How Much Did Ecofy Raise? Funding & Key Investors

Ecofy Finance has raised funding across multiple rounds backed by global development finance institutions including British International Investment, Finnfund, FMO, IFU, and Eversource Capital, totalling at least $65.33M in disclosed funding.

Keep reading to explore Ecofy's fundraising journey and learn about the key investors driving the company's green finance mission.

What Is Ecofy?

Ecofy Finance Private Limited, based in Mumbai, Maharashtra, India, is a Non-Banking Financial Company (NBFC) dedicated to providing financial solutions for eco-friendly initiatives. The company offers loans for electric vehicles, rooftop solar installations, and energy efficiency projects for SMEs.

Founded by Rajashree Nambiar and Govind Sankaranarayanan, Ecofy employs between 501 and 1000 people. The company is committed to supporting green choices and promoting sustainable practices through its financial services.

How Much Funding Has Ecofy Raised?

1. Series B (Equity)
   • Amount Raised: USD 42,000,000 (INR 380.5 crore)
   • Date: March 16, 2026
   • Lead Investors: British International Investment (BII), Finnfund (co-leads)
   • Other Participants: Eversource Capital, FMO (existing investors)
   • Valuation at Round: Approximately INR 800 crore (not officially disclosed)
   • Motivation Behind the Round: To expand Ecofy's lending portfolio across rooftop solar, electric vehicles, and SME segments, and to scale green finance operations across India.
2. Debt Financing
   • Amount Raised: USD 12,500,000 (INR ~110 crore)
   • Date: March 25, 2025
   • Lead Investors: IFU (Investment Fund for Developing Countries, Denmark)
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support expansion of Ecofy's loan portfolio for EVs and rooftop solar financing, and to enhance its credit rating.
3. Equity / NCD Financing (Series A)
   • Amount Raised: USD 10,830,000 (INR 90 crore)
   • Date: January 24, 2024
   • Lead Investors: FMO (Dutch Entrepreneurial Development Bank)
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To grow Ecofy's loan book, diversify product offerings, and support nationwide expansion.

Total amount raised: At least USD 65,330,000 based on disclosed funding. Current valuation: Not publicly disclosed.

Key Investors

• British International Investment (BII)
  • Details: BII is the UK's development finance institution and impact investor, backing businesses in Africa and Asia to create productive, sustainable economies. It co-led Ecofy's Series B round in March 2026.
  • Investment Focus Areas: Climate Finance, Renewable Energy, Financial Services
  • Notable Investments: Renewable energy projects in Africa, financial inclusion initiatives across Asia, climate-focused NBFCs in India
• Finnfund (Finnish Fund for Industrial Cooperation)
  • Details: Finnfund is a Finnish development finance institution that provides long-term risk capital to responsible and profitable companies operating in developing countries. It co-led Ecofy's Series B through the Finnfund Digital Access Impact Fund I.
  • Investment Focus Areas: Renewable Energy, Financial Inclusion, Climate Finance
  • Notable Investments: Clean energy projects in Africa, sustainable finance initiatives in Asia
• IFU (Investment Fund for Developing Countries)
  • Details: IFU is a Danish investment fund that provides risk capital to companies operating in developing countries. It aims to promote economic and social development in these regions. IFU provided Ecofy with a $12.5M long-term debt facility in March 2025.
  • Investment Focus Areas: Renewable Energy, Agribusiness, Infrastructure
  • Notable Investments: Renewable energy projects in Africa, agribusiness ventures in Asia, infrastructure development projects in Latin America
• FMO (Dutch Entrepreneurial Development Bank)
  • Details: FMO is a Dutch development bank that supports sustainable private sector growth in developing countries. It invested in Ecofy's Series A round in January 2024 and participated again in the Series B in 2026.
  • Investment Focus Areas: Renewable Energy, Financial Institutions, Agribusiness
  • Notable Investments: Solar energy projects in Africa, funding for microfinance institutions in Asia, sustainable agriculture projects in Latin America
• Eversource Capital
  • Details: Eversource Capital is a joint venture between Everstone Group and Lightsource BP, focusing on green infrastructure and renewable energy investments. As Ecofy's founding backer through its Green Growth Equity Fund (GGEF), Eversource Capital has participated in all equity rounds.
  • Investment Focus Areas: Green Infrastructure, Renewable Energy, Environmental Sustainability
  • Notable Investments: Renewable energy platforms, energy efficiency projects, e-mobility initiatives

What's Next for Ecofy?

Ecofy stands at the cusp of significant growth opportunities, driven by its recent Rs 90 crore funding from FMO. The company is poised to expand its loan portfolio, diversify its product offerings, and enhance its credit rating. This funding will enable Ecofy to support electric vehicles, rooftop solar projects, and small-medium enterprises, aligning with the increasing focus on climate finance and sustainable investments.

Future fundraising opportunities appear promising as Ecofy continues to attract climate-focused investors. The company may seek additional investments to support nationwide expansion and product diversification. However, challenges such as maintaining credit ratings, managing risks associated with lending, and navigating regulatory changes could pose hurdles. Despite these challenges, Ecofy's commitment to green finance positions it well for continued growth and impact in the sustainable finance sector.

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