Participated · Debt Financing · Jan 2024

Founded in 2016, Everest Fleet has grown into one of India’s largest shared-mobility fleet operators, supplying cars and goods vehicles to Uber, Ola, Rapido and other platforms across Mumbai, Delhi, Bengaluru, Hyderabad, Pune, Chennai and Kolkata. The firm’s 18,500-plus vehicles span CNG, electric and ICE formats, positioning it as Uber’s biggest fleet partner in India and the third-largest globally. Everest’s business model revolves around owning, leasing and managing these vehicles while partnering with drivers to serve ride-hailing demand. In FY24 the company more than doubled revenue to over INR 1,000 crore and booked a profit of INR 38 crore, demonstrating both scale and operating leverage. Management plans to deploy fresh capital toward working capital, capex and geographic expansion while accelerating the transition of its fleet to electric vehicles in line with India’s PM E-DRIVE initiative. Prior funding from investors such as Paragon Partners, Artha Capital and Rockstud Ventures has taken total capital raised to more than USD 75 million. Profitability, a diversified fuel mix and deep platform partnerships give Everest Fleet a strong footing for its next growth phase.

Led · Debt Financing · Dec 2023

Vivriti Capital provides lending solutions with a growing focus on financing companies in the e-mobility ecosystem. The firm intends to expand its green portfolio by lending to electric vehicle operators and charging-station developers, aligning with India’s EV30@2030 objectives. To support that strategy, Vivriti secured a three-year Rs 250 crore loan from Axis Bank, with GuarantCo providing a 50% on-demand credit guarantee to Axis Bank under a broader framework. The financing is intended to increase deployment of electric vehicles and charging stations and to reduce CO2 emissions. The transaction is estimated to create up to 665 jobs, roughly 30% of which are expected to be held by women. Founder and MD Vineet Sukumar said the deal will fuel Vivriti’s efforts to expand its green portfolio in India’s e-mobility landscape. Vivriti Capital Pvt Ltd is an RBI-registered non-banking financial company (NBFC) operating in India. The company announced it has closed its Series C funding round after raising an additional $30 million. The $30 million infusion came from TVS Shriram Growth Fund 3, a homegrown private equity fund managed by TVS Capital. The article does not disclose how the funds will be used or provide operating metrics such as revenue or users. No other investors, previous round amounts, or founding year were disclosed in the report. Vivriti Capital is a Chennai-based, tech-enabled credit investment platform and fintech NBFC that provides debt finance to mid-market enterprises across India. Led by founder and CEO Vineet Sukumar, the firm has built a franchise over five years with an INR 3,700 crore portfolio and more than 300 clients across 30+ sectors and 26 states. It currently manages a client asset base of about US$700 million and aims to grow that to over US$5 billion within five years. The company plans to use recent funding to expand its business and to invest in technology for acquisitions, product delivery, and portfolio management. Part of the proceeds will go to its subsidiary, Vivriti Asset Management, to build a global asset management platform focused on performing credits. Vivriti intends to become the largest technology-enabled mid-market debt lender in India. Vivriti Capital owns and manages CredAvenue, an online platform for enterprise debt and structured finance, founded in 2017 and based in Chennai. The platform claims 120+ institutional investors/lenders, 260+ enterprise clients and over five lakh individual and SME borrowers, and has enabled debt exceeding Rs 30,000 crore. The company intends to use newly raised funds to strengthen technological and analytical capabilities and to ramp up platforms specifically for co-lending and supply chain finance. Vivriti also plans to invest more in its asset management business to set up and launch unique funds spanning the BBB to AAA fixed-income universe. According to the founders, CredAvenue has secured a significant first-mover advantage in the Indian enterprise debt and structured finance space. Vivriti Capital is an online enterprise debt platform operating in India. The company has raised $50 million (Rs 350 crore) in a Series B funding round. The investment was made by LGT Lightstone Aspada. LGT Lightstone Aspada is described as the India-focused impact investment arm of LGT Lightstone. The funding was announced publicly. The article does not disclose additional operational metrics, past rounds, or use of proceeds.

Led · Debt Financing · Aug 2023

Founded in 2022, Spiro builds and operates dense networks of battery-swap stations for electric motorcycles and assembles vehicles in select markets. It also operates a battery recycling plant in Nigeria and has plans to expand into markets such as Ethiopia and the Democratic Republic of the Congo. The company reports deployments of more than 100,000 electric motorcycles and over 2,500 swap stations across seven African markets. Spiro combines vehicle financing, local manufacturing and energy infrastructure, including solar-powered swap stations and battery storage systems. Its recent $215 million equity raise, alongside prior raises of $100 million (led by Afreximbank’s FEDA) and $50 million in debt, positions the company to scale its network, manufacturing capacity and energy operations further. Spiro competes in a crowded African electric mobility market that includes players such as Ampersand, Roam and BasiGo.

