Introduction to Dugar Finance
Dugar Finance, a non-banking financial company (NBFC), has secured $3 million in debt funding from the $75 million Green Basket Bond issued by Swiss-based Symbiotics Investments. This funding will be utilized to expand the company’s electric vehicle (EV) and rooftop solar financing portfolio, particularly in underserved tier-II and tier-III cities across India.
The Green Basket Bond
The Green Basket Bond, subscribed to by British International Investment (BII), aims to accelerate the adoption of renewable energy across Asia and Africa. This is the second issuance under the Green Basket framework by Symbiotics Investments. The bond is designed to support companies like Dugar Finance, which are working towards promoting sustainable energy solutions.
Utilization of Funds
The funds raised by Dugar Finance will be directed towards residential and micro, small, and medium enterprises (MSME) clients, including housing societies. This will enable the company to provide financing solutions for EV purchases and rooftop solar installations, thereby promoting clean energy access and supporting small businesses.
Mission and Impact
Dugar Finance was founded with the mission of promoting upward mobility for self-employed individuals and gig economy workers. The company offers income-generating vehicle loans and a suite of credit solutions designed for borrowers traditionally excluded from formal credit systems. To date, Dugar Finance has helped over 1,200 customers transition to rooftop solar energy or EV ownership, resulting in an estimated 3,000 tonnes of carbon emissions avoided and Rs 2.96 crore in annual electricity cost savings.
Reach and Expansion
With a network of over 30 branches across six Indian states, Dugar Finance has served more than 25,000 customers since inception, primarily targeting "credit-invisible" or underserved borrower segments. The company plans to use the raised funds to further expand its reach and scale its EV and rooftop solar financing solutions across tier-2 and tier-3 cities.
Quote from the Founder
According to Ramesh Dugar, Founder & MD of Dugar Finance, "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."
Conclusion
In conclusion, Dugar Finance’s $3 million debt funding from the Green Basket Bond is a significant step towards promoting sustainable energy solutions in India. The company’s mission to support small businesses and promote clean energy access aligns with the goals of the Green Basket Bond. With this funding, Dugar Finance is well-positioned to expand its reach and make a positive impact on the environment and the lives of its customers.
