With its main office located in Pune, India, EFL offers working capital loans, machine loans, and rooftop solar loans that are especially designed for the country's MSME market. To promote sustainable financial inclusion, the firm also extends microloans secured by properties located in rural and semi-urban parts of the nation.

It states that it intends to use its most recent capital infusion to "strengthen the company's balance sheet" and move on with its next "phase of rapid expansion," with the infusion expected to close following the 30-day regulatory notice period.

Additionally, the company says that the funds would be used to expand MSME finance in India's manufacturing sector, which has "high-growth potential."

According to Stewart Langdon, a partner at LeapFrog Investments, EFL offered a compelling investment opportunity because of the "important role" it plays in advancing "financial inclusion and climate resilience" for small and medium-sized enterprises (SMEs) that have traditionally received little attention from traditional banks.

"These loans have advantages that extend beyond small business owners; they help households, communities, and create jobs."

This year, Series B fundraising rounds for fintech companies have been revealed by EFL, adding to their growing list. Notable instances include the $20 million financing round for Canadian paytech company Helcim, the €36 million raised by Dutch cybersecurity startup Eye Security, and the most recent $100 million financing round for Nigerian mobility company Moove.