Debt rounds

Zarea has raised $7.22 million in Sukuk financing, indicating a growing trend of Pakistani startups utilizing Islamic finance instruments. This funding round highlights the increasing accessibility of Sharia-compliant financial products for businesses in the region.

QpiAI is a Bengaluru-based deeptech startup developing quantum computing and AI solutions for enterprises. They build proprietary quantum hardware and software for applications in drug discovery, manufacturing, finance, pharma, and materials science. The company has developed a 25-qubit quantum computer and aims to scale to 1,000 qubits by 2030.

Orange Retail Finance, a Chennai-based lender, has raised Rs 100 crore in debt and secured a Rs 100 crore co-lending partnership with Shriram to expand its loan book beyond two-wheelers. The company is shifting its focus to gold loans and MSME loans against property, aiming to grow its assets under management from Rs 401 crore to Rs 550 crore by the end of the financial year.

Africa Finance Corporation (AFC) raised CHF 350 million (approximately $431 million) through a 5-year digital bond, marking the first digital bond from an African institution to be listed, traded, and settled on regulated digital market infrastructure. The bond, issued under AFC's $5 billion Global Medium-Term Note Program, uses distributed ledger technology and is listed on the SIX Swiss Exchange. Proceeds will be used for general funding needs to support infrastructure and industry development across Africa.

SoLa Impact is developing a new 166-unit affordable housing project called Broadway & Imperial in South Los Angeles. The project aims to provide rental apartments for individuals earning between 30 and 70 percent of the area median income. This development includes commercial space and parking, and is being financed through a combination of loans and tax credit equity.

Voi is a Swedish micromobility company that offers electric scooter and bike rentals. The company aims to provide sustainable and convenient urban transportation solutions. This funding will be used to redeem outstanding bonds and further scale its fleet.

Ayan Capital has secured a new debt facility from Triple Point, potentially worth up to £75 million. This facility will likely support Ayan Capital's lending activities and expansion within the financial technology sector.

BharatPe is a fintech startup that provides payment solutions for merchants. The company has raised debt funding ahead of a potential IPO and is also consolidating its payment aggregator businesses into a single entity. BharatPe aims to go public when market conditions are favorable, prioritizing profitability.

The National Bank for Financing Infrastructure and Development (NaBFID) is an Indian government-backed financial institution focused on infrastructure development. It plans to raise $500 million through its debut overseas bond sale, aiming to finance green and renewable energy projects in India.

UGRO Capital is an India-based DataTech NBFC specializing in MSME and small-business financing. They provide loans to small businesses with limited access to formal credit, using a proprietary underwriting model. This funding will be used to finance women-owned and youth-led businesses, and eligible green projects.

RBL Bank has issued USD 350 million in senior unsecured notes at a 5.791% coupon, maturing in September 2031. This marks the bank's debut in the international debt market under its new USD 1 billion Euro Medium Term Note program, diversifying funding sources and strengthening its global financial presence. The issuance is supported by strong investment-grade ratings, including a Baa2 from Moody's.

Poonawalla Fincorp is a financial services company that has approved the issuance of secured, redeemable, rated, and listed non-convertible debentures (NCDs) worth up to ₹1,000 crore through a private placement. The company reported robust growth with its assets under management (AUM) rising 77.5% year-on-year.

ARC Ride is a Kenyan electric mobility startup focused on scaling battery-swapping infrastructure for electric motorcycles across Africa. They aim to reduce the high cost of batteries, a major barrier to EV adoption, by offering a battery-as-a-service model. This new funding will expand their network, add electric motorcycles to their fleet, and enter new markets.

Motilal Oswal Financial Services has approved a Non-Convertible Debenture (NCD) issue of ₹200 crore. This fundraise will be conducted via private placement, indicating a targeted approach to securing capital from specific investors.

Kellton Tech Solutions is raising up to USD 50 million via Foreign Currency Convertible Bonds (FCCBs) to bolster its financial flexibility, support international scaling, and fund AI investments. The company reported Q1 FY27 revenue growth of 6.8% YoY and aims to secure low-cost global capital without immediate equity dilution.

Tolaram is a multinational company involved in various sectors including consumer goods and logistics. The company has secured a significant debt funding to support its operations and growth initiatives.

