Mumbai: Ecofy has secured a USD 15 million investment from Mirova, an affiliate of Natixis Investment Managers focused on sustainable investing, marking a significant milestone in Ecofy’s growth journey as a green financing platform in India.
Founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan, Ecofy operates as a Reserve Bank of India (RBI)-registered NBFC specializing in financing environmentally sustainable products.
Backed by Eversource Capital, British International Investment, FMO, and Finnfund, Ecofy has rapidly expanded its footprint across the country.
Within just three years of operations, the platform has scaled to serve over 130,000 customers, establishing a strong pan-India presence across 26 states and more than 500 cities.
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Ecofy: India’s First Green-Only NBFC, Focusing Exclusively on Climate-Conscious Lending Solutions
The newly secured funding will enable Ecofy to strengthen its lending capabilities, particularly in financing residential and commercial & industrial (C&I) rooftop solar installations, as well as electric mobility solutions.
The investment aims to accelerate the adoption of clean energy technologies and support India’s transition toward a low-carbon economy.
This transaction marks Mirova’s fourth investment in India under its energy transition strategy for emerging markets, reinforcing its long-term commitment to the country’s sustainability goals.
The investment aligns with three key impact areas identified by Mirova, including Climate Action (SDG 13), Affordable and Clean Energy (SDG 7), and Decent Work and Economic Growth (SDG 8).
Vivek Khandelwal, Head Treasury, Ecofy, said: “This partnership with Mirova marks another significant milestone in Ecofy’s journey to scale green financing. Access to long-term, mission-aligned capital strengthens our ability to reach households and small businesses for their rooftop solar and electric mobility solutions. We remain focused on building a robust, accessible financing ecosystem for India’s green transition.”
Priyanka Mehrotra, Investment Director, Mirova Division of Natixis Investment Managers Singapore Limited, added: “Financing the energy transition in emerging markets requires solutions that can combine scale, local reach and measurable impact.
By supporting Ecofy, we are backing a platform that is already demonstrating its ability to deploy capital efficiently on the ground, accelerating access to clean energy and electric mobility while supporting inclusive economic growth in India.”
With this investment, Ecofy is expected to further scale its impact in advancing distributed renewable energy and electric mobility adoption across India, strengthening its role in enabling sustainable finance at scale.
