India Digest: Oorjan, Yaantra raise funding; Tata unit, Capital Float back SMEs

Mumbai-based rooftop solar platform Oorjan has raised $450,000 in seed funding even as smartphone refurbishing startup Yaantra has received $3.1 million in bridge round. Also, Tata Capital and Capital Float have joined hands to back small & medium enterprises (SMEs) in India.

Rooftop solar firm Oorjan gets $450k seed funding

Mumbai-based rooftop solar platform Oorjan Cleantech has raised $450,000 in seed funding led by Globevestor, a new-age venture capital firm, the company said in a release.

A group of senior directors in banks and financial services companies including Sayandev Chakravartti, Aditya Sharma, Nisha Pillai and Mayur Bhat, also participated in the round.

The proceeds will be used by the startup to scale operations, augment sales efforts and further build their technology advantage.

“Oorjan has a strong, accomplished team with relevant experience across solar, financing & technology. And their approach of owning the customer, while bringing together all stakeholders through their platform, is the right way to penetrate and grow the market,” said Ankur Shrivastava, partner at Globevestor.

Oorjan, founded in 2014, operates in Mumbai, Pune, Bengaluru and Chennai. The company claims to have completed around 70 projects till date.

Yaantra secures $3.1m bridge round of funding

Mobile repairing services provider Yaantra has secured a bridge funding of $3.1 million from PE fund Carpediem Capital Partners & Duane Park, a wholesale business.

Delhi-based Yaantra will use the money for its expansion to 25 tier-II cities by 2018, according to a statement.

Yaantra sells refurbished multi-brand smartphones and also provides on-demand mobile repair services across seven cities like Delhi, Bengaluru, Mumbai, Chennai, Pune, Hyderabad and Ahmedabad.

Last year, Carpediem and Duane Park had invested $6 million in the company in a Series A round.

Tata Capital & Capital Float partner to fund SMEs

Tata Capital has partnered with Capital Float to fund small & medium enterprises (SMEs) in India.

Tata Capital will be co-lending on Capital Float’s digital lending platform,  the company said on Thursday.

The credit limit for the borrowers will be up to Rs. 50 lakh for a period of one year.

“SMEs are integral to the fabric of our economy contributing around 38% of our country’s National GDP. Tata Capital is deeply invested in providing access to credit to small merchants & entrepreneurs through our Supply Chain Finance Business, in which we are one of the market leaders. Our alliance with Capital Float is another step towards strengthening our market position,” said Sarosh Amaria, chief operating officer – commercial finance.

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