Participated · Equity · Jun 2026

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 · Equity · Feb 2026

Mumbai-based Radiance Renewables is a clean-energy platform backed by Eversource Capital that focuses on supplying renewable power to India’s commercial and industrial (C&I) sector. The company deploys rooftop solar, open-access solar farms, and complementary battery storage to help businesses lower electricity costs and secure reliable green power. Radiance has scaled its operational solar capacity from 38 MW to nearly 600 MW in just four years and now has close to 1 GW of projects either operating or under construction. With fresh growth capital, it plans to build and operate an additional 926 MW of solar capacity across the country. Rising electricity tariffs and supportive Indian regulations are driving demand for its offering, providing a large addressable market. The firm’s prior financings include a ₹5.5 billion (≈$62.6 million) facility from NIIF Infrastructure Finance and a $90 million green loan for a 150 MW greenfield project in Maharashtra, highlighting an ability to attract both equity and debt capital.

Participated · Debt Financing · Aug 2025

Founded in 2010, Clean Max Enviro Energy Solutions (CleanMax) develops, owns and operates renewable energy assets that serve commercial and industrial clients across sectors such as data centres, cement, steel, FMCG and real estate. The company delivers power through long-term supply agreements, offers EPC as well as operations and maintenance services for on-site and farm-based solar, wind and hybrid plants, and provides carbon credit and broader net-zero advisory solutions. According to a CRISIL report, CleanMax had 2.80 GW of operational, owned and managed capacity and 3.17 GW of contracted capacity under execution as of 31 October 2025. For FY25, the company recorded ₹1,496 crore in operating revenue, up 8 % year-on-year, while EBITDA rose 37 % to ₹1,015 crore, demonstrating improving operating leverage. Management is positioning the business to capitalise on growing corporate decarbonisation mandates and expects the upcoming IPO proceeds to fund further capacity expansion. The diversified customer base and service suite underpin CleanMax’s strategy to remain a leading integrated renewable partner for Indian enterprises.

Led · Series C · Sep 2024

Redcliffe Labs operates an omnichannel diagnostics platform offering lab testing, an extensive collection network and home‑collection services. The company serves over 7 million patients across more than 220 cities via 80 labs and 2,000+ collection centers. It plans to expand into Tier II and III Indian cities, open new labs, enhance its collection network and scale home‑collection offerings. Growth has been supported by strategic acquisitions in North‑Western India and partnerships with diagnostic chains. Leadership hires include Ankur Shah as an independent director and Alka Saxena as CFO, and the company highlights NABL accreditation and Six Sigma practices. Financially, operating revenue grew 2.6x to ₹347 crore in FY23 while losses widened fivefold to ₹345.6 crore, reflecting rapid expansion investments. Redcliffe Lifetech is a Noida, India–based diagnostics company that delivers pathology and specialised testing through an omni-channel infrastructure. Its network comprises 22 labs across 14 cities, several of which are NABL accredited, supported by a fleet of 400 phlebotomists operating in 100+ cities and an offline network of 500 collection centres. The company offers more than 3,500 different pathology and specialised tests, including genetics, at affordable prices. Redcliffe plans to expand its geographic reach across India with a focus on tier 2, 3 and 4 cities, scale its platform, and increase product offerings to radiology, disease data profiling and lifestyle management. Led by founder Dheeraj Jain, the business combines online channels, home sample collection, and an extensive offline footprint to reach consumers. The company will use the new funding to execute these expansion and product plans.

Led · Equity · Feb 2024

Founded in 2014, Smart Joules offers a suite of products that combine performance-based energy efficiency contracts (JoulePays), cooling-as-a-service (JouleCool) and an AI-driven building management platform (DeJoule). The company follows an efficiency-first model, funding retrofits itself and getting paid from the verified savings it delivers to customers. Its solutions target commercial and industrial facilities such as manufacturing plants, large buildings and district cooling projects across India. To date, Smart Joules claims to have conserved 32.1 crore kWh of electricity, cut 2.4 lakh tonnes of CO₂ emissions and saved clients Rs 266 crore in energy costs. The firm plans to expand its footprint across additional facilities while bolstering its technology, data systems and on-ground execution teams. Looking ahead, Smart Joules is aiming to help customers avoid a cumulative 29 million tonnes of carbon emissions by 2030. The business has attracted both equity and debt capital to finance these growth initiatives.