Credit Fair gets USD 5 mn debt from Symbiotics Investments, ET BFSI
Mumbai, Non-banking monetary firm Credit Fair on Tuesday stated it has secured USD 5 million in debt from British Worldwide Funding-backed Symbiotics Investments, which is able to assist it increase within the rooftop solar financing area. The funding comes from the USD 75-million Inexperienced Basket Bond issued by Symbiotics Investments.
Credit score Honest, which is backed by VCs like LC Nueva AIF and Capital A, has a big presence within the photo voltaic and MSME segments.
With the brand new funding, the corporate will increase its presence within the rooftop photo voltaic financing area, primarily focusing on residential in addition to MSME prospects, together with housing societies, in tier-2 and tier-3 cities, it stated.
Credit score Honest stated it should use the contemporary capital infusion to deal with the rising demand for rooftop photo voltaic installations, empowering underserved communities with reasonably priced and accessible financing.
“This funding comes at a pivotal time after we increase our portfolio to assist distributed power options like rooftop photo voltaic. We’re grateful to British Worldwide Funding for empowering and entrusting us to ship inexperienced finance options to households and small companies in India,” stated Vikas Agarwal, Co-founder of Credit score Honest.
The contemporary capital infusion will fund 2,500 new rooftop photo voltaic initiatives, immediately contributing to the discount of carbon emissions and offering sustainable power options to hundreds of shoppers, he stated.
Since its inception in 2018, until date, it has helped over 8,000 prospects undertake rooftop photo voltaic options ,leading to annual electrical energy financial savings of over Rs 45 crore.
These figures underscore the corporate’s commitments to environmental safety, sustainable options, and monetary viability and accessibility.
