NBFC Credit Fair bags $5M funding from Symbiotics Investments
Credit Fair plans to utilise the fresh capital to strengthen and expand its presence in the rooftop solar financing space.
Non-banking financial company (NBFC) secured $5 million in debt from a $75-million green basket bond issued by Symbiotics Investments, the company said.
It plans to utilise the capital to strengthen and expand its presence in the rooftop solar financing space, targeting residential and MSME customers. This will include housing societies in Tier II and Tier III cities.
With the installations, Credit Fair looks to empower underserved communities with affordable and accessible financing options, it added.
The bond—the second of its kind, was issued by Symbiotics Investments and subscribed to by British International Investment (BII), the UK’s development finance institution and impact investor. It aims to drive the adoption of renewable energy solutions across Asia and Africa.
“This funding comes at a pivotal time when we expand our portfolio to support distributed energy solutions like rooftop solar…With this $5 million, we plan to fund 2,500 new rooftop solar projects, directly contributing to the reduction of carbon emissions and providing sustainable energy solutions to thousands of customers,” said Vikas Agarwal, Co-founder, Credit Fair in a statement.
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The company, since its inception in 2018, has helped more than 8,000 customers adopt rooftop solar solutions, it said. This has helped reduce over 4,100 tonnes of carbon emissions and annual electricity savings of over Rs 45 crore, the company added.
In August 2022, the Mumbai-based embedded credit fintech startup raised $10 million in debt and equity as part of its seed extension round led by LC Nueva Investment Partners.
Edited by Kanishk Singh