Ecofy , a green only NBFC firm, as part of its strategy to grow is loan book, product diversification plans, and to fast-track green field projects has successfully raised $10.8 Mn from FMO, a Dutch Entrepreneurial development bank.
The investment, being raised in two equal tranches, will be used by the company to grow its loan book, facilitate product diversification, and expand across the country, the NBFC stated.
Rajashree Nambiar, Co-founder, managing director, and CEO of Ecofy said “The investment aims to play a critical role in decarbonising 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.”
The firm has collaborated with many EV and cleantech organisations in India to deliver financing solutions. Most recently, it inked deal with Montra Electric, the EV brand of Murugappa Group, to make accessing loans for three-wheelers and passenger vehicles easier. It has also partnered with Tata Power Solar Systems to finance solar solutions such as solar rooftops and other products.
Ecofy aims to accomplish 1,500 solar systems installations
The MoU aims to complete 1,500 installations in seven Indian states, including Maharashtra, Gujarat, Madhya Pradesh, Karnataka, and others.
“The collaboration with Ecofy gives us the chance to support improved access to climate-friendly products to individuals and SMEs in India,” said Cornelis Van Aerssen, Manager at FMO’s private equity department. ” We are especially enthused by the convergence of impact in terms of financial inclusion and positive environmental impact,” Aerssen added.
