Ecofy raises $15M from Mirova to finance rooftop solar and e-mobility in India

What's the deal? Mirova, a sustainable investing affiliate of Natixis Investment Managers, is putting $15M into EcofyDealroom has a profile for this one. Try Dealroom →, India's first green-only non-banking financial company (NBFC). Ecofy will use the capital to finance residential and commercial rooftop solar installations and electric mobility solutions across India.

Founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan, Ecofy is backed by Eversource Capital, British International Investment, FMO, and Finnfund. In three years, it has scaled to over 130,000 customers across 26 states and more than 500 cities.

Why now? India's clean energy transition is accelerating, and demand for distributed solar and electric vehicles is growing fast. Ecofy sits at the intersection of two booming markets — rooftop solar and e-mobility — both of which need accessible retail financing to scale further.

This is Mirova's fourth investment in India as part of its energy transition strategy in emerging markets, signalling deepening conviction in the country's low-carbon trajectory.

What could go wrong? Retail green lending in India is still a relatively young segment. Ecofy must manage credit risk across a vast, diverse customer base while keeping costs low enough to serve households and small businesses. Regulatory shifts or subsidy changes in India's solar and EV policies could also affect demand.

The signal: Ecofy's breakout growth — reaching 130,000 customers across 500 cities in just three years — illustrates the sheer scale of unmet demand for small-ticket green financing in India. With Mirova making its fourth Indian energy-transition bet through a specialised NBFC rather than a traditional infrastructure play, the deal underscores a strategic shift among global impact investors toward local platforms that can deploy capital at the retail level, where banks have been slow to move.

Read more: newspatrolling.com