Swiss impact investor signs deal with Electronica Finance

economictimes.indiatimes.com:

responsAbility Investments AG signed a $15 million funding deal with non-bank lender Electronica Finance to promote green financing in India in line with its sustainability goal, two people aware of the development said. The Pune-headquartered non-banking finance company, which is a part of the SRP Electronica group, would use the funding for financing energy efficient machines and promoting rooftop solar installation, managing director Shilpa Pophale told ET.

The NBFC has already received $7.5 million from responsAbility last month while it plans to draw the remaining part later in the year, she said. The fund was raised at 11.4%.

Supported by the Small Industries Development Bank of India, Electronica Finance grew its assets under management threefold in the past half a decade. Its AUM surpassed Rs 3000 crore mark as compared with Rs 1033 crore six years back.

It earned Rs 42 crore net profit in FY23. The company provides machine loans, business loans, loans against property, as well as working capital Loan and loans to micro enterprises.