Non-bank lender Credit Fair secures $5 million from Symbiotics Investments, ET BFSI
Credit Fair, a non-banking monetary firm (NBFC) has raised $5 million in debt from the $75-million Green Basket Bond issued by Symbiotics Investments. The bond, which is the second of its sort, was issued by Symbiotics Investments and subscribed to by British Worldwide Funding (BII), the UK’s improvement finance establishment.
The brand new funding is anticipated to strengthen Credit score Truthful to broaden its presence within the rooftop solar financing house, primarily concentrating on residential in addition to MSME prospects, together with housing societies, in tier-2 and tier-3 cities. Credit score Truthful will deploy the $5-million to handle the rising demand for rooftop photo voltaic installations, empowering underserved communities with inexpensive and accessible financing choices, the corporate mentioned in a press assertion.
“This funding comes at a pivotal time after we broaden our portfolio to assist distributed vitality options like rooftop photo voltaic,” mentioned.
Vikas Agarwal, Co-founder of Credit score Truthful. “With this $5 million, we plan to fund 2,500 new rooftop photo voltaic tasks, instantly contributing to the discount of carbon emissions and offering sustainable vitality options to hundreds of shoppers.”
Thus far, the corporate has helped over 8,000 prospects undertake rooftop photo voltaic options, leading to a discount of over 4,100 tonnes of carbon emissions and annual electrical energy financial savings of over Rs 45 crore.
Credit score Truthful is backed by main VCs like LC Nueva AIF and Capital A and has secured debt funding from main banks and NBFCs like SBI, SIDBI, IDFC First Bank, AU Financial institution, Oikocredit, amongst others.
