New partnership between UNEP and ReNew Power to increase access to clean, Efficient Energy in India

India's largest renewable energy company, ReNew Power, and the UN Environment Programme (UNEP) have signed a partnership agreement to promote increased access to renewable energy and improved energy efficiency.

The strengthened partnership between the two parties - who signed the Memorandum of Understanding (MoU) on 10^th July, 2020 in Delhi - focuses on enhancing access to renewable energy and improving energy efficiency as part of the progressive strategies that India has adopted to realize its Nationally Determined Contributions (NDC) under the Paris Agreement.

ReNew Power will partner with UNEP's District Energy in Cities Initiative as an implementation partner for renewable energy installations across India with the aim of shifting the heating and cooling sector to an energy efficient one. The partnership will also implement solar off-grid projects, studies, and assessments. Joint efforts will be promoted through annual events to showcase contributions to India's strategic vision on renewable energy.

Renewable sources constitute about 23.6% of total installed capacity in India Source. The country had a target of 175 GW of renewables capacity by 2022, and at the UN Climate Action Summit in September 2019, the Prime Minister announced an increase in the target to 450 GW.

"At ReNew, we have always believed in going beyond our business and engaging with a wide range of stakeholders on multiple issues impacting various communities across the country," said Vaishali Nigam Sinha, ReNew Power's Chief Sustainability Officer. "Through our association with UNEP, we are looking to work on issues which have the potential to accelerate growth and bring about socio-economic change in the area of environment and clean energy."

"ReNew Power is a market leader in renewable energy and has demonstrated that clean energy makes ample business sense," said Atul Bagai, Head of UNEP's India Office. "We are proud to associate with them to push the envelope when it comes to clean and viable energy solutions for multiple applications in support of the climate goals and the 2030 Sustainable Development Agenda."

About the UN Environment Programme:

UNEP is the leading global voice on the environment. It provides leadership and encourages partnership in caring for the environment by inspiring, informing, and enabling nations and peoples to improve their quality of life without compromising that of future generations. UN Environment works with governments, the private sector, civil society and with other UN entities and international organizations across the world.

About ReNew:

ReNew Power Private Limited is India's largest renewable energy IPP (Independent Power Producer) in terms of total energy generation capacity. It generates 5.4 GW of energy through solar and wind assets and has another 4.6 GW under various stages of development throughout the country. ReNew develops, builds, owns and operates utility scale wind and solar energy projects as well as distributed solar energy projects that generates power for commercial and industrial customers. ReNew has a strong track record of organic and inorganic growth, having nearly doubled its operational capacity between FY 2015-2018.

ReNew's broad base of equity investors include Goldman Sachs, JERA, ADIA, CPPIB, and GEF SACEF India. For more information, please visit: www.renewpower.in; Follow ReNew Power on Twitter @ReNew_Power

About District Energy in Cities Initiative:

It aims to support market transformation efforts in order to shift the heating and cooling sector to energy efficient and renewable energy solutions. The initiative supports local and national governments to build local know-how and implement enabling policies to accelerate investment in modern - low-carbon and climate resilient - district energy systems. In parallel, the Initiative is working with cities and industry to identify, assess and tender bankable district energy projects based on international best practice accumulated from 45 champion cities for district energy and 45 partners with decades of expertise in the sector.

ReNew Power to Acquire AI Startup Climate Connect

Clean energy firm ReNew Power on Thursday said it has inked a definitive agreement to acquire artificial intelligence and machine learning startup Climate Connect.

The acquisition will give ReNew Power access to energy management services.

"ReNew Power has signed a definitive agreement to acquire Regent Climate Connect Knowledge Solutions Private Ltd ("Climate Connect"); a digital -analytics, software development, Artificial Intelligence (AI), and Machine Learning company, specialising in the power markets domain in India," ReNew Power said in a statement.

ReNew's acquisition of Climate Connect is expected to not only add to its digital capabilities but also allow it to offer a suite of digital product offerings to customers across the energy value chain, it added. 

ReNew Power plans to operate Climate Connect as an independent subsidiary that continues to focus on building a global team, world class data integrity and software development processes, as well as business development activities, it said.

