Ecofy, an NBFC dedicated to advancing green initiatives, secures $10.8 million in funding from FMO, the Dutch Entrepreneurial Development Bank. The funds, distributed in two equal tranches, will be utilized to broaden Ecofy's loan portfolio, diversify its product range, and support nationwide expansion, according to a company announcement.

Rajashree Nambiar, Co-Founder, Managing Director, and CEO of Ecofy, emphasized the importance of the investment in advancing the decarbonization of energy, particularly within the context of India's rapidly expanding economy. Nambiar remarked, "This partnership not only enhances our financial position but also validates our vision for a cleaner and more resilient future".

Ecofy has actively forged partnerships with various electric vehicle (EV) and cleantech companies in India, offering financial solutions. A notable collaboration includes working with Montra Electric, the EV brand of the Murugappa Group, to facilitate accessible loans for three-wheelers and passenger vehicles. Additionally, Ecofy has teamed up with Tata Power Solar Systems to finance solar solutions such as rooftops and other products, targeting 1,500 installations across seven Indian states.

In response to the collaboration, Cornelis Van Aerssen, Manager at FMO's private equity department, expressed enthusiasm, stating, "The partnership with Ecofy provides us with the opportunity to support improved access to climate-friendly products for individuals and SMEs in India". Aerssen further highlighted the alignment of impact in terms of both financial inclusion and positive environmental outcomes.