Led · Debt Financing · May 2026

MAX operates a full-stack electric mobility and fintech business that supplies electric two- and three-wheelers to commercial drivers—called "Champions"—through a Pay-As-You-Go (PAYGO) financing model. The company combines vehicle sales/financing, battery-swapping stations, and proprietary IoT-enabled fleet management software to monitor vehicle health and driver payments. MAX assembles locally with production capacity of about 3,600 units per month and reports profitability in Nigeria. It is pursuing expansion into Ghana and Cameroon and aims to reach 250,000 drivers by 2027. To fund growth of its capital-intensive fleet and infrastructure, MAX is adopting an asset-backed lending structure and has begun attracting institutional debt such as the $8M facility from Triple Jump, following a prior $24M mixed equity and debt round that included Equitane DMCC and Novastar. The company faces regional competitors like Spiro and Ampersand but emphasizes deep integration of finance, hardware, and software as its differentiator.

Participated · Debt Financing · Jan 2026

Varthana Finance operates as an NBFC dedicated to the affordable education sector, underwriting loans that help low- and middle-fee private schools improve facilities, purchase assets, and expand capacity. The firm’s core offering is long-term, tailored financing that enables schools—especially those in peri-urban and rural areas—to invest in classrooms, technology, and critical water, sanitation, and hygiene (WASH) infrastructure. By targeting this underserved segment, Varthana aims to raise overall learning standards and attendance, with a particular emphasis on improving outcomes for girls. International impact investors have consistently backed the model for its blend of social returns and prudent lending practices. In its latest transaction, the company secured about USD 16.5 million in debt, underscoring healthy lender confidence and giving Varthana fresh capacity to grow its loan book. Management believes the added capital will translate into safer, healthier learning environments and support millions of students nationwide. Although the company keeps its operating metrics private, the scale of its recent raise indicates continued momentum in both reach and balance-sheet strength.

Participated · Equity · Feb 2024

ecoligo provides solar-as-a-service solutions by financing and implementing solar installations for commercial and industrial clients in emerging markets, working with private and retail investors. The company has implemented 130 solar systems globally valued at €40M and operates in 11 countries including Kenya, Vietnam and Chile. Its projects are anticipated to prevent over 1.7 million tons of CO2 emissions over their expected lifespan, and the company says its fully financed Solar-as-a-Service projects have saved over one million tonnes of CO2. ecoligo maintains offices in Berlin and several international locations (Accra, Nairobi, San José, Santiago de Chile, Ho Chi Minh City and Manila). Founded in 2016, the firm focuses on expanding access to affordable solar for commercial customers while generating impact for investors. Recent plans include strengthening its market presence in the solar project sector and introducing and extending new financial products in Germany and selected European countries. Ecoligo is a Berlin-based, impact-led solar-as-a-service company that implements photovoltaic systems on company buildings in emerging markets such as Kenya, Vietnam, and Chile. Founded in 2016 by Martin Baart and Markus Schwaninger, the firm combines project implementation with a digital impact investing platform that enables retail investors to fund solar projects. To date Ecoligo has implemented 169 projects totaling 82.4 MWp, and its signed projects are estimated to save about 1 million tonnes of CO₂. The company provides a full-service solution including planning, construction, maintenance, and financing to help companies access affordable, in-house clean electricity. With a newly raised €10 million Series A, Ecoligo plans to grow sustainably, expand existing markets, further develop its digital impact investing platform, and offer opportunities to invest in its projects in more countries. Its model addresses the funding gap for solar projects in emerging economies by democratizing investment in renewable assets for smaller investors. ecoligo, founded in 2016 and based in Berlin, offers Solar-as-a-Service contracts that provide financing for commercial and industrial solar projects in emerging markets through crowd investing. The company handles construction, installation, scheduled maintenance, operation, and management of solar systems throughout contract durations. To date it has brokered more than €2.4 million on its crowd-investing platform and implemented more than 20 solar projects across East and West Africa, Central America and Southeast Asia. ecoligo plans to scale operations by expanding existing hubs in Ghana, Kenya and Costa Rica and opening new locations in Southeast Asia. The startup also intends to expand its offering into energy-efficiency products for its target markets. Management emphasizes that the model delivers financial benefits to local companies, local service providers and crowd investors while reducing fossil-fuel use.

Led · Debt Financing · Jul 2023

Dvara Kshetriya Gramin Financials (Dvara KGFS) is an NBFC operating in isolated rural areas of India, focused on the welfare of people and nano and microbusinesses. The company employs an omni-channel strategy to meet various financial needs by offering a wide selection of loans and third-party products. It is spread across ten states with more than 400 branches, including Tamil Nadu, Uttarakhand, Uttar Pradesh, Chhattisgarh, Jharkhand, and Bihar. Led by LVLN Murty, Dvara KGFS aims to expand and bolster efforts to empower marginalized communities nationwide using recently raised funds. Financially, the company exceeded Rs 2,000 crore in assets under management in February of this year. Recent financing activity includes debt instruments intended to support the company's expansion plans in rural markets. Dvara KGFS is a rural fintech focused on providing holistic financial services, with an emphasis on microfinance and microbusiness lending to customers with limited access to formal credit. The company plans to use newly raised funds to expand its onward lending program and accelerate growth in underserved regions. It mobilised $27 million in debt financing—$20 million as external commercial borrowings (ECBs) from Dutch development bank FMO and $7 million from Enabling Qapital, Luxembourg. Management said the funds will augment liquidity and enable expansion of reach and impact, driving financial inclusion in rural India. Dvara KGFS recently reported assets under management (AUM) crossing ₹2,000 crore and operates across 10 states with 378 branches. Its distribution includes 10,281 digital agents and more than 2.38 million customers. Dvara KGFS is a Chennai-based, systemically important non-banking finance company in the Dvara Group that focuses on rural lending. It has presence in Tamil Nadu, Uttarakhand, Karnataka, Chhattisgarh, Jharkhand, and Odisha, operating 378 branches and serving more than 1.1 million enrolled customers. The company has raised $10 million in external commercial borrowings (ECBs), split between subordinated and senior secured debt. Management said the funds will augment capital adequacy and help accelerate its growth plans in FY24. The raise is intended to expand the company’s reach and impact to drive financial inclusion in rural areas. Company leadership also noted the fundraiser diversified its lender profile and strengthened its presence in the foreign debt market. Dvara Kshetriya Gramin Financial Services (Dvara KGFS) is a Chennai-based NBFC that provides access to financial services and credit in remote rural India. The company operates in Tamil Nadu, Uttarakhand, Karnataka and Odisha across 33 districts and the article reports 221 branches and more than 844,845 enrolled customers. The article also states the company has 248 branches and plans to add 76 more branches in the current financial year. It intends to use the Series E proceeds to acquire NBFC-MFI Varam Capital, expand into newer geographies, strengthen presence in existing ones, and enhance its digital architecture. Dvara KGFS plans to introduce products including an affordable micro-housing loan and to deepen its micro-enterprise and jewel-loan portfolios. The company is also looking to raise more than INR 600 crore of debt from banks, NBFCs, NCDs and ECB sources.

Participated · Series B · Jun 2023

Yellow offers access to renewable energy products and smartphones on customer-friendly terms and is focused on scaling those businesses across Africa. The company reports it has served more than 1 million customers across seven African countries and plans additional market expansion. Its smartphone business has more than doubled year-on-year, and broader sales rates continue to grow. Yellow is investing in the infrastructure needed to serve millions more customers and accelerate commercial growth. The company frames its work as increasing impact across the continent while continuing to scale quickly.