The Dutch entrepreneurial development bank FMO has led an equity round of Rs 90 crore for the non-banking finance startup Ecofy, which focuses on green energy.
With this investment, Ecofy hopes to expand its loan portfolio, broaden its range of offerings, and ultimately raise its credit score, as reported by ET.
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“The investment aims to play a critical role in decarbonizing energy, particularly in a rapidly growing economy like India. This collaboration not only strengthens our financial standing but also affirms our vision for a cleaner and more resilient future,” Rajashree Nambiar, CEO, Ecofy.
Eversource Capital, an equal joint venture between Everstone Group and Lightsource bp, is the promoter of Ecofy. India’s largest climate impact fund is managed by Eversource.
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“We are especially enthused by the convergence of impact in terms of financial inclusion and positive environmental impact. This investment underscores our confidence in Ecofy’s leadership and reaffirms our commitment to supporting innovative solutions for sustainable development,” said Cornelis Van Aerssen, manager at FMO’s Private Equity Department.
About Ecofy
Ecofy encourages people and small enterprises to choose sustainably and work towards a sustainable future. In addition to financing electric two- and three-wheelers, the Mumbai-based NBFC also provides funding to companies who want to lessen their environmental effect.
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