New Delhi, March 16 NBFC firm Ecofy announced on Monday that it has raised ₹380.5 crore in equity capital to expand its green finance business in the country.
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, Ecofy said in a statement.
The investment reflects growing global investor confidence in Ecofy's differentiated, retail-led model, it said, adding that the round also saw continued commitment from existing investors, Eversource Capital, a leading sustainable infrastructure investor.
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, it said.
With the fund infusion, the company's capital adequacy ratio will increase to about 50 per cent.
Founded with a focus on green finance, Ecofy has, in 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.