Ecofy, a Non-Banking Financial Company (NBFC) committed to providing last-mile climate finance solutions, has raised Rs 90 crore in funding from FMO, the Dutch Entrepreneurial development bank. The strategic investment is poised to accelerate Ecofy’s mission of empowering individuals and small businesses in their journey towards sustainability.
The funds raised in this latest investment round are earmarked for several key initiatives aligning with Ecofy’s sustainable development vision. A significant portion will be allocated to expanding the company’s loan book, allowing Ecofy to reach a wider audience and substantially impact the climate finance sector.
Product diversification is another critical focus area for Ecofy. The infusion of Rs 90 crore from FMO will enable the company to broaden its range of financial products and services, catering to the diverse needs of its clientele. This move is expected to enhance Ecofy’s ability to address various aspects of environmental sustainability, providing tailored financial solutions for individuals and businesses looking to reduce their carbon footprint.
Ecofy has outlined plans to leverage the funding to elevate its credit rating, strengthening its financial position and credibility in the market. A robust credit rating is instrumental in attracting more investors and partners, further amplifying the company’s capacity to drive positive environmental change.
The strategic investment from FMO is structured as two equal tranches, reflecting a shared commitment to advancing climate action. These funds are strategically intended to fuel Ecofy’s loan book growth, facilitate product diversification, and support expansion efforts across India. The infusion of capital will empower Ecofy to extend its reach and influence in promoting sustainable practices nationwide.
Ecofy, promoted by Eversource Capital, collaborates with individuals and small businesses keen on reducing their carbon footprint. The company’s portfolio includes loans and working capital solutions tailored for electric vehicles (two- and three-wheelers), rooftop solar installations, and small- to medium-sized enterprises committed to embracing an end-to-end digital experience.
Eversource Capital, the driving force behind Ecofy, boasts a track record of building and scaling platforms across various sectors, including renewable energy, energy efficiency, energy storage, e-mobility, resource conservation, and associated value chain sectors. The strategic partnership between Ecofy and Eversource Capital positions the NBFC at the forefront of the sustainable finance landscape, poised for continued growth and impact.
As Ecofy propels its mission forward with the infusion of Rs 90 crore from FMO, the company stands ready to play a pivotal role in shaping a more sustainable and environmentally conscious future for individuals and businesses across India.
