Green NBFC Ecofy secures USD 15M in investment from Mirova

Mirova, an affiliate of Natixis Investment Managers focused on sustainable investing, has announced a USD 15 million investment in Ecofy, an RBI-registered non-banking financial company (NBFC) focused on financing green products.

Founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan, and backed by Eversource Capital, British International Investment, FMO and Finnfund, Ecofy provides retail-focused climate financing services in India. The company said it has served over 130,000 customers across 26 states and more than 500 cities within three years of operations.

Ecofy said the funding will be used for onward lending to support residential and commercial & industrial (C&I) rooftop solar installations and electric mobility solutions in India. The transaction is intended to support the deployment of clean energy and low-carbon technologies.

According to Mirova, this is its fourth investment in India under its energy transition strategy for emerging markets. The investment is expected to contribute to climate action (SDG 13), affordable and clean energy (SDG 7), and decent work and economic growth (SDG 8).

Vivek Khandelwal, Head Treasury at Ecofy, said “This partnership with Mirova marks another significant milestone in Ecofy’s journey to scale green financing. Access to long-term, missionaligned 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 at 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.”

Also read: Ecofy raises $42M to expand India’s green finance for EVs and solar