May 2026 | Climate Finance | India – Climate-focused NBFC Ecofy has secured $15 million in funding from Mirova to expand lending for rooftop solar and electric mobility solutions across India.
Mirova, an affiliate of Natixis Investment Managers, is backing the three-year-old startup as part of its broader strategy to support energy transition projects in emerging markets. This marks Mirova’s fourth investment in India under its climate-focused mandate.
Funding to Accelerate Clean Energy Adoption
Ecofy plans to deploy the fresh capital toward:
- Financing residential and commercial rooftop solar installations
- Supporting electric mobility, including two- and three-wheelers
- Expanding access to sustainable financing for households and small businesses
The company currently serves 130,000+ customers across 26 states and 500+ cities, highlighting strong traction in India’s distributed energy market.
India’s First Green-Only NBFC
Founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan, Ecofy positions itself as India’s first NBFC focused exclusively on green financing.
The company is backed by leading global investors, including:
- Eversource Capital
- British International Investment
- FMO
- Finnfund
Leadership Perspective
Vivek Khandelwal, Head of Treasury at Ecofy, said the investment will strengthen the company’s ability to deliver accessible financing for solar and EV adoption, especially among households and small enterprises.
From the investor side, Priyanka Mehrotra noted that scaling climate finance in emerging markets requires platforms that combine local reach, scale, and measurable impact.
Growing Opportunity in Climate Financing
The investment comes amid rising interest in India’s climate finance ecosystem, particularly in:
- Distributed renewable energy
- Electric mobility solutions
These segments are seen as critical to achieving India’s decarbonisation goals, with increasing demand for decentralised and retail-focused financing models.
Ecofy’s approach—targeting individuals and small businesses—reflects a broader industry shift toward last-mile financing for clean energy adoption.
Competitive Landscape
While Ecofy operates in a relatively new category, competition is beginning to intensify.
Emerging Specialised Players
Startups like:
- Solfin
- Three Wheels United
are building focused lending models around solar and EV financing.
Traditional Financial Institutions
Large NBFCs and banks such as:
- Tata Capital
- Mahindra Finance
are expanding into green lending, leveraging lower cost of capital and established distribution networks.
Public-sector institutions like:
- Indian Renewable Energy Development Agency
- REC Limited
are also becoming increasingly relevant through refinancing and downstream initiatives.
Embedded Finance from Solar Companies
Companies such as:
- Tata Power Solar Systems
- Waaree Energies
are integrating financing with installation services, creating an embedded finance model that could reshape customer acquisition and lending dynamics.
Conclusion
With fresh funding from Mirova, Ecofy is strengthening its position as a key player in India’s climate finance ecosystem.
As demand for solar energy and electric mobility grows, the company is poised to act as a critical bridge between global climate capital and Indian consumers, particularly in underserved markets.
Ruchi Kumar is the associate editor at Entrepreneur News Network and TVW News India, where she leads editorial strategy, brand storytelling, and startup ecosystem coverage. With a strong focus on innovation, business, and marketing insights, he curates impactful narratives that spotlight India’s evolving entrepreneurial landscape. She has written extensively on fintech, AI and emerging startups.