Singapore’s sovereign wealth fund GIC-backed Euler Motors on Monday said it has raised $14.4 million (Rs. 120 crores) in its ongoing Series-C extension round. Separately, A.K. Alternative Asset Managers Pvt. is planning to raise as much as $48 million through its latest private credit fund, Bloomberg reported.
Euler Motors raises $14.4m
Singapore’s sovereign wealth fund GIC-backed Euler Motors on Monday said it has raised $14.4 million (Rs. 120 crores) in its ongoing Series-C extension round.
The round saw commitment from British International Investment (BII), the UK Government’s development finance institution and impact investor, with Blume Ventures.
Euler Motors said Green Frontier Capital and existing investors Athera Venture Partners, ADB Ventures, Blume Ventures, Alteria Capital, GIC Singapore, and QRG Holdings have also participated in the round.
The extension round takes the tally of total investments to about Rs. 690 crore.
The capital raised in this round will be deployed strategically to drive Euler Motors’ pan-India expansion initiatives as it plans to enter 40 cities by the end of FY 2023-24. The additional funds will also enable the company to reinforce its service and charging network nationwide to further facilitate the adoption of electric vehicles across the country.
A.K. Alternative eyes $48m new India private credit fund
India’s A.K. Alternative Asset Managers Pvt. is planning to raise as much as $48 million through its latest private credit fund, Bloomberg reported.
A.K. Securitization and Credit Opportunities Fund will provide growth capital to mid-market companies, linking debt repayment to their operating cash flows, the fund’s chief executive officer Vikas Jain told Bloomberg.
A part of the total corpus will be deployed in securitized debt instruments such as pass-through certificates, Jain said. The fund “will take conservative risk, yet fetch investors a high return” with a final close expected by March, he said.