Credit Fair Secures $5 Million from Symbiotics Investments backed by British International Investment to propel Rooftop Solar Financing in India – EQ
Mumbai – Credit Fair, a non-banking financial company (NBFC) having significant presence in the solar and MSME segments, has successfully raised $5 million in debt from the $75-million GreenBasket Bond issued by Symbiotics Investments. 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 $5-millionto 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 British International Investment for empowering and entrusting us to deliver green finance solutions to households and small businesses in India. With this $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 significant 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 ₹45 crore. These figures underscore the company’s commitments to environmental protection, sustainable solutions, and financial viability and accessibility.
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, Oiko credit, etc. This reinforces our mission to drive financial inclusion and accelerate sustainable energy adoption
About Credit Fair
Founded in 2018 Credit Fair combines traditional NBFC practices with a digital approach to drive growth and sustainability across India. Through innovative financing options, the company focuses on making renewable energy accessible to underserved communities, helping them transition to sustainable energy sources. Credit Fair has onboarded over 1000 solar installers and is funding their customers. The company monitors the end-use of loans to ensure that they are deployed for impactful projects such as rooftop solar installations that perfectly align with India’s renewable energy goals.
About British International Investment
British International Investment is the UK’s development finance institution and impact investor. As a trusted investment partner to businesses in Africa, Asia and the Caribbean, BII invests to create productive, sustainable and inclusive economies in our markets. Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge, which has raised over $33.6 billion to empower women’s economic development. The company has investments in over 1,580 businesses across 65 countries and total net assets of £8.5 billion.
