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Yunus Social Business Fund Bengaluru has provided debt of about Rs 1.75 crore to Varanasi-based social venture SMV Green Solutions.
Founded in 2015 by Naveen Krishna, SMV Green Solutions offers last-mile connectivity through e-rickshaws by transforming about 5,000 rickshaw pullers as owners of these e-rickshaws. SMV Green will use the money to expand into rural areas in Uttar Pradesh and Bihar.
Shell Foundation and DFID also support the company for its work in promoting clean energy initiatives and gender inclusion, according to a press release from Yunus Social Business Fund Bengaluru.
Yunus Social Business, co-founded by Nobel Peace laureate Muhammad Yunus, provides long-term loans and gives hands-on support to social businesses.
According to the release, SMV Green is creating an ecosystem for clean last-mile transportation in tier 2 and tier 3 cities to help the poor to own electric rickshaws. The company helps its customers obtain affordable financing and also supports them in licensing and registration procedures. It also helps poor women to own e-rickshaws.
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