Ecofy Pulls In $15 Mn From Mirova to Deepen India's Green Lending Stack

Ecofy, a climate-focused non-banking financial company (NBFC), has secured $15 million from Mirova, an affiliate of Natixis Investment Managers, to scale its lending portfolio across rooftop solar and electric mobility. The deal marks Mirova's fourth investment in India under its dedicated energy transition strategy for emerging markets.

Founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan, and registered with the Reserve Bank of India, Ecofy has grown to serve over 130,000 customers across 26 states and more than 500 cities in just three years. The company counts Eversource Capital, British International Investment, FMO, and Finnfund among its existing backers.

Ecofy will deploy the fresh funding toward onward lending for residential and commercial rooftop solar installations, along with electric vehicles, primarily two- and three-wheelers. The focus on last-mile and small-enterprise borrowers.

“We are backing platforms that demonstrate the ability to deploy capital efficiently at the ground level, combining scale, local reach, and measurable impact,” Priyanka Mehrotra, Investment Director at Mirova, said in a statement.

The deal arrives amid growing investor interest in India's climate financing ecosystem, particularly in distributed renewable energy and electric mobility—segments considered critical to the country's decarbonisation roadmap.

Vivek Khandelwal, Head of Treasury at Ecofy, noted that access to long-term, mission-aligned capital is central to building out a robust financing ecosystem for India's green transition, particularly for households and small businesses adopting rooftop solar and EVs.

As policy tailwinds from PM Surya Ghar and EV subsidy schemes continue to spur demand, the analytical question becomes whether specialised green lenders can outpace larger banks and embedded-finance challengers in customer acquisition and credit underwriting at scale.