Green finance-focused non-banking financial company (NBFC) Ecofy has successfully secured ₹380.5 Cr ($42 million) in an equity funding round to bolster its sustainable financing offerings. This funding round was led by British International Investment (BII) and Finland-based Finnfund, with existing investors FMO and Eversource Capital also participating.
Established in 2023, Ecofy has already served 1.25 lakh customers, managing assets worth ₹1,400 Cr. The Mumbai-based NBFC’s green financing solutions currently encompass rooftop solar, electric vehicles (EVs), and support for small-medium enterprises (SMEs).
Ecofy, co-founded by Rajashree Nambiar and Govind Sankaranarayanan, provides loans ranging from ₹1 lakh to ₹1.5 crore for durations spanning six months to five years. The company intends to utilize this fresh infusion of capital to further expand its credit offerings for sustainable assets.
Moreover, Ecofy has forged partnerships with notable players in the electric vehicle market, such as Ather Energy and Motovolt Mobility, to offer customers access to eco-friendly financing options, including vehicle loans and leasing solutions with assured buyback structures.
This funding milestone underscores Ecofy’s commitment to leveraging technology to drive green finance initiatives, enhance its distribution network, and continue making a positive impact on the environment through sustainable financing solutions.
Source: Inc42 Media