"The first wave of growth in the renewable energy industry came through the addition of physical assets on the ground, the next wave will come through the development of digital products that help optimize powerflow from generators to distribution companies to customers," ReNew Power CMD Sumant Sinha said.

As distribution companies look to tighten operations, find efficiencies, and reduce AT&C losses, digitalization will play a key role and Climate Connect is well-positioned to service this important market, Sinha added. 

Climate Connect CEO and Co-founder Nitin Tanwar said :"We believe that the company's acquisition by ReNew Power will help us create long-term value for our existing distribution utility and IPP customers and provide us the much-needed scale for the next leg of our journey”.

The acquisition is expected to strengthen ReNew Power's ongoing digital and analytics initiative which aims to leverage its data, to optimize decision making across business operations, the statement added.

ReNew Power, Tata Power Top India's Solar Sector Market Leaderboard - Report

Mercom Communications India, a subsidiary of global clean energy communications and consulting firm Mercom Capital Group, has released its report, India Solar Market Leaderboard 2020. The report covers market share and shipment rankings across the Indian solar supply chain in 2019.

During the calendar year (CY) 2019, India installed 7.3 GW of solar power across the country, consolidating its position as the third-largest solar market in the world. India also had a robust pipeline of utility-scale projects under development of 23.7 GW at the end of 2019, with another 31.5 GW of tenders pending auction.

“The solar market leaders have changed in almost every category compared with last year. With a tough year ahead, we expect strong, resilient, and innovative companies continue to do well,” said Raj Prabhu, CEO of Mercom Capital Group.



The report reveals that the top ten large-scale project developers account for 68% market share in 2019. ReNew Power was the top utility-scale developer during 2019, while Azure Power owns the largest project pipeline.

There are around 29 large-scale solar developers with a project pipeline of 100 MW or more in India.

Large-scale solar installations in 2019 accounted for 85% with 6.2 GW. Also, solar accounted for 41% of new power capacity additions in 2019 behind coal which accounted for 44%.

Companies offering engineering, procurement, construction (EPC) services saw a lot of projects moved to 2020 due to delays caused by general elections, land, and evacuation issues, among others. Mahindra Susten was the top EPC player for utility-scale solar installations in 2019, followed by L&T.

Tata Power Solar had the largest cumulative rooftop portfolio, followed by CleanMax Solar. At the end of 2019, the top ten rooftop solar installers represented 34% of the total rooftop solar market share. In 2019, the rooftop solar market growth came down by 33% compared to CY 2018.

Huawei led the solar inverter market in India in 2019, followed by Sungrow. Other top string inverter suppliers included Growatt, Solis Inverters, and Delta Power Solutions.

At the end of December 2019, Trina Solar was the leading module supplier to India in terms of cumulative shipments, while Waaree Energies, Adani, and Risen Energy held the top spot in CY 2019. The top ten module suppliers accounted for over 62% of the market in 2019.

Ganges Internationale was the top supplier of solar mounting structures in 2019, followed by Purshotam Profiles and Strolar. Scorpius Trackers was the top supplier of solar trackers in 2019.

Rays Power Experts and CleanMax Solar were the top open access developers as of December 2019.

Ecoppia was the top supplier of solar robotic cleaning systems as of December 2019.

For the detailed and comprehensive report, click here

India’s Largest Clean Energy Firm ReNew Power is Raising Funds via Sale of Assets after dropping IPO Plan

India’s largest renewable energy IPP (Independent Power Producer) , ReNew Power, is considering raising funds through asset sales, after dropping out its plan for an initial public offering (IPO), reported Business Standard.

The Gurgaon-headquartered company has renewable assets of over 7 gigawatts, of which more than 4 gigawatts are operational. It makes sense to sell some assets when “the ability to execute and the opportunity to grow” exceeds the ability to finance projects and the company could “sell assets outright” or have co-investors, ReNew Power Chairman Sumant Sinha said, without elaborating on the amount of capacity sale or the funds being targeted.

