Dugar Finance, an NBFC committed to sustainable and inclusive lending, has raised $3 million in debt funding through the $75 million Green Basket Bond issued by Swiss-based Symbiotics Investments. The funding will be strategically deployed to expand Dugar’s electric vehicle (EV) and rooftop solar financing portfolio, particularly targeting tier-II and tier-III cities in India.
Green Capital for a Greener India
The Green Basket Bond, backed by the British International Investment (BII)—the UK’s development finance institution—is part of a broader initiative to accelerate renewable energy adoption across Asia and Africa. This is Symbiotics’ second issuance under the Green Basket framework.
“This capital infusion is more than just a financial commitment—it’s a strong endorsement of our mission to drive clean energy access and uplift small businesses at the grassroots level,” said Ramesh Dugar, Founder & MD, Dugar Finance.
The NBFC plans to deploy the proceeds to support residential consumers, MSMEs, and housing societies, helping them make the transition to clean energy and sustainable transportation.
Empowering the Underserved with Clean Credit
Founded with a focus on financial inclusion, Dugar Finance provides:
- ✅ Income-generating vehicle loans for gig workers and self-employed individuals
- ✅ Green loans for EV purchases and rooftop solar installations
- ✅ Customized credit solutions for credit-invisible populations
With operations across 30 branches in six Indian states, Dugar has served 25,000+ customers, with a growing focus on sustainability-driven financial products.
📊 Impact so far:
- ⚡ 1,200+ transitions to EV or solar energy
- 🌱 3,000 tonnes of carbon emissions avoided
- 💰 ₹2.96 crore in annual electricity cost savings
“With the support of Symbiotics and BII, we’re now equipped to scale up in areas where such financing is both needed and transformative,” Dugar added.
Backing Inclusive Green Growth
The partnership underscores the growing alignment between development finance and green fintech in India. With a rising demand for affordable, clean mobility and renewable energy in smaller towns, NBFCs like Dugar are emerging as critical players in last-mile credit delivery.
The Symbiotics Green Basket Bond exemplifies how international development funds are being mobilized for climate-aligned, grassroots impact across emerging markets.
