Ecofy Secures USD 15 Mn Debt from Mirova
The funds will be used to finance residential as well as commercial and industrial rooftop solar installations, along with electric mobility solutions.
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Ecofy, a Mumbai-based non-banking financial company (NBFC) focused on climate finance, has raised USD 15 million in debt funding from Mirova.
The latest infusion is aimed at expanding its lending activities in clean energy and sustainable mobility sectors across India.
The funds will be used to finance residential as well as commercial and industrial rooftop solar installations, along with electric mobility solutions.
Ecofy focuses on providing loans for environmentally sustainable initiatives, including electric vehicles, energy-efficient equipment, energy storage, waste recycling, and water management systems.
Founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan, Ecofy has seen rapid growth in a short period. The company claims to have served over 130,000 customers and built a presence across 26 states and more than 500 cities nationwide.
Earlier this year, Ecofy had raised approximately USD 42 million in a Series B equity funding round co-led by British International Investment and Finnfund. In January 2024, it also secured INR 90 crore from FMO, the Dutch entrepreneurial development bank.
Ecofy reported that its assets under management have crossed INR 1,400 crore. The firm maintains a fully retail loan book and works with over 100 original equipment manufacturers (OEMs), along with partnerships with more than 23 banks and financial institutions.
It aims to support India’s transition towards lower carbon emissions by enabling access to climate-focused financing solutions.
Ecofy, a Mumbai-based non-banking financial company (NBFC) focused on climate finance, has raised USD 15 million in debt funding from Mirova.
The latest infusion is aimed at expanding its lending activities in clean energy and sustainable mobility sectors across India.
The funds will be used to finance residential as well as commercial and industrial rooftop solar installations, along with electric mobility solutions.
Ecofy focuses on providing loans for environmentally sustainable initiatives, including electric vehicles, energy-efficient equipment, energy storage, waste recycling, and water management systems.
Founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan, Ecofy has seen rapid growth in a short period. The company claims to have served over 130,000 customers and built a presence across 26 states and more than 500 cities nationwide.
Earlier this year, Ecofy had raised approximately USD 42 million in a Series B equity funding round co-led by British International Investment and Finnfund. In January 2024, it also secured INR 90 crore from FMO, the Dutch entrepreneurial development bank.
Ecofy reported that its assets under management have crossed INR 1,400 crore. The firm maintains a fully retail loan book and works with over 100 original equipment manufacturers (OEMs), along with partnerships with more than 23 banks and financial institutions.
It aims to support India’s transition towards lower carbon emissions by enabling access to climate-focused financing solutions.