Backed by Asian Development Bank and Global Environment Fund, ReNew Power had raised $375 Mn from international investors via green bonds, in March this year. Barclays (B&D), Goldman Sachs, HSBC, JP Morgan and YES Bank were the book runners for the green bond issue.

As of May 2018, Goldman Sachs, Canada Pension Plan Investment Board and Green Rock, hold 48.62%, 16.22% and 15.92%, respectively, of ReNew Power’s paid-up share capital.

According a report by Economic Times, Goldman Sachs, CPPIB and Abu Dhabi Investment Authority, are investing $300 million in ReNew Power via a rights issue, citing people with knowledge of the matter. The proceeds will be used to fund growth and repay existing debt.

A rights issue is a dividend of subscription rights to buy additional shares in a company made to the company's existing share holders.

The company’s unit, Renew Solar Power, has bonds worth Rs 100 crore maturing in November, and Renew Power has ~850 crore of securities maturing in March 2020, according to data compiled by Bloomberg.

"They can co-invest along with us or buy our assets while we continue to run those assets,” said Sumant Sinha, ReNew Power Chairman & Founder, in an interview to Business Standard. ReNew Power will look at either creating its own infrastructure investment trust, or InVit, to raise funds or use an existing structure.

InvITs are mutual fund like institutions that enable investments into the infrastructure sector by pooling small sums of money from multitude of individual investors for directly investing in infrastructure so as to return a portion of the income (after deducting expenditures) to unit holders of InvITs, who pooled in the money.

Besides Renew Power, which has withdrawn its plan for an IPO or considering an InvITs, another solar power developer and Renew Power's rival, Acme Solar Holdings, had also suspended its plan of public listing in last year and said it will opt instead to raise funds through a private InVit, citing turbulence in the South Asian country’s stock market and uncertainty over renewable energy policies.

“There is no specific plan for the IPO right now,” Sinha said “Elections are now behind us. We’ll have to see how markets evolve, what the government does, there are these key issues to be addressed about how the sector can be in a healthier position.”

Industry groups have said the viability of Indian wind and solar projects is being tested by tariff caps set during the auction process, the preferred method for attaining Prime Minister Narendra Modi’s ambitious goal of installing 175 gigawatts of renewable capacity by 2022. While the auctions have enabled distributors to lock in some of the cheapest green power rates in the world, industry groups said it’s leading to unsustainably low electricity prices.

ReNew Power was founded in 2011 by Sumant Sinha, who was the Chief Operations Officer of Suzlon Energy. He is an alumnus of the Indian Institute of Technology Delhi, Indian Institute of Management Calcutta and Columbia University.

In April last year, ReNew Power acquired Ostro Energy Private Limited to create India’s largest clean energy firm by installed capacity.

India's Largest Clean Energy Startup ReNew Power Raises $375 Mn Via Green Bond Issue

India’s largest independent power generation company in the renewable energy sector, ReNew Power Limited, has raised yet another round of funding from international investors as it continues to aggressively push to expand its project pipeline.

ReNew Power Thursday has concluded a green bond issue of US$375 million ( ~ ₹ 2580 Crores ), which would be used for capital expenditure on green projects and refinancing external commercial borrowings.

Green Bonds are debt instruments that allow investors to invest in sustainable projects while offering issuers affordable funding to finance these projects.

Like all bonds, green bobds are loans from investors to issuers, with interest paid to bond owners for a given period before the principal is repaid.

The capital raised through the green bond issue will be utilised for refinancing outstanding external commercial borrowings and as capex in eligible green projects.

Barclays (B&D), Goldman Sachs, HSBC, JP Morgan and YES Bank were the book runners for the green bond issue.

The dollar-denominated bonds received excellent response and were fully subscribed by leading fund managers, asset managers, banks and pension and life funds from across the US, Europe and Asia, the company said.

The issue was opened for subscription on March 5 and closed on the same day.

"Our history of financial prudence, investing in high-quality assets and creating value for all our stakeholders has enabled us to regularly raise funds to fuel our rapid growth. We are happy that our bond offering received such an enthusiastic response, especially when the renewables sector is facing challenges in raising capital," ReNew Power Chairman and Managing Director Sumant Sinha said in the statement.

