World Bank's IFC to Invest $21 Mn in Mumbai-based LEAP India

World Bank's investment arm International Finance corporation (IFC) is in advanced talks to invest around $21 million (₹138 crore) in Mumbai-based LEAP India, a supply chain solutions startup, to fund the startup's capital expenditure plans for the next five years.

According to an IFC disclosure, the presence of IFC as an equity investor will provide comfort to additional investors and help the startup attract more debt funding required to complete its expansion plans.

"In addition to the expected equity investment, the team will also explore long-term debt financing to the company that is currently not available in the local market," said IFC in a statement.

Founded in 2013 by Sunu Mathew, LEAP India provides pallet and container on rental across India. Its core business is of returnable packaging and pooling of equipments namely - wooden pallets & boxes, plastic containers, metal wire mesh catering to all sectors that work with these products to store or transfer goods from one site to another.

In late last month, LiveMint reported that LEAP India is close to raising ₹300 crore of equity from global investors along with few existing investors.

So far, LEAP India has raised a total of $23.8 Mn in four funding rounds. LEAP India’s existing investors include Mayfield Fund, IndiaNivesh, Sixth Sense Ventures, TCI Ventures, and SSG Capital Management Group.

In May this year, the startup raised debt of about ₹25 crore from Avendus Finance, the non-banking financial company (NBFC) business of KKR-backed Avendus Capital. Prior to which, in January 2017, the company had raised $13 million from new and its existing investors.

LEAP has a pan India network comprising 18 warehouses, 14 contract manufacturing centres and a team of 270 employees.

About IFC, a member of the World Bank Group, it has already backed quite a few Indian startups like Byju's, Lenskart, Bigbasket and Blackbuck, with ticket sizes upwards of $5 million at Series-B stage and onward.

In April this year, Bengaluru-based Lithium Urban Technologies, an electric vehicle cab provider to corporate sector, had approached IFC for proposed $8 million investment for an equity.

Source - Business Standard

[Top Image - LEAP India]

World Bank's IFC to Invest $21 Mn in Mumbai-based LEAP India

World Bank's investment arm International Finance corporation (IFC) is in advanced talks to invest around $21 million (₹138 crore) in Mumbai-based LEAP India, a supply chain solutions startup, to fund the startup's capital expenditure plans for the next five years.

According to an IFC disclosure, the presence of IFC as an equity investor will provide comfort to additional investors and help the startup attract more debt funding required to complete its expansion plans.

"In addition to the expected equity investment, the team will also explore long-term debt financing to the company that is currently not available in the local market," said IFC in a statement.

Founded in 2013 by Sunu Mathew, LEAP India provides pallet and container on rental across India. Its core business is of returnable packaging and pooling of equipments namely - wooden pallets & boxes, plastic containers, metal wire mesh catering to all sectors that work with these products to store or transfer goods from one site to another.

In late last month, LiveMint reported that LEAP India is close to raising ₹300 crore of equity from global investors along with few existing investors.

So far, LEAP India has raised a total of $23.8 Mn in four funding rounds. LEAP India’s existing investors include Mayfield Fund, IndiaNivesh, Sixth Sense Ventures, TCI Ventures, and SSG Capital Management Group.

In May this year, the startup raised debt of about ₹25 crore from Avendus Finance, the non-banking financial company (NBFC) business of KKR-backed Avendus Capital. Prior to which, in January 2017, the company had raised $13 million from new and its existing investors.

LEAP has a pan India network comprising 18 warehouses, 14 contract manufacturing centres and a team of 270 employees.

About IFC, a member of the World Bank Group, it has already backed quite a few Indian startups like Byju's, Lenskart, Bigbasket and Blackbuck, with ticket sizes upwards of $5 million at Series-B stage and onward.

In April this year, Bengaluru-based Lithium Urban Technologies, an electric vehicle cab provider to corporate sector, had approached IFC for proposed $8 million investment for an equity.

