The $75 million Green Basket Bond issued by Swiss impact investment firm Symbiotics Investments has raised $3 million in debt for non-banking financial company (NBFC) Dugar Finance.
British International Investment (BII), the UK’s development finance institution and impact investor, subscribed to the second-of-its-kind bond, which was issued by Symbiotics Investments and aims to promote the use of renewable energy solutions in Asia and Africa.
According to a press release from Dugar Finance, the money will be used to increase the company’s footprint in the EV and rooftop solar financing markets, focusing mostly on residential and MSME clients, such as housing societies, in tier-II and tier-III cities.
Dugar Finance claims that it offers income-generating auto loans designed for gig economy and self-employed workers, assisting in the creation of livelihoods and promoting upward mobility. Through electric vehicle (EV) loans, rooftop solar financing, and credit solutions for micro, small, and medium-sized businesses (MSMEs), it actively promotes green and inclusive financing in addition to traditional auto and mortgage loans.
According to Dugar Finance, it has advanced EV and renewable energy solutions significantly since its founding. To date, the business has assisted more than 1,200 clients in buying EVs and installing rooftop solar systems.
Dugar Finance, which focuses on underserved and credit-invisible segments, claims to have served over 25,000 customers since its founding and has more than 30 branches spread across 6 states.
