Ecofy, a non-banking financial company focused on climate change solutions, has secured $15 million debt from Mirova. The Mumbai based NBFC had earlier raised Rs 380.5 crore (approximately $42 million) in a Series B equity round co-led by British International Investment and Finnfund in March this year, and Rs 90 crore from FMO, the Dutch Entrepreneurial development bank in Jan. 2024.The fresh funds will be utilized to support onward lending and finance residential and commercial & industrial (C&I) rooftop solar installations, as well as electric mobility solutions across India, Ecofy said in a press release.

In just three years, the company claims to have scaled to serve over 130,000 customers, with a pan-India presence across 26 states and more than 500 cities.

On the financial front, Ecofy’s revenue from operations surged 4.8X to Rs 93.3 crore in FY25 from Rs 19.19 crore in FY24. At the same time, its losses increased 15.6% to Rs 42.28 crore. Ecofy aims to be a catalyst in accelerating the transition toward a net-zero carbon world. It partners with individuals and small businesses seeking to reduce their carbon footprint and restore balance to the planet.

The company has grown its assets under management (AUM) to over Rs 1,400 crore, supported by a 100% retail loan book, partnerships with more than 100 OEMs and over 23 banks and financial institutions, strong asset quality, and a capital adequacy ratio of approximately 50% following the fundraise.

About Ecofy

Ecofy has been Co-founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan. Ecofy provides financing for economically sustainable climate initiatives, including electric vehicles (EVs), rooftop solar systems, energy-efficient equipment, energy storage, e-mobility, waste recycling, and water management, among others.