Source - Business Standard

[Top Image - LEAP India]

Bengaluru-based EV Cab Startup Lithium Urban To Raise $8 Mn from Wold Bank's IFC

Bengaluru-based Lithium Urban Technologies (Lithium), a electric vehicle (EV) cab provider to corporate sector, has roped in International Finance corporation (IFC) for proposed $8 million investment for an equity. IFC, which is World Bank's investment arm, offers investment, advisory and asset-management services to encourage private-sector development in developing countries.

Lithium, which currently provides electric cab services to corporate customers in Bengaluru and Delhi NCR, plans to expand its operations in other part of the country, apart from entering other businesses in electric mobility, which are currently being piloted.

IFC’s investment is part of the startup’s fund-raising round with additional capital being provided by other investors to expand the footprint. IFC is considering an equity or quasi equity type of investment in the company. The investment will be through Compulsorily Convertible Preference Shares (CCPS) as part of the company's fund-raising round.

Founded in 2014 by Sanjay Krishnan, who is also the founder of early-2000's internet startup India.com, Lithium provides business critical corporate employee transportation (CET) to blue chip companies in information technology (IT) and IT enabled services (ITES) sector by providing a fleet of electric vehicles. The company was incorporated in October 2014 and began operations in July 2015.

Lithium, which has raised $5 million in debt and equity so far, currently has a fleet of about 350 electric vehicles and is planning to expand the fleet in line with market demand. It currently has operations in Bengaluru and NCR and has plans to expand to Pune, Hyderabad, and Chennai. The startup follows an asset model under which it buys its vehicles and provides transportation services to its clients through drivers.

Besides offering corporate employee transportation service through EVs, Lithium also offers DC-fast charging infrastructure and integrated fleet management technology to companies with large employee base and predictable travel schedules. Lithium plans to enter other business in electric mobility, which are currently being piloted.

Moreover, the EV startup has signed an agreement with the government to provide 60 electric chargers across the Delhi-NCR region for public use, for which it will get financial assistance from the government. The company now wants to add to this infrastructure and is working on partnerships with private players to achieve this end.

Coming back to IFC's investment in Lithium, the disclosure document mentioned that IFC’s involvement with the project will help Lithium adopt a structured framework to manage its social and environmental systems which will act as a benchmark for a sector that is serviced by largely unorganised players.

IFC will help Lithium to develop corporate governance standards. Lithium is in the process of scaling up operations and IFC’s investment at this stage will provide the company with patient capital needed for the growth phase as it explores new avenues for EV applications.

Electric Mobility Activities in India

Earlier this month, India's automobile major Mahindra's EV subsidiary Mahindra Electric started deploying a fleet of 100 units of its small electric car Mahindra e2o in Delhi to be available to consumers on rent in partnership with Bengaluru-based self-drive car rental firm Zoomcar.

In this same month, a Mumbai-based startup called Strom Motors has unveiled an electric car that would cost mere ₹3 lakh. The electric car however is of compact segment and unlike other e-cars has three wheels instead of four.

In January, IndianWeb2 reported that Hriman Motors, a Delhi-based startup, is working on building a 2-Seater electric car which one can rent for 50 Paise per kilometer. The electric car will have a battery that will never need to be replaced and will be IoT-enabled. The car is expected to launch in mid of this year.

A draft of India’s 10-year energy blueprint has revealed that the government is expecting as much as 57 percent of the country’s total electricity capacity to come from non-fossil fuel sources by the year 2027 -- a significant increase over the India's Paris agreement targets, which has asked the member countries to reach 40 percent non-fossil fuel electricity by the year 2030.

Last May, Indian government established policy think tank, Niti Aayog, released a report called Transformative Mobility Solutions for India wherein it revealed India's plan for electric cars and charging stations infrastructure.

In the same month, India’s home-grown cab hailing firm, Ola had launched - Ola Electric, India’s first multi-modal electric platform that includes electric autos, cars, and buses in Nagpur. Ola and Mahindra have had partnered with the Government of India in a first-of- its-kind programme to build an electric mass mobility ecosystem in Nagpur which will bring about a transformational change in the automotive and transportation landscape in the country.

The above news was first reported in Financial Express.

