Bharat Housing Network Secures USD 5 Mn from Symbiotics Investments to expand green financing portfolio
Bharat Housing Network (BHN), India’s leading multi-asset secured credit network has raised $5 Mn (around INR 47 Crs) in green bonds from Symbiotics.
The bond forms part of $ 75-million green basket bond programme structured by Symbiotics in partnership with 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 capital will be structured to finance sustainable green assets in India through BHN’s group NBFC, Singularity Creditworld Pvt Ltd. The funds will be deployed towards solar rooftop financing, electric mobility financing, and credit to new-age clean tech MSMEs.
To date, the network has enabled close to INR 2,000 crores of credit to over 40,000 low- and middle-income borrowers. BHN has financed installation of 7,162 KW capacity of solar rooftop energy and purchase of over 800 electric vehicles with a potential CO2 emissions saving of 1,01,500 tonnes.
BHN, a part of Homeville Group, provides technology and infrastructure to enable capital deployment across mortgages, clean energy, mobility and gold loans. Founded by Lalit Menghani, Madhusudan Sharma and Prasad Ajinkya, BHN is backed by marquee investors including NABVENTURES, 100Unicorns, Varanium, Riverwalk and LC Nueva, with debt funding from lenders such as SBI, GMO, ICICI Bank, IDFC FIRST Bank and AU Small Finance Bank.
As part of its continued focus on sustainable finance, BHN is targeting an issuance of up to USD 25 million in green bonds by the end of next financial year. The proposed issuance is intended to support the expansion of green asset financing and strengthen the availability of capital for sustainable businesses and retail borrowers.
“Symbiotics' financing is a strong endorsement of our model and our commitment to inclusive, sustainable lending. This capital comes at a time when India’s energy transition is moving rapidly beyond metropolitan hubs into Tier-2 and Tier-3 cities. BHN will leverage its established co-lending platform and secured lending capabilities to deploy the funds across high-impact green segments” said Keyur Vinchhi, SVP- Strategy and Business Development at Bharat Housing Network.
“We are delighted to partner with Bharat housing Network. This financing underscores our mission to foster sustainable development in emerging and frontier economies. We look forward to contributing to the growth of green and sustainable lending in India" said Prashant Bhardwaj, Regional Manager, South Asia at Symbiotics.
About Bharat Housing Network
BHN is India’s leading secured assets credit network providing infrastructure and technology to enable capital deployment across clean energy, mortgages, mobility and gold loans. The company is backed by marquee investors including NABVENTURES, 100Unicorns, Varanium, Riverwalk and LC Nueva and has secured debt funding from leading banks and NBFCs such as SBI, GMO, ICICI Bank, IDFC First Bank, AU SFB among others.
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 9,400 investments representing more than USD 12 billion for 669 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.