[Funding alert] Electronica Finance raises $15 M through issuance of equity to Encourage Capital
Pune-based Electronica Finance Ltd (EFL) has raised over Rs 100 crore ($15 million) through the issuance of Compulsorily Convertible Preference Shares (CCPS). According to a statement released by the company, the funds will be utilised by EFL for its business growth in the existing product segments and expansion into its new rooftop solar financing business. Incorporated in 1990, EFL is a part of the SRP Electronica Group and a pioneer in the field of machine finance. Shilpa Pophale, MD, Electronica Finance LtdShilpa Pophale, Managing Director, Electronica Finance Ltd, said,â€œEFL has been 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. It will also fund our foray into the new rooftop solar financing business for MSMEs.