Fresh capital from British International Investment and Finnfund Digital Access Impact Fund I LP, alongside continued support from Eversource Capital and FMO strengthens Ecofy’s balance sheet to scale 3x India’s leading retail green NBFC
Delhi, 16th March 2026: Ecofy, a pioneering green NBFC backed by Eversource Capital, today announced the successful closure of INR 380.5 crore (approximately USD 42 million) in fresh equity capital.
The funding round saw participation from two leading global DFIs – British International Investment (BII), the UK’s development finance institution and impact investor, and Finnfund Digital Access Impact Fund I (DAIF) managed by Finnfund, the Finnish development finance institution and impact investor – who joined as new investors. The investment reflects growing global investor confidence in Ecofy’s differentiated, retail-led model. The round also saw continued commitment from existing investors Eversource Capital, a leading sustainable infrastructure investor and FMO, the Dutch entrepreneurial development bank.
Building India’s Leading Retail Green Finance Franchise
The growth capital will assist Ecofy’s expansion across rooftop solar, electric vehicles, and SME financing, underpinned by a strengthened balance sheet, experienced leadership, robust governance frameworks, and a high-performance, purpose-driven operating culture.
Founded with a singular focus on green finance, Ecofy has, in just three years, built India’s leading retail-focused green finance platform serving over 1,20,000 customers across rooftop solar, electric vehicles, and other sustainable asset categories. The company has grown its AUM to INR 1,400+ crores, supported by a 100% retail loan book, partnerships with 100+ OEMs and 23+ banks and financial institutions, strong asset quality, and a capital adequacy ratio of approximately 50% following the fundraise.
Rajashree Nambiar, Co-founder, Managing Director & CEO, Ecofy said, “Ecofy was built on the belief that India’s green transition will be driven by everyday decisions made by small businesses, individual customers, and households. Over the last three years, we have created a technology-led, retail-focused green finance platform with strong unit economics, disciplined risk management, and scalable impact. This capital allows us to deepen our offerings, expand distribution, and continue building a high-quality green lending franchise, while delivering attractive, risk-adjusted returns.”
Dhanpal Jhaveri, Vice Chairman, Everstone Group & CEO, Eversource Capital said, “Ecofy exemplifies Eversource’s strategy of building category-defining sustainable platforms in India. We are pleased to deepen our partnership with BII and FMO, and welcome Finnfund Digital Access Impact Fund I as Ecofy enters its next phase of growth. This capital raise positions Ecofy to scale profitably, while setting new benchmarks for retail green finance in India.”
Shilpa Kumar, Managing Director and Head of India at British International Investment stated, “Ecofy’s retail-focused green finance model is enabling households and small businesses across India to access affordable climate solutions, from e-mobility to rooftop solar and green loans. Our investment supports India’s clean energy transition and reinforces BII’s commitment to backing innovative platforms that drive sustainable growth and carbon reduction. We’re delighted to partner with Eversource, Finnfund and FMO to support Ecofy as it scales its impact nationwide.”
Aditya Mohan, Senior Investment Officer at FMO, the Dutch Entrepreneurial Development Bank also commented, “Accelerating the transition to sustainable energy systems largely depends on the availability of long-term, responsible capital at the retail level. Ecofy has consistently demonstrated strong fundamentals in building a specialised green finance platform with disciplined growth and sound governance. We are pleased to continue our support as the company expands its reach and deepens its contribution to India’s clean energy and climate finance ecosystem.”
Niklas Simola, Investment Manager at Finnfund stated, “We are eager to support along with Eversource, FMO and BII, Ecofy’s pivotal role in accelerating India’s green transition by making clean energy assets accessible for consumers and MSMEs through its digital lending platform. This investment supports Finnfund Digital Access Impact Fund I’s goals by delivering commercial returns alongside climate impact and promoting gender inclusion through equitable digital financial services.”
Tuomas Vaulanen, Investment Manager at Finnfund also commented, “Our investment in Ecofy reflects our view that India’s green finance sector is entering a disciplined, early‑growth phase where strong risk management will distinguish long‑term winners. Ecofy has demonstrated an ability to scale responsibly while navigating evolving NBFC regulations and aligning with national priorities such as renewable energy and electric mobility. As demand for climate‑positive financing accelerates, we see Ecofy as well‑positioned to bridge critical gaps in the market with the kind of underwriting rigor and sectoral insight that regulators increasingly expect.”
Backed by strong institutional investors and a well-capitalised balance sheet, Ecofy enters its next phase of growth focused on scaling high-quality retail green lending in partnership with banks and financial institutions.
