Pune-based Electronica Finance Ltd (EFL) has raised over Rs 100 crore ($15 million) through the issuance of Compulsorily Convertible Preference Shares (CCPS). According to a statement released by the company, the funds will be utilised by EFL for its business growth in the existing product segments and expansion into its new rooftop solar financing business.

Incorporated in 1990, EFL is a part of the SRP Electronica Group and a pioneer in the field of machine finance. It engages in machinery and other asset financings for Micro, Small and Medium Enterprises (MSMEs).