Ecofy, a climate-focused non-banking financial company (NBFC), has raised US$15 million in funding from Mirova.
Earlier this year, the startup also raised around US$42 million in a Series B funding round led by British International Investment and Finnfund. In January 2024, it secured another ₹90 crore from Dutch development bank FMO.
The company said the new funding will help it expand its lending business across India.
Ecofy plans to use the money to finance rooftop solar projects for homes and businesses, along with electric mobility solutions.
“This partnership strengthens our ability to reach households and small businesses with accessible financing for rooftop solar and electric mobility,” said, Vivek Khandelwal, head of treasury at Ecofy.
Founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan, Ecofy offers loans and financing for climate-friendly solutions such as electric vehicles, rooftop solar systems, energy-saving equipment, energy storage, e-mobility, waste recycling, and water management projects.
The company says it has grown rapidly over the past three years and now serves more than 130,000 customers across 26 states and over 500 cities in India.
Ecofy aims to help individuals and small businesses reduce their environmental impact and support the shift towards a net-zero carbon economy.
Its assets under management (AUM) have crossed ₹1,400 crore. The company also works with over 100 OEMs and more than 23 banks and financial institutions, while maintaining strong asset quality and a capital adequacy ratio of around 50% after the latest funding round.
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