Bengaluru-based EV Cab Startup Lithium Urban To Raise $8 Mn from Wold Bank's IFC

Bengaluru-based Lithium Urban Technologies (Lithium), a electric vehicle (EV) cab provider to corporate sector, has roped in International Finance corporation (IFC) for proposed $8 million investment for an equity. IFC, which is World Bank's investment arm, offers investment, advisory and asset-management services to encourage private-sector development in developing countries.

Lithium, which currently provides electric cab services to corporate customers in Bengaluru and Delhi NCR, plans to expand its operations in other part of the country, apart from entering other businesses in electric mobility, which are currently being piloted.

IFC’s investment is part of the startup’s fund-raising round with additional capital being provided by other investors to expand the footprint. IFC is considering an equity or quasi equity type of investment in the company. The investment will be through Compulsorily Convertible Preference Shares (CCPS) as part of the company's fund-raising round.

Founded in 2014 by Sanjay Krishnan, who is also the founder of early-2000's internet startup India.com, Lithium provides business critical corporate employee transportation (CET) to blue chip companies in information technology (IT) and IT enabled services (ITES) sector by providing a fleet of electric vehicles. The company was incorporated in October 2014 and began operations in July 2015.

Lithium, which has raised $5 million in debt and equity so far, currently has a fleet of about 350 electric vehicles and is planning to expand the fleet in line with market demand. It currently has operations in Bengaluru and NCR and has plans to expand to Pune, Hyderabad, and Chennai. The startup follows an asset model under which it buys its vehicles and provides transportation services to its clients through drivers.

Besides offering corporate employee transportation service through EVs, Lithium also offers DC-fast charging infrastructure and integrated fleet management technology to companies with large employee base and predictable travel schedules. Lithium plans to enter other business in electric mobility, which are currently being piloted.

Moreover, the EV startup has signed an agreement with the government to provide 60 electric chargers across the Delhi-NCR region for public use, for which it will get financial assistance from the government. The company now wants to add to this infrastructure and is working on partnerships with private players to achieve this end.

Coming back to IFC's investment in Lithium, the disclosure document mentioned that IFC’s involvement with the project will help Lithium adopt a structured framework to manage its social and environmental systems which will act as a benchmark for a sector that is serviced by largely unorganised players.

IFC will help Lithium to develop corporate governance standards. Lithium is in the process of scaling up operations and IFC’s investment at this stage will provide the company with patient capital needed for the growth phase as it explores new avenues for EV applications.

Electric Mobility Activities in India

Earlier this month, India's automobile major Mahindra's EV subsidiary Mahindra Electric started deploying a fleet of 100 units of its small electric car Mahindra e2o in Delhi to be available to consumers on rent in partnership with Bengaluru-based self-drive car rental firm Zoomcar.

In this same month, a Mumbai-based startup called Strom Motors has unveiled an electric car that would cost mere ₹3 lakh. The electric car however is of compact segment and unlike other e-cars has three wheels instead of four.

In January, IndianWeb2 reported that Hriman Motors, a Delhi-based startup, is working on building a 2-Seater electric car which one can rent for 50 Paise per kilometer. The electric car will have a battery that will never need to be replaced and will be IoT-enabled. The car is expected to launch in mid of this year.

A draft of India’s 10-year energy blueprint has revealed that the government is expecting as much as 57 percent of the country’s total electricity capacity to come from non-fossil fuel sources by the year 2027 -- a significant increase over the India's Paris agreement targets, which has asked the member countries to reach 40 percent non-fossil fuel electricity by the year 2030.

Last May, Indian government established policy think tank, Niti Aayog, released a report called Transformative Mobility Solutions for India wherein it revealed India's plan for electric cars and charging stations infrastructure.

In the same month, India’s home-grown cab hailing firm, Ola had launched - Ola Electric, India’s first multi-modal electric platform that includes electric autos, cars, and buses in Nagpur. Ola and Mahindra have had partnered with the Government of India in a first-of- its-kind programme to build an electric mass mobility ecosystem in Nagpur which will bring about a transformational change in the automotive and transportation landscape in the country.

The above news was first reported in Financial Express.

