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Rooftop solar focused NBFC Dugar Finance raises $3 Mn in debt

EntrackrEntrackr · 6m ago
Rooftop solar focused NBFC Dugar Finance raises $3 Mn in debt
Medial

Non-banking financial company (NBFC) Dugar Finance has raised $3 million in debt from the $75-million Green Basket Bond issued by Swiss based impact investment firm Symbiotics Investments. The bond was issued by Symbiotics Investments and subscribed to by British International Investment (BII), the UK’s development finance institution and impact investor, aiming to drive the adoption of renewable energy solutions across Asia and Africa. The proceeds will be utilized to expand its presence in the EV financing and rooftop solar financing space, primarily targeting residential as well as MSME customers, including housing societies, in tier-II and tier-III cities, Dugar Finance said in a press release. According to Dugar Finance, it provides income-generating vehicle loans tailored for self-employed individuals and gig economy workers, helping create livelihoods and foster upward mobility. Beyond traditional vehicle and mortgage loans, it actively promotes green and inclusive financing through electric vehicle (EV) loans, rooftop solar financing, and credit solutions for micro, small, and medium enterprises (MSMEs). Since its inception, Dugar Finance states that it has made significant strides in promoting EV/renewable energy solutions. Until now, the company has helped over 1,200 customers adopt rooftop solar solutions and help purchase EV vehicles. With over 30 branches across 6 states, Dugar Finance claims to have served more than 25,000 customers since its inception, focusing on underserved and credit-invisible segments.

Fibe raises $35 Mn in Series F round led by IFC

EntrackrEntrackr · 13d ago
Fibe raises $35 Mn in Series F round led by IFC
Medial

Consumer lending company Fibe has raised $35 million in Series F funding round led by International Finance Corporation (IFC), a member of the World Bank Group. To date, the company has raised over $266 million in equity (including secondaries) and is backed by prominent investors including TPG’s The Rise Fund, Norwest Venture Partners, Eight Roads Ventures, TR Capital, Piramal Finance, and Chiratae Ventures. The firm closed its $90 million Series E round in June 2024 and $110 million Series D in August 2022. Its lending arm EarlySalary recently received Rs 250 crore ($26.5 million) through non-convertible debentures (NCDs) from a clutch of investors including AK Capital Finance, Franklin Templeton AIF, and Vivriti Alpha. The fresh proceeds will be used to enhance our product suite further and deliver a unified experience across borrowing, saving, investing, and payments while remaining focused on responsible credit and positive socio-economic outcomes, Fibe said in a press release. Co-founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe offers a broad suite of products including personal loans, long-term loans, loans against mutual funds, digital fixed deposits, and sector-focused impact loans spanning healthcare, education, and solar rooftop installations. Fibe claims that it has facilitated more than 9 million loans to date making it a major fintech player in healthcare and education financing. It has expanded its footprint to more than 940 cities across India, deepening access through technology-led outreach and scaling its lending portfolio with over 8,500 partner centers, and more than 50 channel partners. The company is yet to file its FY25 numbers. During the fiscal year ended March 2024, its consolidated revenue surged 2X to Rs 812 crore from Rs 392 crore in FY23. At the same time, profits for the company spiked 18X to Rs 101 crore in FY24, compared to Rs 5.4 crore in FY23.

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