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Fibe raises $35 Mn in Series F round led by IFC

EntrackrEntrackr · 3m ago
Fibe raises $35 Mn in Series F round led by IFC
Medial

Consumer lending company Fibe has raised $35 million in Series F funding round led by International Finance Corporation (IFC), a member of the World Bank Group. To date, the company has raised over $266 million in equity (including secondaries) and is backed by prominent investors including TPG’s The Rise Fund, Norwest Venture Partners, Eight Roads Ventures, TR Capital, Piramal Finance, and Chiratae Ventures. The firm closed its $90 million Series E round in June 2024 and $110 million Series D in August 2022. Its lending arm EarlySalary recently received Rs 250 crore ($26.5 million) through non-convertible debentures (NCDs) from a clutch of investors including AK Capital Finance, Franklin Templeton AIF, and Vivriti Alpha. The fresh proceeds will be used to enhance our product suite further and deliver a unified experience across borrowing, saving, investing, and payments while remaining focused on responsible credit and positive socio-economic outcomes, Fibe said in a press release. Co-founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe offers a broad suite of products including personal loans, long-term loans, loans against mutual funds, digital fixed deposits, and sector-focused impact loans spanning healthcare, education, and solar rooftop installations. Fibe claims that it has facilitated more than 9 million loans to date making it a major fintech player in healthcare and education financing. It has expanded its footprint to more than 940 cities across India, deepening access through technology-led outreach and scaling its lending portfolio with over 8,500 partner centers, and more than 50 channel partners. The company is yet to file its FY25 numbers. During the fiscal year ended March 2024, its consolidated revenue surged 2X to Rs 812 crore from Rs 392 crore in FY23. At the same time, profits for the company spiked 18X to Rs 101 crore in FY24, compared to Rs 5.4 crore in FY23.

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

EntrackrEntrackr · 9m 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.

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.

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.

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