PHF Leasing Ltd, a deposit accepting NBFC, on Tuesday said it has raised $10 million capital through a mix of equity and debt which will be used for expanding into newer geographies. This includes around 60% equity and 40% debt, the Jalandhar-headquartered company said in a release.
It offers mortgage loans against immovable property (LAP) and financing e-vehicles, primarily e-rickshaws, e-loaders and EV–2 wheelers.
“The $6 million equity infusion will help us maintain a healthy debt equity ratio as per industry norms. We will be utilising the funds to reach newer geographies and maintaining an over 50% year-on-year growth”, said Shalya Gupta, CEO, PHF Leasing.
The debt has been raised from existing lenders as well as by onboarding new lenders. Total 82 individuals and companies participated in the equity raising round and the company onboarded three new lenders in March 2024 including Cholamandalam Investment and Finance Company, SMC Moneywise and Vivriti Financial.
Lenders working with PHF Leasing include SBI, AU Small Finance Bank, MAS Financial Services, Ambit Finvest, Incred Financial Services, Shriram Transport Finance, Unicom Fincorp and Growmoney Capital.
PHF Leasing is operating in over 120 locations in 10 states and UTs, and employs 500 people.
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