Bharat Housing Network secures $5M green bond from Symbiotics
The $5M bond is part of a $75 million green basket bond programme structured by Symbiotics with British International Investment (BII).
Bharat Housing Network (BHN), a secured credit network that provides technology and infrastructure for capital deployment across mortgages, clean energy, mobility and gold loans, has raised $5M (around Rs 47 crore) in green bonds from Symbiotics. The bond is part of a $75 million green basket bond programme structured by Symbiotics with British International Investment (BII).
The capital will be deployed through BHN's group NBFC, Singularity Creditworld, to finance green assets in India. According to the announcement, the funds will support rooftop solar financing, electric mobility financing and credit for clean-tech MSMEs.
BHN claims its network has enabled nearly Rs 2,000 crore of credit to more than 40,000 low and middle-income borrowers. It has also financed 7,162 KW of rooftop solar capacity and more than 800 electric vehicles, with the financed assets having a potential to save around 1,01,500 tonnes of CO2 emissions.
The company had previously raised Rs 125 crore ($14.5 million) in Series A funding led by NABVENTURES. Founded by Lalit Menghani, Madhusudan Sharma and Prasad Ajinkya, BHN is part of the Homeville Group. Its investors include NABVENTURES, 100Unicorns, Varanium, Riverwalk and LC Nueva.
BHN is also targeting up to $25 million in green bond issuances by the end of the next financial year. The proposed capital will be used to expand green asset financing and provide funding to sustainable businesses and retail borrowers across India.