Rooftop solar focused NBFC Dugar Finance raises $3 Mn in debt

Non-banking financial company (NBFC) Dugar Finance has raised $3 million in debt from the $75-million Green Basket Bond issued by Swiss based impact investment firm Symbiotics Investments.

The bond, which is the second of its kind, was issued by Symbiotics Investments and subscribed to by British International Investment (BII), the UK’s development finance institution and impact investor, and aims to drive the adoption of renewable energy solutions across Asia and Africa.

The proceeds will be utilized to expand its presence in the EV financing and rooftop solar financing space, primarily targeting residential as well as MSME customers, including housing societies, in tier-II and tier-III cities, Dugar Finance said in a press release.

According to Dugar Finance, it provides income-generating vehicle loans tailored for self-employed individuals and gig economy workers, helping create livelihoods and foster upward mobility. Beyond traditional vehicle and mortgage loans, it actively promotes green and inclusive financing through electric vehicle (EV) loans, rooftop solar financing, and credit solutions for micro, small, and medium enterprises (MSMEs).

Since its inception, Dugar Finance states that it has made significant strides in promoting EV/ renewable energy solutions. Until now, the company has helped over 1,200 customers adopt rooftop solar solutions and help purchase EV vehicles.

With over 30 branches across 6 states, Dugar Finance claims to have served more than 25,000 customers since its inception, focusing on underserved and credit-invisible segments.