Dugar Finance & Investments Limited, a non-banking financial company NBFC) working in solar and MSME financing, raised $3 million in debt from the $75 million Green Basket Bond issued by Swiss-based impact Investment firm Symbiotics Investments.
The fresh funds will help Dugar Finance expand its footprint in EV financing and rooftop solar financing, particularly targeting residential consumers, MSMEs, and housing societies in tier-2 and tier-3 cities. The bond is subscribed to by British International Investment (BII), the UK’s development finance institution aims to accelerate renewable energy adoption across Asia and Africa.
“At Dugar Finance, our mission has always been to bridge financial inclusion with sustainability. This capital infusion is not just financial support, it’s a strong endorsement of our efforts to drive clean energy access and uplift small businesses at the grassroots,” said Ramesh Dugar, Founder and MD of Dugar Finance. He added that the funding will help the NBFC to scale its offerings in regions where such solutions can be transformative.
Dugar said so far it has helped over 1,200 customers adopt rooftop solar systems and purchase EVs, leading to an estimated reduction of 3,000 tonnes of carbon emissions and annual electricity savings of 2.96 crore.
