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Dugar Finance, a non-banking financial company (NBFC) focused on inclusive and sustainable lending, has raised $3 million in debt funding from the $75 million Green Basket Bond issued by Swiss-based Symbiotics Investments.
The firm will use the raised funds to expand its electric vehicle (EV) and rooftop solar financing portfolio, especially in underserved tier-II and tier-III cities across India.
The Green Basket Bond — subscribed to by British International Investment (BII), the United Kingdom’s development finance institution — is aimed at accelerating the adoption of renewable energy across Asia and Africa. This is the second issuance under the Green Basket framework by Symbiotics Investments.
Dugar Finance said it will direct the proceeds toward residential and micro, small, and medium enterprises (MSME) clients, including housing societies. “This capital infusion is more than just a financial commitment—it’s a strong endorsement of our efforts to drive clean energy access and uplift small businesses at the grassroots level,” the firm said in a statement.
Founded with a focus on promoting upward mobility for self-employed individuals and gig economy workers, Dugar Finance offers income-generating vehicle loans and a suite of credit solutions designed for borrowers traditionally excluded from formal credit systems. The firm also offers green loans including those for EV purchases and rooftop solar installations.
To date, Dugar claims to have helped over 1,200 customers transition to rooftop solar energy or EV ownership, with the impact reportedly resulting in an estimated 3,000 tonnes of carbon emissions avoided and Rs 2.96 crore in annual electricity cost savings.
With a network of over 30 branches across six Indian states, Dugar Finance claims to have served more than 25,000 customers since inception, primarily targeting “credit-invisible” or underserved borrower segments.
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