India-focused private equity fund manager Faering Capital has led a Series B round of INR1 billion (approximately US$14 million) for WheelsEMI, an India-based non-banking financial company that provides financing for pre-owned two-wheeler vehicles. Faering invested INR640 million (approximately US$9 million), and Elevar Equity, an emerging markets-focused venture capital firm, reportedly committed the remaining INR360 million (approximately US$5 million). The company raised a Series A round of INR230 million (approximately US$3 million) from Elevar in 2017. Elevar managing director Jyotsna Krishnan will join WheelsEMI’s board of directors as part of the transaction.