WheelsEMI Raises INR 100 Crores in Series B Funding Led By Faering Capital and Elevar Equity


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Akash1886

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WheelsEMI raises INR 100 Crores in Series B Funding led by Faering Capital and Elevar Equity
Mumbai, December 10, 2018:
WheelsEMI Private Limited, an NBFC focused on two-wheeler financing today announced that it has raised Rs. 100 crores in Series B funding. The round was led by leading Indian mid-market private equity firm, Faering Capital and included participation from Elevar Equity, the company’s 2017 Series A investor.

WheelsEMI is the first institutional player in India to offer financing for pre-owned two-wheelers along with host of other products such as financing new two wheelers (including electric scooters), providing finance to bike renting companies and leasing of two-wheelers. The company will utilize the funds to augment its growth and propel the business to new heights.

WheelsEMI is a two-wheeler specialist determined to add substantial value to the end customer through speedy approval of loans and various value-added services like warranty, true price discovery of pre-owned vehicles, buy-back of leased vehicles and affordable pricing. We aim to make a significant mark in the two-wheeler financing space and aspire to be amongst the top three financiers in next 5 years”, said Srinivas Kantheti, Co-Founder and Managing Director, WheelsEMI. “We are excited to welcome Faering Capital to our investor base given their significant expertise and track record of investments in the financial services space.”
Commenting on the investment, Aditya Parekh, Co-Founder & Managing Director, Faering Capital said, “We are excited to partner with WheelsEMI, an NBFC that has demonstrated strong growth and established themselves as a leading firm in the fragmented pre-owned two-wheeler financing market. We believe the company is backed by an excellent management team and uniquely addresses the aspirations of India’s growing middle class.”

Commenting on the development, Sameer Shroff, Co-Founder & Managing Director, Faering Capital said, “At Faering Capital, we aim to partner with fundamentally strong management teams and work with them to deliver growth and achieve scale. Our investment in WheelsEMI is in line with our focus on backing firms with strong management teams that are emerging as market leaders of tomorrow.”

The traction demonstrated by WheelsEMI is yet another validation of the potential held by focused financial services plays that offer a customer experience that goes well beyond providing access to loans - the deep domain expertise of the founders in these markets is unique and will go a long way in building a differentiated business,” said Jyotsna Krishnan, Managing Director, Elevar Equity.


Regards

Akash
 

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