"The renewables market in India is firmly established and is growing rapidly. ReNew Power is India's largest IPP with more than 7,000 MW of commissioned and under-construction wind and solar projects," he said.

ReNew Power Deputy Chief Financial Officer Kailash Vaswani said: "The bond issue was in line with our strategy of diversifying debt sources. The issuance enabled us to fix our interest rate risk and achieve a lower pricing than existing borrowing costs. The international bond investors have seen us deliver on committed performance and, hence, have come forward to invest in our new issuance.

Founded in 2011, by Suman Sinha, ReNew Power has raised a total of $2B in funding over nine rounds. 

To recall, a year back ReNew Power had acquired of Ostro Energy Private Limited to create the country’s largest clean energy firm by installed capacity.

Source - Renew Power - Press Release

Clean Energy Startup Renew Power Acquires Ostro Energy in Biggest Renewable Energy Deal

Gurgaon headquartered clean energy company ReNew Power today announced the acquisition of Ostro Energy Private Limited to create the country’s largest clean energy firm by installed capacity.

The acquisition is also touted as biggest ever deal in the Indian renewable energy sector, ReNew Power will spend Rs10,200 crore (approximately $1.5 billion) for the acquisition, backed by Rs1,643 crore ($247 million) from the Canada Pension Plan Investment Board (CPPIB).

This strategic investment helps ReNew Power further consolidate its position in the fast-growing, Indian clean energy sector. ReNew Power currently has green energy assets of more than 4500 MW, which include a commissioned capacity of approximately 2800 MW. Ostro Energy has a total capacity of more than 1100 MW, out of which nearly 850 MW is already commissioned. With the acquisition of these assets, ReNew Power’s capacity will now exceed 5600 MW. Over 65% of the combined portfolio capacity (ReNew Power and Ostro Energy) is already operational.

ReNew Power’s growth has been mostly organic till now and it has grown into one of the leading energy companies in India in a span of seven years. This is the largest acquisition for the company till date and reinforces its already strong position in the Indian market.

The addition of the Ostro team and assets to the ReNew family will further strengthen the company’s vision of contributing to the Government of India’s 2022 goal of 175 GW of renewable energy, said the company in a press release. Ostro has built an impressive business with diversified geographical spread; good quality infrastructure; and stable long term PPAs.

Delhi-based Ostro Energy’s assets are spread across Andhra Pradesh, Karnataka, Telangana, Rajasthan, Madhya Pradesh and Gujarat. The Ostro portfolio is also diversified by off takers and also by OEMs, further complementing the ReNew Power portfolio.

Concurrent with this transaction, Canada Pension Plan Investment Board (CPPIB) is investing an additional US$247 million to support ReNew Power’s financing for this acquisition. As a result, the CPPIB’s combined investment in ReNew Power now stands at US$391 million, following an earlier investment of US$ 144 million in January 2018.

Founded in 2011 by Sumant Sinha -- an Ex-COO at Suzlon Energy, Renew Power is backed by investors such as Goldman Sachs, Asian Development Bank, Abu Dhabi Investment Authority, Global Environment Fund and Japan’s JERA Co. Inc. In February 2017, Japan’s JERA Co. Inc. bought a 10% stake in ReNew Power, valuing the company at $2 billion. Last year, Renew Power was among 10 most funded startups in India.

The above development was first reported in Qz.com

Startup activities in clean energy segment -

This February, Tata Trusts’ Foundation for Innovation and Social Entrepreneurship (FISE) has announced the “Social Alpha Energy Challenge” to discover next-gen technology innovations that promise to unlock new solutions to India’s energy challenges or make existing energy networks smarter, cleaner and more affordable. In the same month, three Indian startups won top awards at Global Cleantech Innovation Award.

Last June, Carbon Masters, a Bangalore based energy startup raised an undisclosed amount from Indian Angel Network and Sangam Ventures, a pure play clean tech venture fund. Later in July, solar startup CleanMax Solar raised $100 million from an affiliate of Warburg Pincus, a global private equity firm focused on growth investing.

