Elevar Equity invests USD 4 million in TapFin’s Seed Round, to propel its goal to become India’s leading Sustainability Platform, facilitating India’s Net Zero ambitions
Founded in 2023 by Terniza Berry (ex-HSBC), Aditya Singh (ex-Co-Founder PayTM Creditmate), and Pramod Marar (ex-HSBC), TapFin seeks to become India’s leading Sustainability Platform, empowering MSMEs and startups.
Capital to be used in expanding TapFin’s market reach, attracting top-tier talent, enhancing the product portfolio, and fortifying its technology and data capabilities.
The founding team’s collective experience of over 60 years across domains like financial services, technology, credit underwriting, risk management, and electric mobility will be a key differentiating factor when it comes to building a large-scale Sustainability Platform.
Elevar Equity’s investment in TapFin demonstrates confidence in the founding team’s vision to reshape the Sustainability landscape in India, with a focus on MSMEs and Entrepreneurial Households™.
Mumbai and Bangalore, March 14, 2024: TapFin, a technology-led full-stack Sustainability Platform, has raised USD 4 million in seed funding from Elevar Equity, a leading equity investor across India and Latin America that pioneered the commercial approach to impact investing. TapFin was founded by Terniza Berry, Aditya Singh, and Pramod Marar, who collectively have over 60 years of experience in financial services, sustainability, electric mobility, technology, retail distribution, and risk management across leading new-age and global organisations.
This funding will accelerate TapFin’s goal to become India’s leading Sustainability Platform, starting with Clean Mobility and expanding into other verticals of Sustainability like Solar and other Renewable Energy technologies. TapFin will deploy the capital to fuel its growth plans and market reach, strengthen its technology and data capabilities, attract top-tier talent, and drive product development. This investment led by Elevar Equity is significant, as it underscores the market’s confidence in the founding team and TapFin’s innovative platform approach to reshape the Sustainability landscape in India, with a particular focus on MSMEs and startups.
TapFin’s full-stack platform facilitates connections between key market participants, empowering MSMEs and other stakeholders to enhance their economic potential by embracing Sustainability. 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.
The Sustainability ecosystem is going to see unprecedented growth, driven by demand from the private sector and a push for adoption by the Government. 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.
Speaking on the same, Aditya Singh, Co-founder and CEO, TapFin 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. Terniza, Pramod, and I believe that the landscape, while nascent currently, will unleash the entrepreneurial spirit in the country and empower start-ups and MSMEs. Our goal is to be a part of every Sustainability transaction in the country by getting all ecosystem participants on our platform. We are excited to partner with a marquee investor like Elevar Equity, whose philosophy and conviction to bring about on-the-ground & observable change aligns with that of TapFin”.
Sandeep Farias, Founder and Managing Partner, Elevar Equity said, “We see immense potential in TapFin’s goal to become India’s leading technology-led Sustainability Platform, offering a range of value-added services. The Platform is designed to unlock the economic and entrepreneurial potential – and aspirations – of MSMEs and Entrepreneurial Households across the country. In Terniza, Aditya, and Pramod, we have invested in a founding team with vision, conviction, and diverse execution capabilities necessary to create a new, Sustainability-focused distribution model operating at the intersection of inclusivity, affordability, profitability, and transformative scale. Our investment aligns with Elevar’s goal to focus on the entrepreneurial potential of underserved customers and households and the communities they live in”.
About TapFin:
TapFin, founded in 2023, aims to become India’s leading Sustainability Platform, supporting and promoting the country’s Net zero ambitions. Presently, TapFin facilitates financing, value-added services and income-generation opportunities for key participants in the Clean Mobility ecosystem – cab aggregators, small and medium-sized Cargo fleet operators, OEMs, Dealerships, Charging infrastructure providers and battery manufacturers/assemblers. In time, TapFin will venture into other verticals of Sustainability like Solar and wind.
About Elevar Equity:
Elevar Equity is an equity investor in India and Latin America that pioneered the commercial approach to impact investing. Elevar backs seasoned entrepreneurs building enduring businesses focused on Entrepreneurial Households. Their investing started with microfinance and quickly expanded to affordable housing, healthcare, education, agriculture, and small businesses (MSMEs). Elevar’s India portfolio includes transformative companies such as Lead School, Samunnati, SarvaGram, and CureBay and has included companies such as Ujjivan, Vistaar, and Shubham in the past. With two decades of ground-up field insights and the scale journeys of ~50 companies, the Elevar Method of investing has delivered high-priority services to over 50 million Entrepreneurial Households across India and Latin America. #EPICOpportunity #EquityforEquity
