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Electronica Finance (EFL) has raised over Rs 100 crore ($15 million) through issuance of Compulsorily Convertible Preference shares to fund new rooftop solar projects.
New York headquartered Encourage Capital has taken a minority stake in EFL through its fund, Encourage Solar Finance, LP.
Encourage Capital was formed through a combination of Wolfensohn Fund Management, founded by former World Bank President, James D Wolfensohn and EKO Asset Management.
Edelweiss Financial Services was the investment banker to the transaction.
Shilpa Pophale, Managing Director, EFL said the company is growing at a rapid pace and continues to focus on the MSME sector, which despite being the new engine of growth has been facing numerous challenges, including availability of finance.
Besides financing machinery purchases of MSME, the incremental funds raised will help foray into the new rooftop solar financing business of MSMEs, he said.
Ameya Bijoor, Partner and Co-head, Climate Finance and Financial Inclusion, Encourage Capital, said EFL has a unique and scalable platform that supports MSMEs in financing their businesses, from energy efficient equipment finance to industrial property loans to the clean energy investments.
To date, EFL has served over 7,500 customers and has presence in 15 states through 55 branches and over 450 employees.
As on September 30, the company assets under management was Rs 1,350 crore. The company focuses on assessment-based financing, through varied products like machine loans, business loans, secured loans for micro enterprises etc.
Recently it raised $10 million through issuance of green Masala Bonds.
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