Dugar Finance Secures $3M Debt to Expand EV, Solar Financing in India

Dugar Finance & Investments Limited, a Chennai-based NBFC specializing in green and inclusive lending, has raised $3 million in debt from a $75 million Green Basket Bond issued by Swiss impact investment firm Symbiotics Investments and underwritten by British International Investment (BII). The funding aims to expand Dugar Finance's electric vehicle (EV) and rooftop solar financing initiatives, primarily targeting underserved residential customers, MSMEs, and housing societies in tier-II and tier-III cities across India. Since its inception, the company has helped over 1,200 customers adopt rooftop solar systems and purchase EVs, resulting in an estimated reduction of nearly 3,000 tonnes of carbon emissions and substantial electricity cost savings. Founded in 1987, Dugar Finance operates more than 30 branches across six states and serves over 25,000 customers, focusing on financial inclusion for self-employed individuals, gig economy workers, and small businesses. Founder and Managing Director Ramesh Dugar emphasized that this capital infusion not only provides financial support but also endorses their mission to democratize access to clean energy and uplift grassroots small businesses. This initiative supports India's transition toward a greener and more equitable economy by combining sustainability with financial inclusion.