Dugar Finance, a non-banking financial company (NBFC) that focuses on rooftop solar projects, has raised $3 million in debt funding.
The funding comes from the $75 million Green Basket Bond issued by Symbiotics Investments, a Swiss-based impact investment firm that supports sustainable projects.
This is the second time Symbiotics Investments has issued a Green Basket Bond. The funding is supported by British International Investment (BII), which is the UK’s development finance group and impact investor.
The new funding will help Dugar Finance grow its electric vehicle (EV) and rooftop solar loan services. The company plans to focus on homes, small businesses, and housing societies in smaller cities (tier-2 and tier-3).
“This capital infusion is more than just a financial commitment—it’s a strong endorsement of our efforts to drive clean energy access and uplift small businesses at the grassroots level. With the support of Symbiotics Investments and British International Investment, we are better equipped to scale our EV and rooftop solar financing solutions across tier-2 and tier-3 cities—where such innovations are both needed and transformative,” Ramesh Dugar, Founder & MD of Dugar Finance, said.
Dugar Finance was started in 1987 in Chennai by Ramesh Dugar and Sonali Dugar. It is an RBI-registered non-banking financial company (NBFC) that offers loans for vehicles and homes, business loans for small and medium enterprises (SMEs), and loans for green projects.
Dugar Finance has more than 30 branches in six states. It mainly helps people who don’t have easy access to credit and have been ignored by other lenders. So far, it has helped over 25,000 customers.
Dugar Finance has helped more than 1,200 customers start using rooftop solar panels and electric vehicles (EVs). This has reduced almost 3,000 tonnes of carbon emissions and saved about INR 2.96 crore every year on electricity bills.
The company focuses on putting customers first, supporting families, small businesses, and housing societies to switch to clean energy and eco-friendly transportation options.
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