Clean Energy Startup Renew Power Acquires Ostro Energy in Biggest Renewable Energy Deal

Gurgaon headquartered clean energy company ReNew Power today announced the acquisition of Ostro Energy Private Limited to create the country’s largest clean energy firm by installed capacity.

The acquisition is also touted as biggest ever deal in the Indian renewable energy sector, ReNew Power will spend Rs10,200 crore (approximately $1.5 billion) for the acquisition, backed by Rs1,643 crore ($247 million) from the Canada Pension Plan Investment Board (CPPIB).

This strategic investment helps ReNew Power further consolidate its position in the fast-growing, Indian clean energy sector. ReNew Power currently has green energy assets of more than 4500 MW, which include a commissioned capacity of approximately 2800 MW. Ostro Energy has a total capacity of more than 1100 MW, out of which nearly 850 MW is already commissioned. With the acquisition of these assets, ReNew Power’s capacity will now exceed 5600 MW. Over 65% of the combined portfolio capacity (ReNew Power and Ostro Energy) is already operational.

ReNew Power’s growth has been mostly organic till now and it has grown into one of the leading energy companies in India in a span of seven years. This is the largest acquisition for the company till date and reinforces its already strong position in the Indian market.

The addition of the Ostro team and assets to the ReNew family will further strengthen the company’s vision of contributing to the Government of India’s 2022 goal of 175 GW of renewable energy, said the company in a press release. Ostro has built an impressive business with diversified geographical spread; good quality infrastructure; and stable long term PPAs.

Delhi-based Ostro Energy’s assets are spread across Andhra Pradesh, Karnataka, Telangana, Rajasthan, Madhya Pradesh and Gujarat. The Ostro portfolio is also diversified by off takers and also by OEMs, further complementing the ReNew Power portfolio.

Concurrent with this transaction, Canada Pension Plan Investment Board (CPPIB) is investing an additional US$247 million to support ReNew Power’s financing for this acquisition. As a result, the CPPIB’s combined investment in ReNew Power now stands at US$391 million, following an earlier investment of US$ 144 million in January 2018.

Founded in 2011 by Sumant Sinha -- an Ex-COO at Suzlon Energy, Renew Power is backed by investors such as Goldman Sachs, Asian Development Bank, Abu Dhabi Investment Authority, Global Environment Fund and Japan’s JERA Co. Inc. In February 2017, Japan’s JERA Co. Inc. bought a 10% stake in ReNew Power, valuing the company at $2 billion. Last year, Renew Power was among 10 most funded startups in India.

The above development was first reported in Qz.com

Startup activities in clean energy segment -

This February, Tata Trusts’ Foundation for Innovation and Social Entrepreneurship (FISE) has announced the “Social Alpha Energy Challenge” to discover next-gen technology innovations that promise to unlock new solutions to India’s energy challenges or make existing energy networks smarter, cleaner and more affordable. In the same month, three Indian startups won top awards at Global Cleantech Innovation Award.

Last June, Carbon Masters, a Bangalore based energy startup raised an undisclosed amount from Indian Angel Network and Sangam Ventures, a pure play clean tech venture fund. Later in July, solar startup CleanMax Solar raised $100 million from an affiliate of Warburg Pincus, a global private equity firm focused on growth investing.

Here're 10 Top Funded Indian Startups of 2017 (Year-To-date)

We are halfway to 2017, and buzz of funding slowdown, startup shutdown, lack of innovation etc has already caught its pace. There are talks of startup bubble bursting down, but there are still some insist that the startup bubble has not burst yet. Though investors have become cautious and backed sectors that are problem-solving at a macro level, and not blindly following the e-commerce or hyperlocal buzz, India has still managed to get some of the most funded startups. 

Here is the list of most funded startup of 2017, year-to-date:

Flipkart

$1.4 Billion

In the scenario where Indian e-commerce is facing a tough time, homegrown major, Flipkart has taken over the rein of the market by becoming the third most funded private company in the world. Flipkart, an online shopping destination for India founded in 2007 by Sachin Bansal and Binny Bansal recently bagged $ 2.4 billion from Japanese technology and telecom giant SoftBank, making it most funded startup in India.

