital through private equity investment. The firm managed assets worth Rs 2,750 crore by the end of the last fiscal year, and aims to close FY25 with Rs 4,000 crore AUM. NeoGrowth, an NBFC co-founded by Dhruv Khaitan and Piyush Khaitan, offers short-term unsecured loans to MSMEs, providing amounts of up to Rs 75 lakh with a tenure of up to 100 months. To date, the company has raised approximately $138 million through a mix of equity and debt funding from investors including MicroVest, FMO, Omidyar Network, DFC, and others. Neogrowth registered 57% growth in its gross revenue which spiked to Rs 601 crore in the fiscal year ending March 2024 from Rs 381 crore in FY23. Meanwhile, its profit before tax surged almost 4X to Rs 95 crore in the last fiscal year from Rs 24 crore in FY23.

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Exclusive: Ecozen to raise Rs 111 Cr debt from UTI and Spark Investment

EntrackrEntrackr · 2m ago
Exclusive: Ecozen to raise Rs 111 Cr debt from UTI and Spark Investment
Medial

Exclusive: Ecozen to raise Rs 111 Cr debt from UTI and Spark Investment Climate-focused deeptech startup Ecozen has raised Rs 111.6 crore (around $12.5 million) in debt funding from UTI International Wealth Creator and Spark Alternative Investment fund. According to its filing sourced from the Registrar of Companies (RoC), Ecozen’s board approved the issuance of 500 non-convertible debentures (NCDs) to Spark Alternative Investment Firm and 616 non-convertible debentures (NCDs) to UTI International Wealth Creator at a face value of Rs 10 lakh each to raise the amount as mentioned above. The proceeds will be used for immediate capital requirements for aiding the growth of the business. Founded by Devendra Gupta, Ecozen offers climate-smart deep tech solutions and core technology stacks, including motor controls, IoT, and energy storage that leverage solar power. The company has two core products, Ecotron and Ecofrost. Ecozen claims to have recorded a CAGR of over 83% in revenue growth over the past three years. The company has manufactured over 300,000 Ecotron solar pump controllers to date, with 100,000 units produced between March and December 2024 alone. Ecozen has raised $76.4 million in funding to date, with Nuveen as its lead investor. The company raised $23 million in debt in January this year from responsAbility Investments AG, Northern Arc Capital Limited, Maanaveeya Development & Finance Private Limited, and others. The company is yet to file its financial results for FY25. However, in FY24, Ecozen’s revenue from operations grew to Rs 458 crore as compared to Rs 293 crore in FY23. At the same time, the firm’s profit increased to Rs 20 crore in FY24. Ecozen competes with Powerflex, Inficold, and Khetworks. Its diverse product portfolio includes Ecotron, Ecofrost, Eco-Freeze, Ecozen atta chakki, Ecotron Omni, and e-bike controllers, catering to a range of industries and needs.

Exclusive: Ecozen to raise Rs 95 Cr debt from Momentum Capedge

EntrackrEntrackr · 28d ago
Exclusive: Ecozen to raise Rs 95 Cr debt from Momentum Capedge
Medial

Exclusive: Ecozen to raise Rs 95 Cr debt from Momentum Capedge Climate-focused deeptech startup Ecozen is raising Rs 95 crore (approximately $10.7 million) in debt funding from Momentum Capedge Limited. This is the third debt injection for the Pune-based company in the past 12 months. Before this, Ecozen had raised $12.5 million in debt from UTI International and Spark Capital, as well as $23 million from responsAbility Investments AG, Northern Arc Capital Limited, and others. The board at Ecozen has passed a special resolution for approval to issue 950 Series E non-convertible debentures (NCDs) at a face value of Rs 10 lakh each to raise Rs 95 crore, including a green shoe option of up to Rs 25 crore, according to its filing with the Registrar of Companies (RoC). According to the filing, the debentures carry an interest rate of 11.5% per annum with a tenure of 27 months, and the debt proceeds will be used for immediate capital requirements to aid the growth of the business. Founded by Devendra Gupta, Ecozen provides climate-smart deep-tech solutions built on core technology stacks such as motor controls, IoT, and energy storage, leveraging solar power. The company's key products include Ecotron (solar pump controller), Ecofrost (solar cold storage), solar AC, solar panels. According to startup data intelligence platform TheKredible, Ecozen has raised over $76 million to date through a mix of debt and equity. Nuveen Global and Omnivore are the company’s lead investors. For the fiscal year ended March 2025, the Pune-based company’s operating scale expanded over 2.3X to Rs 889 crore from Rs 377 crore in FY24, while profits surged 4.7X to Rs 95 crore. Ecozen competes with Powerflex, Inficold, and Khetworks.

Exclusive: Edu-fintech company Auxilo raises Rs 225 Cr debt

EntrackrEntrackr · 2m ago
Exclusive: Edu-fintech company Auxilo raises Rs 225 Cr debt
Medial

Exclusive: Edu-fintech company Auxilo raises Rs 225 Cr debt Auxilo, an education-focused non-banking financial company (NBFC), has secured Rs 225 crore (around $25.5 million) in debt funding from Neo Group, Nuvama Wealth, Dezerv, and The South Indian Bank. Earlier this year in February, Motilal Oswal invested Rs 50 crore in Auxilo through a debt round, as exclusively reported by Entrackr. The Auxilo’s board has issued 22,500 non-convertible debentures (NCDs) at a face value of Rs 1,00,000 each to raise the above-mentioned sum, according to its filing with the Registrar of Companies (RoC). Neo Group led the debt round with a Rs 100 crore ($11.36 million) investment, while Nuvama Wealth and Dezerv contributed Rs 50 crore each, and The South Indian Bank added Rs 25 crore. The debentures carry an interest rate of 9.7% per annum with a three-year tenure, while those issued to The South Indian Bank come at a 10% annual interest rate. Founded in 2016, Auxilo provides education loans to students for higher studies in India and abroad and to educational institutes for infrastructure modernization. Its educational loans include all the expenses related to the course, including classroom expenditures, pre-visa approvals, and airfares. For the fiscal year ended March 2025, Auxilo’s operating revenue rose nearly 50% to Rs 528 crore from Rs 357 crore in FY24. During the same period, the company’s profit surged 62% to Rs 112 crore.

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