Bharat Housing Network Secures $5 Million in Green Bonds

Bharat Housing Network (BHN), a secured credit network, has successfully raised $5 million (approximately Rs 47 crore) through green bonds from Symbiotics. This bond is included in a larger $75 million green basket bond programme established by Symbiotics in collaboration with British International Investment (BII). Previously, BHN secured Rs 125 crore ($14.5 million) in Series A funding, led by NABVENTURES.

Utilisation of Funds in Green Financing

The funds will be allocated via BHN’s group NBFC, Singularity Creditworld, to finance various green assets across India. They will focus on financing rooftop solar initiatives, promoting electric mobility, and providing credit to clean-tech MSMEs. BHN asserts that its network has facilitated nearly Rs 2,000 crore in credit for over 40,000 low and middle-income borrowers.

Impact of BHN’s Financing Efforts

The network has successfully financed 7,162 KW of rooftop solar capacity and more than 800 electric vehicles. These financed assets are estimated to save approximately 101,500 tonnes of CO2 emissions.

Background of Bharat Housing Network

Founded by Lalit Menghani, Madhusudan Sharma, and Prasad Ajinkya, BHN is a part of the Homeville Group. The company offers technology and infrastructure to facilitate capital deployment in areas such as mortgages, clean energy, mobility, and gold loans. Its investment partners include NABVENTURES, 100Unicorns, Varanium, Riverwalk, and LC Nueva.

Future Goals for Green Bond Issuances

BHN is targeting to raise up to $25 million in green bond issuances by the end of the next financial year. This capital aims to enhance financing for green assets and provide support to sustainable businesses and retail borrowers throughout India.