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Electronica Finance Ltd (EFL) said on Thursday it has secured Rs 400 crore in an equity Series B funding round led by LeapFrog Investments along with other investors.

The funds secured will strengthen the company’s balance sheet and provide the foundation for another phase of rapid expansion, EFL said in a statement.

According to the statement, the new capital will be used to boost MSME financing in the high-growth potential manufacturing segment in India.

The Pune-based firm offers loans for products like machine rooftop solar, working capital, and microloans against property in semi-urban and rural India to provide sustainable financial inclusion.

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“Electronics Finance Ltd has agreed upon Rs 400 crore of new funding. The equity round was led by LeapFrog Investments, with participation from Aavishkaar Capital and US-based impact asset manager Encourage Capital,” the company said.

“This association with two leading social impact investors helps us support small businesses to thrive and deliver resilient, low-carbon growth,” said Shilpa Pophale, MD and CEO at EFL.