Ecofy Secures Rs 90 Cr Funding from Dutch Bank FMO

Mumbai, Jan 24 (PTI) Non-banking lender Ecofy, which calls itself the country's only "green-only NBFC", on Wednesday said it has raised Rs 90 crore from The Netherlands-based FMO.

The Dutch entrepreneurial development bank will receive an undisclosed sum for the funding in the Non-Bank Financial Company (NBFC).

Ecofy plans to grow its loan book using FMO's high credit rating and credibility, it said in a statement, adding that other efforts like product diversification will also be undertaken.

The funding -- spread across two tranches -- comes as part of a commitment for climate action, it added.

"The collaboration with Ecofy gives us the chance to support improved access to climate-friendly products to individuals and SMEs in India. We are especially enthused by the convergence of impact in terms of financial inclusion and positive environmental impact," FMO's manager in the private equity department Cornelis Van Aerssen said.

"The investment aims to play a critical role in decarbonising energy, particularly in a rapidly growing economy like India. This collaboration not only strengthens our financial standing but also affirms our vision for a cleaner and more resilient future," Ecofy Co-Founder, Managing Director, and Chief Executive Rajashree Nambiar said.

Ecofy is promoted by Eversource Capital and NBFC industry veterans Nambiar and Govind Sankaranarayanan.