Ramesh Dugar, Founder and Managing Director, Dugar Finance
The capital will enable Dugar Finance to enter new geographies, deepen distribution in underserved regional markets and further strengthen its analytics-based lending and risk capabilities.
Indian banks also participated in the round, including Union Bank of India, Karur Vysya Bank, Indian Overseas Bank, Tamilnad Mercantile Bank and STCI Finance, among others.
Symbiotics contributed $5.5 million in this round, bringing the total investment in Dugar Finance to $8.5 million, including an earlier $3 million Green Bond.
Dugar Finance currently operates in six states, serving semi-urban and rural clients. The portfolio includes income-generating, secured MSME loans and commercial vehicle loans, supporting micro-entrepreneurs, small businesses and entry-level commercial vehicle drivers who have had limited access to formal credit in the past.
The company aims to scale up to over 75 branches and ₹600 crore AUM by FY27 and ₹2,000 crore AUM by FY29, while maintaining strong financial performance, including a RoA of over 4 per cent and gross NPAs of less than 2 per cent, the company said in a press release.
“This increase underlines the strength of our asset quality, governance and disciplined execution. It reaffirms our partners’ confidence in our long-term vision and our commitment to expanding secured MSME and commercial vehicle financing in regions where formal credit remains constrained. We will continue to scale responsibly while strengthening the governance and operational rigor that define Dugar Finance,” said Ramesh Dugar, Founder and Managing Director.
“This MSME-focused bond will be used to expand access to finance for the missing mid-MSME segment. The issuance of this bond is in line with Symbiotics Investments’ mission to promote the sustainable development of MSMEs in emerging and frontier economies. We are pleased to support the growth of this segment and are excited to partner with Dugar Finance,” said Prashant Bhardwaj, Regional Manager, South Asia at Symbiotics.
Published on December 22, 2025
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