M2P Fintech is close to raising $80 million in a new funding round, while Green Frontier Capital has led a $3-million round in ElectricPe. Separately, Amazon is in advanced discussions to acquire Axio.
M2P Fintech close to raising $80m
Application programming interface (API) infrastructure platform M2P Fintech is close to raising $80 million in a new funding round, Entrackr reported.
The round is expected to be led by a new investor, while existing investors including Insight Partners are also likely to join.
The funding will be used to beef up tech infrastructure and accelerate the growth pedal in India and overseas markets among others, the report added.
In April, M2P Fintech had raised about $4.2 million in debt funding from Anicut Capital. Prior to that, it had raised $56 million in its Series C1 funding round led by New York-based private equity and venture capital firm Insight Partners in January 2022.
Green Frontier leads funding in ElectricPe
Venture capital firm Green Frontier Capital has led a $3-million pre-Series A funding round in electric vehicle (EV) charging aggregation platform ElectricPe, per an announcement on Tuesday.
The round saw participation from all existing lead investors—Blume Ventures, Micelio Fund, and NB Ventures—the startup said in a statement.
The funds will be strategically used to fuel ElectricPe’s growth and innovation initiatives and expand to new geographic locations, it added.
ElectricPe’s full-stack super app allows users to identify, access, and pay for EV charging points regardless of their charging type. In addition to the app, ElectricPe’s multi-brand stores present prospective buyers with a wide range of E-2 wheelers to choose from while also offering users EV financing, servicing, and subscription plans.
Amazon nears Axio buy
E-commerce major Amazon is in advanced discussions to acquire online lending platform Axio (formerly Capital Float), said another Entrackr report.
If the deal fructifies, it will be Amazon’s second acquisition in the fintech space in India since the purchase of online payment service provider Emvantage Payments Private Ltd in 2016. Earlier this year, Amazon had also acquired MX Player’s assets to scale its Mini TV offerings in India.
Amazon is already an investor in Axio, participating in its Rs 144-crore extended Series C round in 2018. Currently, the firm owns around 8% of the Bengaluru-based lending platform.
