Bussiness
Ecofy secures ₹90 crore from Dutch Entrepreneurial Development Bank, FMO
Leveraging FMO’s AAA rating and global credibility, Ecofy plans to grow its loan book, enable product diversification, expand pan India and elevate its credit rating. The strategic investment is divided into two equal tranches and comes with a commitment to climate action.
Ecofy is promoted by NBFC veterans, Rajashree Nambiar and Govind Sankaranarayanan and climate impact investor, Eversource Capital. Eversource aims to mobilise and deploy capital at scale to combat climate change and accelerate towards net zero goals driving twin outcomes of impact and returns.
It claims to be India’s largest climate impact fund with assets under management of over $741 million and has built and scaled platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation, and associated value chain sectors.
Dhanpal Jhaveri, CEO of Eversource and vice chairman of Everstone Group said, “Ecofy has been set up to build a digital-first last mile climate finance solutions business to support India’s economic growth in a sustainable and inclusive manner. FMO has been a valuable partner to Eversource, and this investment is an opportunity to further consolidate this partnership.”
Rajashree Nambiar, co-founder, MD, and CEO of Ecofy, said, “Securing an investment from FMO marks a pivotal moment for Ecofy, reinforcing our commitment to addressing the climate finance gap for small business owners and individuals.
The investment aims to play a critical role in decarbonizing 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.”
Cornelis Van Aerssen, Manager at FMO’s Private Equity Department said, “The collaboration with Ecofy gives us the chance to support improved access to climate-friendly products to individuals and SMEs in India. We are especially enthused by the convergence of impact in terms of financial inclusion and positive environmental impact. This investment underscores our confidence in Ecofy’s leadership and reaffirms our commitment to supporting innovative solutions for sustainable development.”
Ecofy’s vision is to be a catalyst in accelerating the transition towards a net zero-carbon world. It partners with individuals and small businesses who want to reduce their carbon footprint and restore balance to the planet. Ecofy offers loans for electric vehicles (two & three-wheelers), rooftop solar, and small-medium enterprises providing E2E digital experience.