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Non-banking financial company (NBFC) Credit Fair has secured USD 5 million in debt from a USD 75-million green basket bond issued by Symbiotics Investments.
The funding will help the company expand its rooftop solar financing solutions, focusing on residential and MSME customers, particularly in Tier II and Tier III cities.
Credit Fair aims to empower underserved communities by providing affordable financing options for solar installations in housing societies and small businesses. The company stated that the funding would support 2,500 new rooftop solar projects, reducing carbon emissions and promoting clean energy adoption.
The green 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. The initiative aligns with BII's mission to drive renewable energy adoption across Asia and Africa.
"This funding comes at a pivotal time as we expand our portfolio to support distributed energy solutions like rooftop solar," said Vikas Agarwal, Co-founder, Credit Fair.
Since its inception in 2018, Credit Fair has helped over 8,000 customers switch to rooftop solar, cutting 4,100 tonnes of carbon emissions and generating INR 45 crore in annual electricity savings.
Previously, in August 2022, the Mumbai-based fintech startup raised USD 10 million in debt and equity as part of its seed extension round, led by LC Nueva Investment Partners.
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