Tensive is developing an alternative to traditional breast implants. The company has received a €20 million loan from the European Investment Bank (EIB) to advance its REGENERA technology.

Constl, a digital infrastructure subsidiary of Space World Group, has secured $90 million in project financing led by NaBFID. The funds will support the rollout of greenfield fibre networks across emerging AI corridors in India and investments in next-generation network technologies, aiming to meet growing connectivity demands from hyperscalers and cloud providers.

Balkrishna Industries has approved the issuance of Non-Convertible Debentures (NCDs) aggregating up to Rs. 5,500 crore. These NCDs will be issued in three series on a private placement basis and listed on the BSE. The company has received an ICRA AA+(Stable) credit rating for its proposed NCD issuance.

Xanadu Quantum is developing quantum computers based on photonics technology, which utilizes light for computing. The company targets industries that require advanced computing capabilities, aiming to solve complex problems that traditional computers struggle with. Notably, Xanadu's systems are designed to operate at room temperature, distinguishing them from many other quantum computing approaches.

ThriveAgric is a startup focused on improving agricultural productivity through technology. It connects farmers with resources and financing to enhance their operations. The recent funding will help expand its services and reach more farmers.

India Infrastructure Finance Company Ltd (IIFCL) is a state-owned company focused on providing long-term financing for infrastructure projects in India. The company has initiated a $1.8 billion fundraising program to support various infrastructure developments, leveraging international markets for competitive pricing and risk management.

Zipline is a drone delivery company that specializes in medical logistics. It operates in various countries, providing essential medical supplies and blood to healthcare facilities. The company recently raised $950 million, highlighting its significant role in improving healthcare access through innovative delivery solutions.

Naran is a mobility financing and fleet infrastructure platform that provides rent-to-own financing for cars and motorcycles, enabling independent drivers to access vehicles through flexible terms. The company targets underbanked drivers in emerging markets, helping them increase their income and build financial security while addressing a critical financing gap in these regions.

M2P Fintech is a banking infrastructure provider that focuses on lending, payments, and core banking software. The company is expanding its artificial intelligence infrastructure to enhance its product offerings and computing capacity, which is crucial for processing information in AI models.

HealthSnap is a healthtech company that provides a virtual-care platform designed to keep patients connected to their care teams beyond traditional office visits. The company focuses on improving health outcomes through continuous monitoring and AI integration, serving over 80,000 patient programs across various health systems.

Mintoak is a fintech company that provides digital banking solutions for businesses. The company aims to enhance customer loyalty through innovative financial products. This funding will help Mintoak complete its acquisition of ICC Loyalty, expanding its service offerings.

Polyuse is a developer and provider of construction 3D printers, specifically the 'Polyuse One'. The company targets the construction industry, offering a mass-production 3D printer that creates concrete structures and formworks. This round of funding will support the development and dissemination of their technology, which has already been used in over 300 construction projects.

10x Banking provides core, cloud banking software for banks and financial institutions. Founded by former Barclays CEO Antony Jenkins, the company serves clients like Chase UK and Westpac. The recent funding will help 10x expand its go-to-market offering and meet growing demand from banks worldwide.

M-Kopa is a Kenyan-based asset-financing platform that provides affordable solar energy solutions to off-grid households. The company has secured a significant debt package to support its operations amidst a challenging funding environment for startups in Africa.

Dimension Data Limited is a technology company focused on providing digital solutions and infrastructure. The company aims to support Nigeria's growing demand for digital connectivity through the expansion of its fibre network. This funding round reflects the confidence of investors in the company's long-term growth strategy.

Fina is a Saudi fintech platform that provides embedded finance solutions tailored for small and medium-sized enterprises (SMEs). The company secured $75 million in Shariah-compliant financing to enhance its offerings. This funding round highlights the growing interest in fintech solutions in the region.

Codar is an African educational technology platform focused on scaling digital workforce development programs across Africa. It aims to dismantle cost and access barriers to high-quality technology education, preparing students for high-growth technical roles through a practical, project-based curriculum. The recent funding will enhance its curriculum, infrastructure, and scholarship accessibility.

Verda is a Helsinki-based AI infrastructure company that provides high-performance computing on demand for developers and organizations. The company focuses on building an AI cloud infrastructure that simplifies access to computing resources while emphasizing sustainability through the use of renewable energy in its data centers.

