Credit Fair Raises $5 Mn In Debt From Symbiotics Investments

SUMMARY

The NBFC raised the capital from the $75-Mn green basket bond issued by Symbiotics Investments and subscribed to by the British International Investment

It plans to use the fresh capital to expand its presence in the rooftop solar financing space, primarily targeting residential as well as MSME customers, including housing societies, in tier-II and III cities

Founded in 2018 by Aditya Damani, Credit Fair is RBI-registered climate-focused NBFC focused on financing solar installations for both individuals and micro, small and medium-sized enterprises

Non-banking financial company (NBFC) Credit Fair has secured $5 Mn (around INR 43.4 Cr) in debt from Symbiotics Investments.

The NBFC raised the capital from the $75-Mn green basket bond issued by Symbiotics Investments and subscribed to by the British International Investment. The bond is aimed to drive adoption of renewable energy solutions across Asia and Africa.

The NBFC plans to use the fresh capital to expand its presence in the rooftop solar financing space, primarily targeting residential as well as MSME customers, including housing societies, in tier-II and III cities.

Besides, the funds will address the growing demand for rooftop solar installations, empowering underserved communities with affordable and accessible financing options.

Credit Fair cofounder Vikas Agarwal, said, “This funding comes at a pivotal time when we expand our portfolio to support distributed energy solutions like rooftop solar. With this $5 Mn, 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.”

Founded in 2018 by Aditya Damani and Agarwal, Credit Fair is RBI-registered climate-focused NBFC focused on financing solar installations for both individuals and micro, small and medium-sized enterprises.

It claims to have helped over 8,000 customers adopt rooftop solar solutions, resulting in a reduction of over 4,100 tonnes of carbon emissions and annual electricity savings.

Prior to this funding, the NBFC secured cumulative funding of $26.92 Mn.

It competes against the likes of Namdev Finvest, Vivriti Capital, Electronica Finance Ltd, Satin Creditcare Network Ltd, among others in the solar sustainability financing segment.

The development comes at a time of growing investor attraction in the climate focused funding in India. Moreover, there is also a growing demand for green financing in the country among the emergence of environment-focussed startups.

For instance, in November last year climate-focussed VC fund Green Frontier Capital launched Green Frontier Capital India Climate Opportunities Fund with a target corpus of INR 1,500 Cr.

According to Inc42, venture capitalists have launched over 15 funds focused on climate technology which includes major players like e Unitus Ventures, Capria Ventures, Asha Ventures, Omnivore and Transition VC, among others.