Mumbai, 13th February, 2024: Credit Fair, a consumer lending fintech startup, has established a partnership with Jakson Solar, a part of the Jakson Group, a leading energy and infrastructure solutions company headquartered in Noida, India to offer affordable solar equipment financing options to individuals, MSMEs, trust institutions and housing societies to install clean energy systems.
The collaboration is part of Credit Fair’s mission to promote faster adoption of solar energy systems in the country. By making solar solutions affordable and accessible, Credit Fair is aiming to help individuals and entrepreneurs save on energy bills and reduce monthly variable costs. Credit Fair will offer faster, simpler and fully digital lending solutions to customers who choose Jakson Solar energy equipment and technology. Credit Fair also provides easy EMI options up to seven years with a provision to pre-close loans without any additional charges.
Credit Fair has set an ambitious target of scaling up its green financing loan portfolio to Rs 400 crore and growing its total assets under management (AUM) to Rs 1,000 crore by FY25. Retail customers and commercial ventures can avail loans up to Rs 50 lakh and Rs 2 crore, respectively. Credit Fair will target individuals and enterprises across India, including tier-3 and tier-4 cities, apart from providing channel financing to the Jakson Solar dealers and business partners.
Commenting on the development, Vikas Agarwal, Co-founder and CBO, Credit Fair, said: “We are very glad to announce this collaboration with Jakson Solar, which is aimed at hastening the adoption of clean energy solutions in the country. It will ensure availability of world-class equipment and innovative technologies in the domestic market. In the renewable energy segment, technology is fast changing, and we have to cope with this revolution. Jakson Solar’s multifaceted contributions significantly shape India’s energy landscape, echoing the vision for a sustainable and energy-efficient future.
Mr. Anurag Garg, CEO, Jakson Solar, said: “Aligned with our mission to spearhead the nation’s transition to clean energy we help our customers reduce their carbon emissions and save money. Improving air quality is a major concern in India. Producing your own solar energy, offsets carbon dioxide emissions from the fossil fuel-based automotive and power plants, thus, improving air quality for everyone. Our goal is to provide a solar power system with a quicker payoff time, and ensure our customers get the highest quality solar system with the best return on their investment.”
Credit Fair plans to boost the share of green financing in its loan book to 40 percent. The company aims to grow its total assets under management (AUM) to Rs.1000 crore by FY25 and scale up the share of the green financing loan portfolio to Rs.400 crore.
Set up in 2018, Credit Fair, a B2B2C lending-focused fintech start-up, offers lending solutions and unsecured loan options at the point-of-sale to businesses and consumers at a lower cost or no cost. Founded by Aditya Damani, it aims to build a credit ladder for 550 million underserved Indians and reach 5,000 active merchant partners and grow disbursements to a $360- million annual run rate. The ticket size ranges from Rs 10,000 to Rs 50 lakh, and the tenure from three months to five years. Within a short span of time, Credit Fair has emerged as one of the most dependable financial partners for more than 1,000 merchants, including notable brands like upGrad, Livspace, Asian Paints, Scaler, Nova IVF and Solar Sqaure, to name a few. To scale up credit penetration into the underserved segments, Credit Fair has raised $25 million in debt from SBI, Northern Arc, Avanse, Vivriti Capital, Caspian Impact, InCred Financial and equity from a marquee group of investors which includes LC Nueva Alternative Investment Fund, Capital A, among others.
Established in the year 1947, the Jakson Group has evolved from specializing in Diesel Generator Manufacturing to becoming a multifaceted Energy and Infrastructure solutions provider. The company’s prowess encompasses Distributed Energy, Solar Power, Eco-friendly Energy sources, Alternative Fuels, and high-tech Energy Storage Systems, as well as Renewable, Civil, and Infrastructure EPC services. The Company has an extensive presence throughout India with 5 manufacturing facilities, 30+ Sales Offices, 7 international offices and a wide network of channel partners and dealers making it one of the top 10 energy companies in India. The company, with around 2500 employees, focuses on offering high-quality products and value-driven solutions. Drawing from extensive expertise in the Energy Industry, it serves more than 75,000 loyal customers. For more information on the Company, please visit www.jakson.com
Leave a Reply