The brand new funding is anticipated to strengthen Credit score Truthful to increase its presence within the rooftop photo voltaic financing house, primarily focusing on residential in addition to MSME clients, together with housing societies, in tier-2 and tier-3 cities. Credit score Truthful will deploy the $5-million to handle the rising demand for rooftop photo voltaic installations, empowering underserved communities with inexpensive and accessible financing choices, the corporate mentioned in a press assertion.
“This funding comes at a pivotal time after we increase our portfolio to assist distributed power options like rooftop photo voltaic,” mentioned.
Vikas Agarwal, Co-founder of Credit score Truthful. “With this $5 million, we plan to fund 2,500 new rooftop photo voltaic tasks, immediately contributing to the discount of carbon emissions and offering sustainable power options to 1000’s of shoppers.”
Up to now, the corporate has helped over 8,000 clients undertake rooftop photo voltaic options, leading to a discount of over 4,100 tonnes of carbon emissions and annual electrical energy financial savings of over Rs 45 crore.
Credit score Truthful is backed by main VCs like LC Nueva AIF and Capital A and has secured debt funding from main banks and NBFCs like SBI, SIDBI, IDFC First Financial institution, AU Financial institution, Oikocredit, amongst others.