Flipkart’s total raised capital is now almost $7.12 billion which is higher than that raised by global giants like online house rental aggregator Airbnb ($3.3 billion) and mobile phone maker Xiaomi ($1.4 billion). If we talk about the valuation, Flipkart stands at the 9 position with about $15 billion. Prior to this in April 2017, Flipkart secured a $1.4 billion at a valuation of $11.6 billion. Flipkart managed to secure this investment at a post-money valuation of $11.6 billion from the likes of Tencent, eBay, and Microsoft. This fundraising round also witnessed participation from existing Flipkart investor, Tiger Global, Naspers, Accel and DST Global.

Before this round, the Bengaluru-based firm had last raised funds in June 2015 when existing investors led by Tiger Global Management pumped $700 million into the company, valuing it at $15 billion. By August 2015, after raising $700 million, Flipkart had already raised a total of $3 billion, over 12 rounds and 16 investors.

PayTM

$1.4 Billion

Vijay Shekhar Sharma founded PayTM has become the buzzword. It is one such company which has secured the largest funding round from a single investor. The Indian technology startup, PayTM has recently raised $1.4 billion from Japan’s SoftBank Group.

The Japanese internet and telecom major, Softbank has invested in PayTM's parent company One97 Communications, helping Noida headquartered startup to expand its user base of 220 million and build a large offering of financial services products. Post this funding One97 now valued at $7 billion.

Ola

$404 Billion

Despite bleeding losses, high employee cost, the cab-hailing firm Ola has been successful in raising a sizeable amount of funds. The startup has recently raised over Rs231 crore from Tekne Private Ventures through an issue of preference shares, reports Live Mint.  In June 2017, Ola had raised about $50 million (Rs 322 crore) from New York-based hedge fund Tekne Capital Management LLC, as part of the company’s ongoing funding round. Prior to this cab hailing app raised Rs 670 crore in a fresh round of funding from Ratan Tata’s venture fund RNT Capital Advisers LLP and US hedge fund Falcon Edge Capital LP.

Founded by Bhavish Aggarwal and Ankit Bhati in 2010, Ola is backed by marquee investors including SoftBank, Tiger Global and Matrix Partners. Since November 2016, Ola has raised nearly $400 million. Ola, which has a presence in over 100 Indian cities as against Uber’s operations in 29, has been aggressively ramping up its portfolio of services.

ReNew Power Ventures

$202 Million

Wind energy firm based in India, ReNew Power has recently raised around $100 million in structured credit from Piramal Capital’s structured financing group (SFG) to raise his stake in the company ahead of a proposed initial public offering (IPO), reports Live Mint.

The firm founded by Sumant Sinha is one of the largest renewable energy producers in the country has around 1.2GW of operational capacity across the wind and solar projects.

In February 2017, ReNew raised $200 million where JERA Co. Inc. bought a 10% stake in the company, valuing it at $2 billion. ReNew Power’s earlier backers include Goldman Sachs, sovereign wealth fund Abu Dhabi Investment Authority (ADIA) and Global Environment Fund.

ReNew Power’s recent debt financing transactions include a long-term $390 million debt funding from ADB, a $250 million credit line from Overseas Private Investment Corp. It also raised $475 million through masala bonds earlier this year.

In October 2015, the company raised $265 million in equity capital from Abu Dhabi Investment Authority, Goldman Sachs and Global Environment Fund. The round took the company’s total equity fundraising to $655 million. Goldman has invested a total of $370 million in the company.

Paytm Mall

$200 Million

After PayTM, India get gets the another unicorn in form of its e-commerce arm. Yes, PayTM e-commerce arm secured funding from Paytm’s existing investors Alibaba and SAIF Partners who have put in $177 million and $23 million respectively into Paytm Mall. Paytm has now become the only company with both payments and e-commerce businesses to be valued at billion dollars as separate entities.

