Ecofy Raises $43.38 Million in Series B Funding
Mumbai-based Ecofy, a non-banking financial company specializing in eco-friendly financing solutions, has successfully raised $43.38 million (Rs 380.5 crore) in a Series B funding round. The round was led by British International Investment and Finnfund, with participation from existing investors Eversource Capital and FMO.
Expanding Green Lending in India
Ecofy, founded by Rajashree Nambiar, who also serves as the Managing Director and CEO, offers financial solutions focused exclusively on green asset classes. These include loans for electric vehicles, rooftop solar installations, and energy-efficient small and medium enterprises (SMEs). The company aims to use the recent funding to expand its green credit offerings across India, particularly in sectors like rooftop solar, electric mobility, and SME lending.
Use of Funds
The fresh capital injection will be instrumental in scaling Ecofy's operations. The company plans to strengthen its balance sheet and expand partnerships with banks and financial institutions. "This capital allows us to deepen our offerings, expand distribution, and continue building a high-quality green lending franchise," said Co-founder Rajashree Nambiar.
Strategic Partnerships and Growth
Ecofy has already served over 120,000 customers and built assets under management exceeding Rs 1,400 crore. The company’s lending operations are supported by partnerships with more than 23 banks and financial institutions. The Series B funding will further support Ecofy’s growth trajectory, enabling it to reach more customers and expand its impact in the green finance sector.
Conclusion
With the new funding, Ecofy is well-positioned to enhance its role in promoting sustainable financing solutions in India. As the country continues to focus on green initiatives, Ecofy’s strategic expansion plans are timely, offering financial products that align with the growing demand for environmentally sustainable assets.