Ashv Finance, an NBFC based in Mumbai and part of the Aavishkaar Group, secured $10 million in Series E funding from Encourage Capital. Intellecap served as the exclusive advisor to Ashv Finance for this funding round. The company specializes in providing cash-flow-based business loans to Micro, Small, and Medium Enterprises (MSMEs), offering flexible and collateral-free financing to support the growth of small and expanding businesses, aiming to unlock their potential.

Their goal is to fuel the ambitious growth of small businesses across India's diverse regions and markets. Having established a portfolio worth INR 10 billion and a presence in over 180 locations across 15 Indian states, the incoming funds will support their nationwide expansion efforts. With Encourage Capital's backing, the company plans to launch a significant initiative focused on financing rooftop solar solutions for micro and small enterprises, contributing significantly to India's renewable energy objectives.

Nikesh Kumar Sinha, Managing Director at Ashv Finance, expressed enthusiasm about Encourage Capital's backing, emphasizing the acceleration of their expansion plans and technological advancements. This investment signifies their strategic move into rooftop solar finance, aligning with the Aavishkaar group's ethos. Ashv aims to disburse loans totaling 390 crore rupees to micro and small enterprises engaged in rooftop solar projects over the next five years. Additionally, this capital injection will facilitate outreach to more businesses, aiming to elevate their portfolio to a range between 1,800 and 2,000 crore rupees.