Led · Debt Financing · Mar 2023

Northern Arc Capital Limited is an NBFC that focuses on financing retail microloans, MSME loans and green projects to advance financial inclusion. The company plans to deploy new capital to scale lending to underserved individuals and businesses and support sustainable economic growth. It operates lending platforms such as nPOS and Nimbus to facilitate seamless loan processing and debt management. Northern Arc reported assets under management of INR 10,081 crore and is backed by prominent equity investors. The firm has previously received financing from development institutions, including an $80 million facility from the IFC. Management emphasizes a commitment to transforming the financial sector for underserved customers and supporting SME and microenterprise growth. Northern Arc is an NBFC and financial services firm that focuses on increasing the supply of credit through lending, placement and fund management supported by a technology platform. The company uses its platform to originate and place financing to end customers across targeted sectors and districts. As of September 30, 2023, Northern Arc had facilitated over Rs 1.5 lakh crore in credit across 682 districts in 28 states and seven union territories in India, and reports assets under management of Rs 10,081 crore. The firm is backed by equity investors including Sumitomo Mitsui Banking Corporation, LeapFrog, 360 ONE (formerly IIFL), Accion, Augusta Investments (Affirma Capital), Dvara Trust and Eight Roads. The new capital is intended to support expansion to reach end customers and improve credit access across its focused sectors. Northern Arc Capital submitted preliminary papers to SEBI for an initial public offering in February, proposing fresh equity worth Rs 500 crore and an offer for sale of up to 2.1 crore equity shares by investor shareholders. Northern Arc mobilizes capital to extend credit to underbanked and low-income borrowers across multiple sectors such as microfinance, small business enterprises, commercial vehicle financing, affordable housing and education. The firm’s current initiative focuses on sustainably growing its loan portfolio through longer-tenor financing to non-banking finance companies. Under the described transaction Northern Arc will place a particular emphasis on female borrowers, with an expectation that at least 50% of beneficiaries will be women. The proceeds are intended to expand access to finance for rural and low-income customers and for small and medium-size enterprises. The facility is structured to be leveraged multiple times over its term, increasing the number of end borrowers reached. The deal positions Northern Arc to scale lending within targeted sectors while demonstrating a replicable model for longer-tenor support to NBFCs. Northern Arc Capital is a Chennai-based non-banking finance company that provides debt financing and differentiated credit solutions to underbanked customers, micro-borrowers, MSMEs and women entrepreneurs. The company raised debt capital and works through both direct channels and partnerships, and emphasizes digital delivery to expand access. It plans to deploy recent funding to improve access to financing for roughly 21,000 micro-borrowers and MSMEs and to support retention of an estimated 34,000 jobs. Northern Arc positions itself as a debt financing platform focused on financial inclusion and has worked in the sector for more than a decade. Over the last three years it has attracted financing from a range of international development investors. MD & CEO Ashish Mehrotra framed the transaction as evidence of the firm’s ability to forge partnerships with global DFIs and to enable broader access to financial services via digital channels and partners. Northern Arc Capital is a financial-services platform that arranges debt finance to originator partners serving under-served borrowers. The company uses raised capital to provide financing solutions to MSMEs and small-scale agri-businesses. The firm frames this work as part of its ESG goal of creating sustainable impact through efficient and reliable debt finance. Management says the transaction will deepen Northern Arc's foray into retail lending through partnerships. Since 2009, Northern Arc's originator partners have impacted over 54 million lives across India. Since the onset of the COVID pandemic, the debt platform has raised funds from international investors including JICA, USDFC, ADB, and FMO.

Participated · Debt Financing · Dec 2019

Kacific Broadband Satellites Group operates high-power satellites delivering high-speed broadband to underserved, remote and rural markets across Asia and the Pacific. Its first satellite, Kacific1, is focused on the Pacific and Southeast Asia and was scheduled to commence operations in early 2020 following launch. Kacific uses multi-beam space communications and ground technology to serve customers in areas with limited terrestrial connectivity. The company reported that a large number of customers in 25 nations had already signed up in anticipation of Kacific1 beginning service. Kacific’s headquarters are in Singapore, with operations out of Vanuatu. The announced long-term financing was intended to replace short-term facilities used to fund construction of the Kacific1 payload, associated infrastructure, and launch costs. Kacific is a satellite operator building a high-throughput Ka-band broadband service using multi-beam space communications technology to address underserved Pacific markets. The company plans to deliver service to South East Asia, New Zealand and the Pacific with its first satellite. Kacific has signed agreements representing over US$260 million of pre-sales contracts with governments, ISPs and telecom operators across eleven Asia-Pacific countries, including Indonesia. It is in the process of a Series A capital raise to reach financial close for the project. Recent agreed financings include US$20 million from a UK-based family office and US$2.3 million from two Australian private investors. The UK investment was arranged by Kacific’s advisor, Caniwi Capital. Kacific’s management says these investments should encourage further take-up of its service in target markets.