- USD 18 million raised from international and Indian financial institutions
- Symbiotics contributes USD 5.5 million, marking USD 8.5 million total investment in Dugar Finance
- Funding to support secured MSME and commercial vehicle lending across Tier-2 to Tier-6 markets
Symbiotics, the leading market access platform for impact investing, has led a USD 18 million debt round in Dugar Finance, a fast-growing Non-Banking Financial Company (NBFC) in India focused on secured MSME and commercial vehicle lending.
The transaction saw participation from a consortium of lenders including Union Bank of India, Karur Vysya Bank, Indian Overseas Bank, Tamilnad Mercantile Bank, STCI Finance, and others. Symbiotics contributed USD 5.5 million, bringing its total investment in Dugar Finance to USD 8.5 million, following a prior USD 3 million Green Bond supporting sustainable and electric vehicle financing.
This new funding round will enable Dugar Finance to expand its secured lending operations to micro-, small-, and medium-sized enterprises (MSMEs) and underserved commercial vehicle borrowers in Tier-2 to Tier-6 regions across India. The raise exceeded the initial target of USD 12 million, underscoring strong market confidence in Dugar Finance’s business model and performance.
Supporting financial inclusion in underserved Indian markets
Dugar Finance currently operates in six Indian states, providing tailored financial solutions to semi-urban and rural entrepreneurs. Its lending portfolio includes secured MSME loans and income-generating vehicle finance, empowering micro-entrepreneurs, first-time business owners, and commercial drivers with limited access to formal credit channels.
The additional capital will help the company expand its geographic footprint, deepen distribution in regional markets, and reinforce its data-driven credit and risk management systems.
Strategic partnership to empower MSMEs
“This raise underscores the strength of our asset quality, governance, and disciplined execution. It affirms our partners’ confidence in our long-term vision and our commitment to expanding secured MSME and commercial vehicle finance in regions where formal credit remains limited. We will continue to scale responsibly while reinforcing the governance and operational rigor that define Dugar Finance,” said Ramesh Dugar, Founder and Managing Director of Dugar Finance.
“This MSME-focused bond will be used to increase access to funding for the missing middle MSME segment. The issuance of this bond is aligned with Symbiotics Investments’ mission to foster the sustainable development of MSMEs in emerging and frontier economies. We are excited to support the growth of this segment and delighted to partner with Dugar Finance,” added Prashant Bhardwaj, Regional Manager, South Asia at Symbiotics.
Deepening Symbiotics’ impact in India
This transaction reinforces Symbiotics’ commitment to building inclusive financial ecosystems in emerging economies and marks another milestone in its India strategy. With a growing need for tailored MSME finance in regional and rural India, Symbiotics continues to back institutions that drive scalable, sustainable, and impact-driven lending.
By supporting Dugar Finance’s expansion and mission, Symbiotics is helping address one of India’s most critical development challenges: closing the credit gap for MSMEs and informal entrepreneurs who serve as the backbone of the country’s economy.
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For more information, contact:
Samy Derradji, Head of Corporate Communication, Symbiotics
samy.derradji@symbioticsgroup.com
Ashok G, Head – Finance, Dugar Finance
avpfinance@dugar.co.in
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About Symbiotics
Symbiotics is the leading market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The group offers investment, asset management and capacity building services. Since 2005, we have originated over 8,200 investments representing more than USD 10.5 billion for 608 companies in 99 countries. We manage an aggregate portfolio of USD 2.5 billion spread across 19 funds and mandates. Our portfolio companies have also benefited from over 170 technical assistance projects worth more than USD 19 million. symbioticsgroup.com
About Dugar Finance
Dugar Finance is an impact-focused, non-deposit-taking NBFC operating across multiple states in India with a strong presence in tier 3 and tier 4 markets. The company specializes in secured MSME and commercial vehicle financing aimed at income generation, supporting micro-entrepreneurs, small businesses, and first-time commercial vehicle drivers who remain underserved by formal credit. Built on a foundation of disciplined underwriting, strong governance, and prudent risk management, Dugar Finance has consistently maintained high asset quality while scaling its branch network across emerging regional markets. The company continues to deepen its institutional lender relationships and is focused on building a resilient, scalable lending platform designed to support long-term economic activity in India’s growth corridors. dugar.co.in
