Gurugram-based RupeeRedee’s captive NBFC platform FincFriends has raised 3.5 million (around Rs 28.7 crore) from its existing shareholder, Digital Finance International (DFI).
This new funding brings the total raised by the digital lending platform to $11.6 million in equity including the last round in September 2022, the company said in a release. It had raised $1.1 million in September last year.
The company said that the investment will fuel its growth plans and will allow it to scale operations, expand its product offerings, and further its efforts in driving financial inclusion in emerging markets. The company is aiming to disburse loans worth 1,000 crores in the ongoing financial year.
RupeeRedee is expecting shareholders to invest another $10 million in FincFriends by the end of the financial year.
Listed non-banking financial company (NBFC) Mufin Green Finance on Monday said that it has raised Rs 8 crore (around $1 million) from the Shell Foundation, the charity arm of oil and gas major Shell Plc.
Mufin, which was founded in 2016, will use the funds to create a $2 million joint de-risking pool in the form of FLDG (First Loan Default Guarantee). It said that the pool will unlock commercial capital for 2-wheelers and 3-wheeler electric vehicles (EVs) finance for low-income transporters in India at scale from larger financial institutions like IREDA (Indian Renewable Development Agency), SBI(State Bank of India) and others.
Prior to this, Mufin had raised $7 million (Rs 58 crore) in debt funding by way of green bonds from impact investment firm, Symbiotics Investments. It also had bagged Rs 45 crore in equity funding in its Series A funding round from Incofin India Progress Fund (IPF).
To date, the Delhi-headquartered company claims to have financed EV assets worth more than Rs 350 crore. It’s asset under management (AUM) currently stands at Rs 300 crore.
Agritech platform Farmology has secured an undisclosed amount in its seed funding round led by iAngels, which is backed by India Accelerator.
The round also saw participation from high net-worth individuals (HNIs) and industry veterans such as Sunil Nair and Siladitya Sarangi, among others.
Farmology plans to use the funds to better the technology, strengthen the team and scale up target geographies with their unique business model innovation.
Founded in 2019, the Kolkata-based startup helps farmers solve their pre-harvest stage problems using agri-inputs and digital crop advisory. It claims that its app uses technologies like AI/ML (artificial intelligence/machine learning), satellite imagery, image recognition, and IoT (internet of Things).
Farmology platform also allows farmers to sell their produce. It claims that it has served more than 35000 farmers in crops like tea, paddy, potato, banana, and vegetables, among others.
