Mirova has granted Ecofy, a non-banking financial firm that specializes in climate change solutions, a $15 million loan.
The Mumbai-based NBFC had previously raised Rs 90 crore from FMO, the Dutch Entrepreneurial Development Bank, in January 2024, and Rs 380.5 crore (roughly $42 million) in a Series B equity round co-led by British International Investment and Finnfund in March of this year.
According to a press release from Ecofy, the new funds will be used to finance rooftop solar installations in residential and commercial and industrial (C&I) buildings as well as electric mobility solutions throughout India.
Rajashree Nambiar and Govind Sankaranarayanan co-founded Ecofy in 2022 to finance economically viable climate initiatives, such as water management, waste recycling, energy storage, rooftop solar systems, energy-efficient equipment, electric vehicles (EVs), and e-mobility.
The company claims to have grown to serve over 130,000 clients in just three years, with a presence in more than 500 cities and 26 states throughout India.
Financially speaking, Ecofy’s operating revenue increased from Rs 19.19 crore in FY24 to Rs 93.3 crore in FY25, a 4.8X increase. Its losses rose 15.6% to Rs 42.28 crore at the same time.
The goal of Ecofy is to accelerate the shift to a world with net-zero carbon emissions. It collaborates with people and small companies that want to lessen their carbon footprint and bring the earth back into balance.
With the help of a 100% retail loan book, partnerships with more than 100 OEMs and more than 23 banks and financial institutions, strong asset quality, and a capital adequacy ratio of roughly 50% after the fundraising, the company has increased its assets under management (AUM) to over Rs 1,400 crore.
