India Digest: Bounce, Easy Home fundraise; responsAbility closes $175m securitisation

Visual from Bounce website

Bounce is planning to raise $30 million for its electric vehicles subsidiary Zuink Smart Mobility Solutions while Harbourfront Capital has invested an undisclosed amount in Easy Home Finance. Meanwhile, responsAbility Investments AG has closed $175-million securitization of loans to microfinance and SME-finance institutions.

Bounce to raise $30m for EV arm

Scooter-sharing app Bounce has received an in-principle board approval to raise $30 million exclusively to fuel the growth of its electric vehicles subsidiary Zuink Smart Mobility Solutions, The Economic Times reported.

Existing investors including Accel Partners, Sequoia Capital, Chiratae Ventures and others are expected to lead the funding round.

In June, Bounce had raised $72 million led by global technology fund B Capital Group and Falcon Edge Capital, a New York-based hedge fund, to add more than 50,000 electric scooters to its fleet by the end of the year. The company is looking to build a distributed infrastructure for EVs using kirana stores and to deploy battery swapping stations across cities, the report said.

Harbourfront backs Easy Home Finance

Mortgage-tech startup Easy Home Finance on Monday announced that it has raised an undisclosed amount in funding from Harbourfront Capital.

Easy Home Finance will use the capital to expand its asset under management (AUM) and upgrade technology.

Launched in 2017, Easy Home Finance is focused on providing home loans to first-time home buyers and for women who are looking to enter the property market as co-owners in tier 2 and tier 3 cities across India.

responsAbility closes $175m securitisation

responsAbility Investments AG, the international impact asset manager, has closed $175-million securitization of loans to microfinance and SME-finance institutions in emerging markets.

Key investors include the Overseas Private Investment Corporation (OPIC), the US government agency, Alecta, the fifth-largest occupational pension provider in Europe, and impact investing firm Calvert Impact Capital.

The proceeds will be used to fund financial intermediaries providing capital to 30,000 small businesses and 5.6 million microfinance borrowers. Around 81 per cent of the borrowers are women, the company said in a statement.