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Non-bank lending startup Ecofy raises $10.8 million
Mint Mumbai
|January 25, 2024
Climate-focused non-banking financial company (NBFC) Ecofy, promoted by climate impact fund Eversource Capital, has raised $10.8 million (190 crore) in an investment round from Dutch development bank FMO.
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The transaction was structured in two tranches. In September 2023, the firm secured its first tranche of 45 crore from the development finance institution.
The funding will be used to grow its loan book, enable product diversification, and improve its credit rating, according to the company's statement.
Set up in 2022, Ecofy is a Mumbai-based lending-tech company, which provides loans for electric two-wheelers and four-wheelers as well as for solar rooftops.
Dit verhaal komt uit de January 25, 2024-editie van Mint Mumbai.
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