NephroPlus Raises Rs 100 Cr from SeaLink Capital Partners and International Finance Corporation

NephroPlus, India’s largest dialysis service provider network, today announced that it has raised Rs. 100 Crores in Series C funding led by SeaLink Capital Partners (SCP) and International Finance Corporation (IFC, a member of the World Bank Group). Heramb Hajarnavis, Managing Partner, SeaLink Capital Partners (SCP) is joining the Board of Directors of NephroPlus.

The new infusion of funds will be used to meet the growing need for kidney disease management services in the country and for the expansion of NephroPlus’ network. Over the next 5 years, NephroPlus aims to provide over 4 million treatments per year and create around 5,000 skilled health services jobs. The aggressive expansion plan will also witness NephroPlus network growing to 500 centres across India in the next 5 years.

India accounts for 12-15 lakh ESRD (End Stage Renal Disease) patients with 1-1.5 lakh new cases getting added every year. The increased incidence of diabetes and hypertension will further add to the prevalence of ESRD. However, only 10% of them have access to treatment facilities a strong case for pure play dialysis providers. In fact, the gaping shortfall in treatment accessibility has led to dialysis becoming a national priority. Earlier this year, the government launched a National Dialysis Services Program to provide dialysis in district hospitals across the country through public-private partnerships. NephroPlus is committed in this critical national initiative by partnering with central and various state governments to make quality dialysis, accessible to all. The company recently signed a contract with Andhra Pradesh Government to run 13 such centers in the state.

Mr. Vikram Vuppala, Founder & CEO, NephroPlus said, “Securing the backing of a leading investor like SeaLink Capital Partners (SCP) is an important milestone for NephroPlus and a strong validation of the impact that NephroPlus has been creating in the dialysis space in India. We are confident that SCP’s unique network as well as their approach towards growing and building value collaboratively with entrepreneurs will help us further in our growth.  We are also pleased to have the continued support from existing investors, who have been of tremendous help to us since their initial investment.”

Heramb Hajarnavis, Managing Partner, SeaLink Capital Partners (SCP), added, “We are excited to partner with NephroPlus.  We have been very impressed with how the team has scaled up their network of dialysis centers over the last few years while retaining a sharp focus on the quality of care. SCP’s approach is to go beyond financial investment and to actively partner with high quality companies. We look forward to working with Vikram and other members of the management team as they further expand their presence across India and address a crucial healthcare need for millions of people.”

“IFC had invested in NephroPlus in 2014 to expand the availability of high quality kidney care services in India. Our repeat investment will further expand the provision of high quality dialysis care in a market that is still underserved. Specialized operators such as NephroPlus help improve access to timely and quality treatment while creating jobs,” said Pravan Malhotra from IFC’s Venture Capital team and a member of the NephroPlus Board of Directors.

“We continue to be excited about the dialysis opportunity and NephroPlus’ leadership position. We are confident with this financing we can accelerate the growth of business.” said, Mr.  Vishal Gupta, Managing Director, Bessemer Venture Partners.

NephroPlus had earlier received funding of $10 million (Rs.60 crore) in a Series B round from IFC and existing investor Bessemer Venture Partners in June 2014 and $4.25 million (Rs.23 crore) in a Series A round led by Bessemer Venture Partners in 2011.

NephroPlus is India’s largest Dialysis Provider Network offering highest quality dialysis services. With a strong commitment to quality, it is spearheading a change in the way in which dialysis is done in India and beyond. NephroPlus has 75 centers currently across 15 states in India performing 600,000 treatments per year. The goal of NephroPlus is to enable dialysis patients to live life normally, encouraging them to do things everyone does like work, travel and have fun.

World Bank Group to offer $1.4 million to 12 social enterprises in the North-East India

12 enterprises from the northeastern states of Mizoram, Assam and Meghalaya have been awarded with grants worth $1.4 million (approx. Rs. 8.4 Crore) by the World Bank’s Development Marketplace, which is a competitive grants programme. The grants have been provided for development activities in these enterprises.

