Dugar Finance Secures $3 Million in Green Financing

Dugar Finance, a leading non-banking financial company (NBFC), has successfully raised $3 million in debt from the $75-million Green Basket Bond launched by the Swiss impact investment firm, Symbiotics Investments. The bond represents the second issuance of its kind and has seen participation from British International Investment (BII), which stands as the UK’s prominent development finance institution and impact investor. This initiative aims to promote the use of renewable energy solutions in Asia and Africa.

Utilisation of Proceeds

The funds raised will be directed towards enhancing Dugar Finance’s footprint in electric vehicle (EV) financing and rooftop solar financing. The main focus will be on residential customers and micro, small, and medium enterprises (MSMEs), including housing societies in tier-II and tier-III cities.

Commitment to Financial Inclusion

Dugar Finance offers vehicle loans designed specifically for self-employed individuals and gig economy workers, aiming to create sustainable livelihoods and enhance opportunities for upward mobility. In addition to standard vehicle and mortgage loans, the company actively champions green financing options through EV loans, rooftop solar financing, and tailored credit solutions for MSMEs.

Impact on Renewable Energy Adoption

Since its establishment, Dugar Finance has made remarkable progress in furthering the adoption of EV and renewable energy solutions. To date, the company has assisted more than 1,200 customers in integrating rooftop solar solutions and in purchasing electric vehicles.

Serving a Growing Customer Base

Dugar Finance has expanded its operations significantly, now boasting over 30 branches across six states. The company has attended to more than 25,000 customers, with a particular focus on serving underserved populations and those often overlooked in terms of credit access.