TapFin, a technology-led full-stack sustainability platform, has raised $4 million in seed funding from Elevar Equity, an equity investor across India and Latin America.
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, according to a company statement.
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.
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.
Aditya Singh, co-founder and CEO of TapFin, said, “Our goal is to be a part of every sustainability transaction in the country by getting all ecosystem participants on our platform.''
Sandeep Farias, Founder and Managing Partner, Elevar Equity, said, “Our investment aligns with Elevar’s goal to focus on the entrepreneurial potential of underserved customers and households and the communities they live in."
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 country ranked 5th with regard to its green skill intensity in 2022, as per a report by TeamLease. Simultaneously, the country aims to achieve net-zero emissions by 2070. During the COP-28 meeting, PM Narendra Modi pitched for a collaboration for sustainable futures.
According to the United Nations Climate Change Conference, “COP 28 refers to the United Nations Climate Change Conference that took place in Dubai, United Arab Emirates, from November 30 until December 12, 2023." Further, the estimates of the power ministry highlight that investments in renewable energy will be about $16.5 billion in 2024.
