New Delhi, May 6 -- Ecofy Finance, a non-bank lender backed by private equity firm Eversource Capital, has secured $15 million (nearly Rs 142 crore) in debt funding from Mirova, an affiliate of Natixis Investment Managers.
Ecofy will deploy the loan proceeds to support onward lending, financing residential and commercial and industrial (C&I) rooftop solar installations, as well as electric mobility solutions across India.
The transaction aims to accelerate the deployment of clean energy and low-carbon technologies while contributing to economic development, according to a press release on Wednesday.
Founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan, Ecofy is a retail-focused climate financing platform. The company also enjoys backing from British International Investment, FMO and Finnfund.
Ecofy serves over 130,000 customers, and has a presence across 26 states and more than 500 cities. It offers electric vehicle loans for two-wheelers and three-wheelers. It also offers rooftop solar financing, term loans, and supply chain financing for small and medium-sized enterprises.
Ecofy's net loss rose to nearly Rs 35 crore in the financial year ended March 2025 from around Rs 33 crore the year before.
Nevertheless, the transaction marks Mirova's fourth investment in India as part of its dedicated energy transition strategy in emerging markets. This investment contributes to three of Mirova's key impact areas. These are climate action, affordable and clean energy, decent work and economic growth.
"This partnership with Mirova marks another significant milestone in Ecofy's journey to scale green financing. Access to long-term, mission-aligned capital strengthens our ability to reach households and small businesses for their rooftop solar and electric mobility solutions.
Published by HT Digital Content Services with permission from VC Circle.