Eco-friendly NBFC Ecofy secures $10.8M for expanding climate-focused loan portfolio
- ByStartupStory | January 24, 2024
Ecofy, a non-banking financial company (NBFC) with a focus on promoting green initiatives, has successfully secured $10.8 million in funding from FMO, the Dutch Entrepreneurial Development Bank. The funds, split into two equal tranches, are earmarked for expanding Ecofy’s loan portfolio, diversifying its product offerings, and facilitating nationwide growth, as outlined in a company statement.
Rajashree Nambiar, Co-founder, Managing Director, and CEO of Ecofy, highlighted the significance of the investment in advancing the decarbonization of energy, especially in the context of India’s rapidly expanding economy. Nambiar stated, “This collaboration not only strengthens our financial standing but also affirms our vision for a cleaner and more resilient future.”
Ecofy has actively engaged in partnerships with various electric vehicle (EV) and cleantech companies in India, providing financing solutions. A notable collaboration involves Montra Electric, the EV brand of the Murugappa Group, aimed at facilitating accessible loans for three-wheelers and passenger vehicles. Additionally, Ecofy has joined forces with Tata Power Solar Systems to finance solar solutions like rooftops and other products, targeting 1,500 installations across seven Indian states.
In response to the collaboration, Cornelis Van Aerssen, Manager at FMO’s private equity department, expressed enthusiasm, stating, “The collaboration with Ecofy gives us the chance to support improved access to climate-friendly products to individuals and SMEs in India.” Aerssen further emphasized the alignment of impact in terms of both financial inclusion and positive environmental outcomes.
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