Ecofy raises ₹380.5 crore from BII, others to expand clean mobility financing

The company currently manages AUM of more than ₹1,400 crore, supported by a 100 per cent retail loan book and partnerships with over 100 OEMs as well as more than 23 banks and financial institutions.

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Green non-banking financial company Ecofy has raised ₹380.5 crore (about $42 million) in fresh equity funding from global development finance institutions and existing investors to strengthen its green lending platform and expand financing for clean mobility and renewable energy solutions in India.The funding round saw participation from British International Investment (BII), the UK’s development finance institution, and Finnfund through the Finnfund Digital Access Impact Fund I, who joined the company as new investors. Existing investors Eversource Capital and FMO also participated in the round.The capital infusion is expected to support Ecofy’s expansion across rooftop solar, electric vehicles and SME financing, as the company aims to scale its retail-focused green lending operations.Founded with a focus on green finance, Ecofy said it has built a retail-led lending platform serving more than 120,000 customers across rooftop solar, electric vehicles and other sustainable asset categories within three years of operations.

The company currently manages assets under management (AUM) of more than ₹1,400 crore, supported by a 100 per cent retail loan book and partnerships with over 100 original equipment manufacturers (OEMs) as well as more than 23 banks and financial institutions.

Following the latest funding round, Ecofy said its capital adequacy ratio stands at around 50 per cent, strengthening its balance sheet for further expansion.

Rajashree Nambiar, Co-Founder, Managing Director and Chief Executive Officer of Ecofy said, “Over the last three years, we have created a technology-led, retail-focused green finance platform with strong unit economics and disciplined risk management.”