Credit Fair Raises USD 5M from Symbiotics, Backed by BII, to Boost Solar Financing in India
The funding will strengthen Credit Fair to expand its presence in the rooftop solar financing space, primarily targeting residential as well as MSME customers.
February 19, 2025. By Abha Rustagi
The bond, which is the second of its kind, was issued by Symbiotics Investments and subscribed to by British International Investment (BII), the UK’s development finance institution and impact investor, and aims to drive the adoption of renewable energy solutions across Asia and Africa.
The new funding will strengthen Credit Fair to expand its presence in the rooftop solar financing space, primarily targeting residential as well as MSME customers, including housing societies, in tier-2 and tier-3 cities. Credit Fair will deploy the USD 5-million to address the growing demand for rooftop solar installations, empowering underserved communities with affordable and accessible financing options.
Commenting on the development, Vikas Agarwal, Co-founder of Credit Fair, said, “This funding comes at a pivotal time when we expand our portfolio to support distributed energy solutions like rooftop solar. We are grateful to BII for empowering and entrusting us to deliver green finance solutions to households and small businesses in India. With this USD 5 million, 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.”
Since its inception, Credit Fair has made noteworthy strides in promoting renewable energy solutions. To date, the company has 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 of over INR 45 crore.
Credit Fair is backed by leading VCs like LC Nueva AIF and Capital A and has secured debt funding from leading banks and NBFCs viz. SBI, SIDBI, IDFC First Bank, AU Bank, Oikocredit, etc.
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