Ecofy raises Rs 90 Cr from FMO

Ecofy, a Non-Banking Financial Company (NBFC) dedicated to the last mile climate finance, has raised Rs 90 crore from FMO, the Dutch Entrepreneurial development bank. 

According to Ecofy, the funds will be used to grow its loan book, enable product diversification, and elevate its credit rating. 

The strategic investment is divided into two equal tranches. It comes with a commitment to climate action and is intended to fuel Ecofy’s loan book growth, facilitate product diversification, and support expansion pan India.

Promoted by Eversource Capital, Ecofy partners with individuals and small businesses who want to reduce their carbon footprint. Ecofy offers loans and working capital for electric vehicles (two and three-wheelers), rooftop solar, and small-medium enterprises providing E2E digital experience.

In a short span, Eversource claims to have built and scaled platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation and associated value chain sectors.