Private equity firms LeapFrog Investments and Aavishkaar Capital led a $48m round in Electronica Finance, a Non-Banking Finance Company. “With a strong track record and deep expertise in this segment, EFL remains committed to providing technology-based solutions and financial support to MSMEs that are powering India’s unprecedented economic growth. This association with two leading social impact investors can help us support small businesses to thrive and deliver resilient, low-carbon growth," Shilpa Pophale, Electronica Finance Managing Director & CEO.