The climate-focused NBFC will use the $15 million funding to expand financing for electric two-wheelers, three-wheelers, and commercial EV fleets.
Climate-focused NBFC Ecofy has raised $15 million in debt funding from global sustainable investment firm Mirova to expand financing for electric mobility solutions across India, reinforcing the growing momentum behind EV adoption in the country.
The Mumbai-based lender plans to deploy the fresh capital primarily toward electric vehicle financing, supporting customers purchasing electric two-wheelers, three-wheelers, and commercial EV fleets. The funding is expected to improve access to affordable financing options, a key factor driving faster adoption of clean transportation technologies. Ecofy will also support complementary green infrastructure such as rooftop solar projects linked to sustainable mobility ecosystems.
The latest debt investment comes shortly after Ecofy secured about $42 million in a Series B equity round in March, co-led by British International Investment and Finnfund. Earlier, the company had raised roughly $10.8 million from Dutch development bank FMO in January 2024, strengthening its capital base for climate-focused lending.
Founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan, Ecofy focuses on financing sustainable technologies, with electric mobility emerging as one of its fastest-growing segments. In just three years, the company has expanded operations across 26 states and more than 500 cities, serving over 130,000 customers nationwide.
Ecofy’s financial performance has also seen rapid growth. Revenue from operations increased to approximately $11.2 million in FY25, compared with about $2.3 million in FY24. However, losses widened to nearly $5.1 million as the company continued investing aggressively in expansion.
The company’s assets under management have crossed $168 million, supported by partnerships with more than 100 OEMs and over 23 banks and financial institutions. As India accelerates its transition toward low-carbon transportation, Ecofy aims to play a larger role in enabling EV adoption through accessible green financing solutions.
