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Rooftop solar-focused NBFC firm Dugar Finance raises $3 million in debt
- Dugar Finance, an NBFC focused on sustainable lending, raised $3 million in debt funding from Symbiotics Investments' Green Basket Bond.
- The funds will help expand Dugar Finance's EV and rooftop solar financing portfolio in tier-II and tier-III cities in India.
- The Green Basket Bond aims to promote renewable energy adoption in Asia and Africa, subscribed to by British International Investment.
- The funding will target residential, MSME clients, and housing societies for clean energy access.
- Ramesh Dugar, Founder & MD of Dugar Finance, sees this funding as an endorsement of their efforts to drive clean energy access and uplift small businesses.
- Dugar Finance offers income-generating vehicle loans and credit solutions for traditionally excluded borrowers, along with EV and rooftop solar financing.
- The company claims to have helped over 1,200 customers transition to clean energy, avoiding 3,000 tonnes of carbon emissions and saving Rs 2.96 crore in annual electricity costs.
- With 30 branches across six states, Dugar Finance has served over 25,000 customers, focusing on credit-invisible or underserved borrower segments.
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