Paytm Mall, owned by Paytm Ecommerce Pvt Ltd, is on a mission to become the technology partner of retailers and brands, enabling them to set up stores online.Paytm Mall is scaling its partner network by adding 3,000 agents to its existing workforce as it goes deeper into tier II and tier III cities, digitizing

Paytm Mall is scaling its partner network by adding 3,000 agents to its existing workforce as it goes deeper into tier II and tier III cities, digitizing catalogues of neighborhood shopkeepers and brands authorized stores. It will continue equipping these shopkeepers with technology by digitizing their catalogues, opening their store on its mall and making their shops QR Code-enabled. It has also extended logistics support and GST training to equip these retailers for the current business landscape. The company would also facilitate access to working capital loans, a major pain-point for every small retailer and play a critical role in their growth plans. These factors will contribute to enhancing their income and eventually lead to creating new jobs for our nation’s progress.

Greenko Group

$155 Million

Greenko Group is one of India's fastest growing Independent power producers, focusing on developing clean energy assets in India to meet India's ever increasing demand for power. In March 2017, the firm raised $155 million (Rs 1,010 crore) from existing investors Singapore’s sovereign wealth fund GIC and Abu Dhabi Investment Authority (ADIA) is one of the largest fund-raising exercises in the renewable energy sector.

According to ET, Hyderabad-based Greenko last year got $230 million in new funds from an entity owned by ADIA and an affiliate of GIC Singapore at a $1 billion valuation. ADIA invested $150 million while $80 million came from GIC.

Delhivery

$138 Million

Gurgaon-based logistics company SSN Logistics Pvt Ltd, which runs the web platform Delhivery.com has managed to make its place in the list of most funded Indian startups. In May 2017, Delhivery has received $30 million (about Rs200 crore) funding from Chinese conglomerate Fosun International. According to the LiveMint report, This additional investment was a part of the bigger equity financing round where The Carlyle Group infused $100 million to pick up a minority stake in the firm.

Founded in 2011 by Sahil Barua, Mohit Tandon, and Suraj Saharan, the startup raised $85 million in a series D round led by Tiger Global Management with participation from existing investors—Multiples Alternate Asset Management, Nexus Venture Partners, and Times Internet Limited in March 2015. Prior to that, in September 2014, it had raised its series C round led by Multiples Alternate Asset Management.

Hero Future Energies

$125 Million

The renewable energy arm of the Hero Group, Hero Future Energies raised $125 billion from International Finance Corp. (IFC), the private sector investment arm of World Bank. Founded in 2012, HFE is poised to provide clean power to industries, businesses, educational institutes, non-profits and governmental organizations at competitive rates. HFE assist its clientele in fulfilling their Renewable Purchase Obligations (RPOs) by reducing their dependence on power generated by fossil fuels like coal, oil and natural gas.

Spandana Sphoorty Financial Limited

$100 Million

According to LiveMint, microfinance lender Spandana Sphoorty Financial Ltdin April 2017, raised $270 million of funding. Around $100 million comes in the form of equity capital from a Kedaara Capital-led consortium including Ontario Teachers’ Pension Plan, and the rest in the form of debt capital from IndusInd Bank Ltd, Yes Bank Ltd and ICICI Bank Ltd.

Spandana Sphoorty is a Micro Finance firm headquartered at Hyderabad. It has presence pan India and has an employee base of 3500+ professionals. The company came into existence with a noble thought of upgrading the economic and social life of rural women, started by a woman for the women.

Swiggy

$80 Million

Indian food ordering and delivery platform, Swiggy raised $80 million in series-E funding in May 2017. The deal was led by Naspers, a global internet and entertainment group, and one of the world’s largest technology investors, with earlier investors Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners participating.

Swiggy is among the best-funded food delivery startups in India. It raised at about $155 million in equity from Accel Partners, Bessemer Venture Partners, Harmony Partners, RB Investments, Norwest Venture Partners, SAIF Partners and Apoletto, the personal investment firm of Russian billionaire and founder of DST Global, Yuri Milner. It has also raised about $8 million in venture debt from InnoVen Capital.

Swiggy has been a forerunner in online food ordering and delivery in India, by consistently shrinking delivery times and improving customer experience.