NEW DELHI: PHF Leasing Ltd, a deposit accepting NBFC, on Tuesday said it has raised $10 million capital through a mix of equity and debt which will be used for expanding into newer geographies. This includes around 60 per cent equity and 40 per cent debt, the Jalandhar-headquartered company said in a release.

It offers mortgage loans against immovable property (LAP) and financing e-vehicles, primarily e-rickshaws, e-loaders and EV–2 wheelers.

“The $6 million equity infusion will help us maintain a healthy debt equity ratio as per industry norms. We will be utilising the funds to reach newer geographies and maintaining an over 50 per cent year-on-year growth”, said Shalya Gupta, CEO, PHF Leasing.

The debt has been raised from existing lenders as well as by onboarding new lenders. Total 82 individuals and firms participated in the equity raising round and the company onboarded three new lenders in March 2024 including Cholamandalam Investment and Finance Company.