New Delhi, April 15 -- TapFin, backed by venture capital firm Elevar Equity, has launched its non-banking financial company (NBFC) GoGreen Capital, aimed at accelerating electric vehicle (EV) financing in India.
GoGreen Capital will support startups, micro, small and medium enterprises (MSMEs), original equipment manufacturers (OEMs), engineering firms, fleet operators, and commercial businesses in securing capital for sustainability-focused initiatives, furthering the transition to a greener economy.
The new NBFC will leverage TapFin's ecosystem partnerships and the capabilities of its proprietary platform TapFin Hub, which provides ecosystem participants with access to advisory services, financing, and battery and vehicle management tools. Its core features include OEM and supplier whitelisting, real-time asset monitoring via advanced AI models, portfolio valuation, and monetization of disposed assets.
"GoGreen Capital is designed to unlock capital for businesses adopting electric vehicles, solar energy solutions, battery circularity, and other sustainability-related objectives," said Aditya Singh, CEO of TapFin, adding that the company's mission is to bridge funding gaps, accelerate sustainable growth, and contribute to India's transition towards a cleaner, more resilient economy.
GoGreen Capital will offer commercial asset loans, business loans, and leasing solutions within the clean mobility, battery, and solar sectors.
It will utilize TapFin's data-driven underwriting and contextual credit assessments, drawing on non-traditional insights such as vehicle usage patterns, battery analytics, ecosystem partnerships, and fleet operations. The NBFC will also collaborate with financial institutions and fintech platforms to expand access to green financing-including co-lending opportunities--ensuring businesses in tier II and III cities can access sustainable financial solutions.
Founded in 2023 by Aditya Singh, Pramod Marar, and Terniza Berry, TapFin facilitates financing, insurance, demand aggregation, and OEM selection for participants in the clean mobility ecosystem. This includes cab aggregators, small and medium-sized cargo fleet operators, OEMs, dealerships, charging infrastructure providers, and battery manufacturers and assemblers.
In 2024, TapFin raised $4 million (Rs 33.1 million then) in seed funding from Elevar Equity. The company has yet to disclose its financials.
Published by HT Digital Content Services with permission from VC Circle.