These 12 enterprises were selected after an exhaustive screening of about 200 proposals received from organizations that were already operational in the North-Eastern states and across the country. Name and list of those 12 enterprises however are yet not been disclosed.

According to the news announced on 19^th July in Guwahati, nine out of the twelve enterprises have got $ 150,000 each to kick start development projects over next 2 years.  The rest three enterprises have been given $25,000 each which needs to be focused on capacity building.

Majority (7 of 12) of the enterprises awarded with grants are working in the health-care sector. The other sectors which were given the grants include education, water and sanitation and Financial services.

According to Anil Sinha, who is the Regional Head, Inclusive Business at International Finance Corporation, South Asia, arranging start-up finance for unproven models and management bandwidth is one of the most difficult tasks faced by these enterprises. The International Finance Corporation is considered World Bank’s private sector lending arm. Sinha also added that encouraging these social enterprises to grow is a big hurdle towards creating maximum impact.

SAS Poorna Arogya Healthcare, which was started in 2010 in Karnataka and is now expanding to the state of Assam, is one of the enterprises awarded with the grant. The institution provides healthcare insurances. It has partnered with microfinance organizations like Grameen Kota in order to spread the message about their services among the target audience. It also has a network of 4.5 lakh women workers.

GNRC, which has three low cost hospitals in Assam with the first one establishing in 1987 has also been awarded with the grant. The unique thing about this organization is that it makes available diagnostics tests like ECG and X-ray at 60% of the usual market cost. It even started with mobile medical vans in 2012 for people who are unable to come to the hospital due to their condition or are situated far away.

Shija Hospitals and Research Institute, which aims at making available super-specialty healthcare facilities in Mizoram at affordable rates has also been given grant. ERC, an enterprise providing eye-care services at affordable prices in Assam has also been awarded with the grant.

Grants worth $3 million have been awarded by the World Bank Development Marketplace since it was started in India in 2011.

World Bank Group to offer $1.4 million to 12 social enterprises in the North-East India

12 enterprises from the northeastern states of Mizoram, Assam and Meghalaya have been awarded with grants worth $1.4 million (approx. Rs. 8.4 Crore) by the World Bank’s Development Marketplace, which is a competitive grants programme. The grants have been provided for development activities in these enterprises.

These 12 enterprises were selected after an exhaustive screening of about 200 proposals received from organizations that were already operational in the North-Eastern states and across the country. Name and list of those 12 enterprises however are yet not been disclosed.

According to the news announced on 19^th July in Guwahati, nine out of the twelve enterprises have got $ 150,000 each to kick start development projects over next 2 years.  The rest three enterprises have been given $25,000 each which needs to be focused on capacity building.

Majority (7 of 12) of the enterprises awarded with grants are working in the health-care sector. The other sectors which were given the grants include education, water and sanitation and Financial services.

According to Anil Sinha, who is the Regional Head, Inclusive Business at International Finance Corporation, South Asia, arranging start-up finance for unproven models and management bandwidth is one of the most difficult tasks faced by these enterprises. The International Finance Corporation is considered World Bank’s private sector lending arm. Sinha also added that encouraging these social enterprises to grow is a big hurdle towards creating maximum impact.

SAS Poorna Arogya Healthcare, which was started in 2010 in Karnataka and is now expanding to the state of Assam, is one of the enterprises awarded with the grant. The institution provides healthcare insurances. It has partnered with microfinance organizations like Grameen Kota in order to spread the message about their services among the target audience. It also has a network of 4.5 lakh women workers.

GNRC, which has three low cost hospitals in Assam with the first one establishing in 1987 has also been awarded with the grant. The unique thing about this organization is that it makes available diagnostics tests like ECG and X-ray at 60% of the usual market cost. It even started with mobile medical vans in 2012 for people who are unable to come to the hospital due to their condition or are situated far away.

Shija Hospitals and Research Institute, which aims at making available super-specialty healthcare facilities in Mizoram at affordable rates has also been given grant. ERC, an enterprise providing eye-care services at affordable prices in Assam has also been awarded with the grant.

Grants worth $3 million have been awarded by the World Bank Development Marketplace since it was started in India in 2011.