Ecofy raises Rs 380 cr to accelerate retail green finance market

New Delhi, Mar 16 (PTI) NBFC firm Ecofy on Monday said it has raised Rs 380.5 crore 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 capital adequacy ratio of the company 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.

(This story has not been edited by THE WEEK and is auto-generated from PTI)