Team Startupcity

• Backed by Symbiotics Investments via Green Basket Bond, with support from British International Investment.
• Funds to scale EV and rooftop solar lending in underserved tier-II and tier-III cities.
• 25,000+ customers served, 3,000 tonnes of carbon emissions avoided, and nearly Rs 3 crore saved in electricity costs.

Dugar Finance, an NBFC that is a leader in sustainable and responsible lending, has raised $3 million of debt financing from the $75 million Green Basket Bond launched by Switzerland-based Symbiotics Investments. The bond, backed by British International Investment (BII), the UK's development finance institution, is targeted at scaling up the uptake of renewable energy in Asia and Africa.

The new capital will support the firm's push to expand rooftop solar and electric vehicle (EV) financing, especially in tier-II and tier-III cities  areas historically excluded from clean energy transitions.

Dugar Finance intends to use the funds to finance both residential and MSME clients, such as housing societies, to access green energy solutions. The transaction represents the second under Symbiotics' Green Basket Bond framework, further demonstrating the company's dedication to climate-positive investments.

This investment is a vote of confidence in our vision to democratize access to clean energy and empower small businesses," stated Ramesh Dugar, Founder & Managing Director at Dugar Finance. "With the support of Symbiotics and BII, we are well-placed to grow our green lending to under-penetrated areas where such change is most necessary.

Launched with an emphasis on helping self-employed and gig economy workers, Dugar Finance provides income-generation vehicle loans and personalized credit products for those often left out of mainstream banking. In addition, the company provides green loans for EVs and rooftop solar panels.

To date, the company reports having assisted more than 1,200 customers in switching to renewable energy, resulting in the reduction of 3,000 tonnes of carbon emissions and approximated annual electricity cost savings of Rs 2.96 crore.

Operating across 30+ branches in six Indian states, Dugar Finance has reportedly assisted more than 25,000 customers with its business, targeting predominantly "credit-invisible" and underserved borrower groups.