Suminter India Organics is an organic and sustainable food ingredients company that sources high-quality organic food ingredients at scale. The company connects over 100,000 smallholder farmers across India, the Philippines, and Africa to global food and feed markets, promoting regenerative agricultural practices and improving farmer livelihoods.

Mylerz is an Egyptian logistics startup that provides end-to-end e-commerce logistics solutions, including fulfilment and last-mile delivery. The company utilizes a proprietary technology platform that allows online merchants to manage their shipments and logistics operations efficiently. The recent funding will help expand its fulfilment infrastructure and enhance its delivery network.

Fawry is an Egypt-based digital-only financial services platform that provides access to financing for micro, small, and medium-sized enterprises (MSMEs). The company aims to support financial inclusion and entrepreneurship across Egypt through its digital lending platform, which leverages data-driven credit assessments for faster access to working capital.

Forward Financing is a Boston-based FinTech that supplies capital to small businesses throughout the United States. The company has closed $525 million in fresh financing to bolster its lending capabilities, which includes a $350 million variable funding note facility and a $175 million asset-backed securitization. This funding will enhance their liquidity and support expansion efforts.

Ecozen is a company focused on providing innovative solutions in the agritech sector. They aim to support farmers and agricultural businesses with technology that enhances productivity and sustainability. The planned debt raise of Rs 125 crore will help them expand their operations and improve working capital.

Alpaca is a brokerage platform that focuses on providing an agent-first and API-first infrastructure for financial companies and institutional clients. The company is expanding its services into European and Indian markets, aiming to facilitate onchain trading and tokenized equities. This funding round will help accelerate its growth and product offerings in these regions.

Milers is an Egyptian logistics startup that provides logistics solutions across Egypt. The company aims to strengthen its operations and expand its logistics infrastructure to support growing tourism and e-commerce activities. This funding round will help Milers enhance its working capital and accelerate its domestic expansion efforts.

IM8 is a health drink startup co-founded by Danny Yeung, offering a vitamin drink that includes compounds linked to longevity. The company targets health-conscious consumers through a subscription model. This funding round of $1 billion from General Catalyst's Customer Value Fund is notable for its unique loan structure that does not dilute ownership.

Masdar is an Abu Dhabi-based clean energy company developing the world's first 24/7 renewable energy facility. This project integrates a 5.2GW solar plant with a 19GWh battery storage system to provide uninterrupted clean energy. The project aims to set a new benchmark for financing reliable, utility-scale clean energy and address intermittency challenges.

Masdar, Abu Dhabi's future energy company, has secured $5 billion in financing for its $6 billion solar and battery storage project. The project aims to deliver renewable electricity around the clock and will feature a 5.2GW solar photovoltaic plant and a 19-gigawatt-hour battery energy storage system. Masdar is investing $1 billion in equity, positioning the project as the world's largest and most technologically advanced of its kind.

BiofuelCircle operates a digital marketplace that connects farmers, suppliers, and industries dealing in biomass and biofuels. The platform supports price discovery, logistics, and trade finance, allowing farmers to monetize agricultural residue while helping industrial buyers procure necessary supplies.

Simple Energy is an electric two-wheeler startup that designs and manufactures high-performance electric scooters. The company aims to expand its production capacity and retail presence as it prepares for a public listing in FY28, signaling its ambition to become a significant player in India's electric two-wheeler market.

Aria is a Paris-based company focused on addressing Europe's late-payment crisis. They have raised €7 million to support their operations and have launched a €240 million debt facility to further tackle this issue in the market.

Emesent is a robotics startup that develops AI-powered robotics and spatial computing technology capable of mapping hazardous and GPS-denied environments. The company serves industries such as mining, construction, and defence, with its flagship product, the Hovermap system, being used across more than 200 mine sites worldwide. This funding round will support product development and expand manufacturing capabilities.

Finkurve Financial Services Limited is a tech-first gold loan non-banking financial company (NBFC) based in India. It provides accessible financial solutions, primarily focusing on gold loans, personal loans, and SME loans, leveraging technology to enhance customer experience. The recent funding will support its growth strategy and expansion into new markets.