Climate-focused NBFC Ecofy has secured $15 million in debt funding from Mirova to strengthen its green financing operations across India. The Mumbai-based company plans to use the fresh capital to finance residential and commercial rooftop solar projects, along with electric mobility solutions.
The latest funding comes shortly after Ecofy raised Rs 380.5 crore (around $42 million) in a Series B equity round co-led by British International Investment and Finnfund in March this year. Earlier, in January 2024, the company had also secured Rs 90 crore from Dutch entrepreneurial development bank FMO.
Founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan, Ecofy focuses on financing sustainable climate initiatives. Its offerings include loans for electric vehicles, rooftop solar systems, energy-efficient equipment, energy storage, e-mobility, waste recycling, and water management solutions.
In a relatively short span of three years, Ecofy claims to have built a strong pan-India presence across 26 states and more than 500 cities, serving over 130,000 customers.
The company has also witnessed rapid financial growth. Ecofy’s revenue from operations increased 4.8 times to Rs 93.3 crore in FY25, compared to Rs 19.19 crore in FY24. However, its losses also rose by 15.6% to Rs 42.28 crore during the same period.
Ecofy said it aims to accelerate India’s transition towards a net-zero carbon economy by supporting individuals and businesses looking to adopt cleaner and more sustainable technologies.
The company has grown its assets under management (AUM) to over Rs 1,400 crore. It currently works with more than 100 OEMs and over 23 banks and financial institutions. Ecofy also highlighted that it maintains a 100% retail loan book and a capital adequacy ratio of nearly 50% after the latest fundraise.
With increasing demand for clean energy financing and electric mobility adoption in India, Ecofy is positioning itself as a key player in the country’s growing climate-finance ecosystem.
-By Shivani Solanki
