India’s leading Electric Vehicle financing non-bank financial company has recently raised $7 million green bond arranged by Symbiotics Investments to strengthen its retail Electric Vehicle portfolio for two and three-wheelers across the country.

The proceeds from the bond will be dedicated exclusively to providing loans to female entrepreneurs in India.

The proceeds of this Green Bond will be used to finance electric mobility, renewable energy, and energy efficiency projects.

Through this funding, the company plans to disburse income-generating loans worth INR 5,000 crore in the next five years, resulting in an overall reduction of four million tones of carbon emission, the firm said in a statement on 3 October.

Symbiotics has arranged with Samunnati Financial Intermediation & Services Private Limited (“Samunnati”) its first Green Bond whereby the proceeds of $4.6 million in local currency equivalent are fully allocated towards climate smart agriculture.

An endeavor to address a critical gap in affordable green housing in India will benefit scores of low-income borrowers, including women.

Symbiotics has arranged its first bond, the proceeds of which are solely used to finance renewable energy projects.