TapFin Bags $4 Mn From Elevar Equity To Boost Offerings In Clean Mobility Space

Green financing solution-focused startup TapFin has raised $4 Mn (around INR 33 Cr) in a seed funding round from Elevar Equity.

The startup will deploy the fresh proceeds to fuel its growth plans and market reach as well as to strengthen its technology and data capabilities. 

Founded by Terniza Berry, Aditya Singh and Pramod Marar last year, TapFin provides financing, value-added services and income-generation opportunities for key participants in the clean mobility space. 

Singh said, “At TapFin, we are fostering India’s transformation by building a sustainability platform that facilitates financing and other value-added services for the entire ecosystem. Our goal is to be a part of every sustainability transaction in the country by getting all ecosystem participants on our platform.”

Sandeep Farias, founder and managing partner, Elevar Equity said, “The platform is designed to unlock the economic and entrepreneurial potential – and aspirations – of MSMEs and entrepreneurial households across the country.”

Facilitating India’s net zero ambitions, TapFin’s ‘solution-oriented’ business model provides a range of services that focus on financing opportunities, insurance, demand aggregation, market linkages and OEM selection for its customers in the sustainability ecosystem. 

TapFin’s full-stack platform facilitates connections between key market participants, empowering MSMEs and other stakeholders to enhance their economic potential by embracing sustainability. 

It competes against the likes of Earth3.0, SustainFi, SustainSME and Neufin. 

It is pertinent to note that the evolving EV space in the country has attracted big investments with sustainability as a key focus area for startups and investors. 

Last year Bhavish Aggarwal-led Ola Electric closed an INR 3,200 Cr ($384 Mn) funding round, which was a mix of equity and debt.

Moreover, Ather also raised INR 900 Cr from existing shareholders Hero MotoCorp and GIC through a rights issue in 2023.

The Clean Mobility Industry in India is estimated to be around USD 34.80 billion in 2024 and is expected to reach USD 110.74 billion by 2029, growing at a CAGR of 26.05%. 

This growth is expected to be driven by Tier 2/3 cities and urban centres, collectively contributing to the rapid expansion of the Sustainability ecosystem.