Ecofy is a Mumbai-based lender that finances rooftop solar systems and electric vehicles instead of plain-vanilla consumer credit. That matters because households, fleet operators, and small businesses buying these assets still run into a basic problem: the hardware is getting cheaper, but access to tailored financing is still patchy. Now Ecofy NBFC has raised $15 million from Mirova to expand that lending engine, with the money earmarked for residential and commercial rooftop solar plus electric 2- and 3-wheelers. Founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan, the company now serves more than 130,000 customers across 26 states and 500-plus cities.
What is Ecofy NBFC and how does it work?
Ecofy is a green-only NBFC that underwrites loans around the asset being bought — a rooftop solar system, an electric 2-wheeler, or an electric 3-wheeler — rather than forcing borrowers into generic personal-credit products. For a solar customer, the pitch is practical: finance the installation, structure the EMI to sit below the current electricity bill, and make the economics work from month 1 instead of after a long payback wait.
The rooftop solar product is more than a loan stub. Ecofy also wraps in insurance options and a partner-backed annual maintenance contract. The company says uptime can stay above 99%. It lends to homes and to commercial and industrial users, which matters because a kirana owner, a small workshop, and a housing society don’t buy solar in the same way or repay on the same rhythm.
There’s also a subsidy-aware layer to the experience. Ecofy’s solar financing can sit alongside the PM Surya Ghar process, so a household isn’t left juggling installer paperwork, subsidy steps, and a separate retail loan on its own. In Indian solar sales, paperwork is often where adoption slows down.
On the EV side, Ecofy finances electric 2-wheelers and 3-wheelers — the workhorse categories for last-mile mobility and small commercial income. Its products span roughly ₹1 lakh to ₹1.5 crore with tenures from 6 months to 5 years. This isn’t a one-size-fits-all app loan. It’s a credit stack built for everything from a single vehicle purchase to larger clean-energy assets.
Who founded Ecofy NBFC and what’s the backstory?
Built by career lenders
Ecofy was started in 2022 by Rajashree Nambiar and Govind Sankaranarayanan, who now serve as MD and CEO, and COO and whole-time director, respectively. The company calls itself India’s first green-only NBFC. That specialization is the whole thesis: build a lender whose balance sheet is dedicated to sustainable assets instead of treating solar and EV loans as side categories inside a much broader retail book.
Why the founders fit this market
Rajashree Nambiar didn’t come out of a climate lab or a startup incubator. She spent decades inside mainstream financial services, including as MD and CEO of Fullerton India Credit, after earlier leadership roles at IIFL Finance and a 22-year run at Standard Chartered, where she was head of retail products for India and South Asia. In plain English: she knows mass-market lending, distribution, risk, and operations. She also knows how to build credit businesses at scale.
Govind Sankaranarayanan brings the other half of the puzzle. Before Ecofy, he spent 27 years with Tata and served as group COO and CFO at Tata Capital, where he helped build a business that reached ₹65,000 crore in assets under management and ₹7,000 crore in revenue. That kind of experience matters when your startup isn’t chasing clicks. It’s trying to build a lending institution that can raise capital, price risk, and survive cycles.
Early traction, funding history, and the rivals getting closer
Ecofy’s latest update says it serves more than 130,000 customers across 26 states and over 500 cities. Separate company-profile data places its team in the 151-to-250 range and its headquarters in Worli, Mumbai. In March 2026, just weeks before the Mirova deal, Ecofy also raised ₹380.5 crore, or about $42 million, in an equity round led by British International Investment and Finnfund, with FMO and Eversource Capital participating.
That earlier round came with more signals about execution. At the time, Ecofy said it had 1.25 lakh customers and ₹1,400 crore in AUM. It also had over 23 bank and financial-institution partners, plus more than 100 OEM relationships. The new $15 million from Mirova — an affiliate of Natixis Investment Managers and making its fourth India deal under this mandate — is being used for onward lending into rooftop solar and electric mobility.
The direct challengers are small but real. Solfin has built a solar-focused lending model and said it crossed ₹100 crore in solar-loan disbursals within 9 months. Three Wheels United offers tech-enabled EV finance with up to 100% funding on 2- and 3-wheelers. Then come the bigger threats: Tata Capital and Mahindra Finance on the lending side, IREDA and REC as institutional price-setters downstream, and solar manufacturers like Tata Power Solar and Waaree moving closer to the customer by bundling finance with installation.
Ecofy’s edge, if it keeps one, is focus. A green-only lender can build underwriting, servicing, and partnerships around asset classes that generic lenders still treat as exceptions. That’s also what Mirova is backing when it talks about platforms with “scale, local reach, and measurable impact” — not just a startup story, but a distribution vehicle for climate capital.
Why does this Ecofy NBFC funding round matter?
This round matters because lending businesses don’t scale on branding alone. They scale on access to capital that matches the tenor of the loans they want to write. Ecofy said the fresh money will go into onward lending for rooftop solar and EVs. So this isn’t cosmetic balance-sheet money. It’s fuel for the loan book.
It also sharpens Ecofy’s identity at a moment when generalist lenders are drifting into green credit. If you’re an installer, OEM, or small business owner, the real question isn’t whether climate finance sounds noble. It’s whether the lender at the point of sale can approve fast, price sensibly, and understand the asset. Ecofy’s treasury head, Vivek Khandelwal, framed the Mirova partnership around making finance more “accessible” for households and small businesses.
There’s a second signal here. Mirova isn’t writing this check as a casual fintech bet. Its India activity sits inside a broader emerging-markets energy-transition mandate, so the investment says Ecofy has become useful as a local pipe between global climate capital and end borrowers who would never raise that money directly. That’s a more durable thesis than another consumer-lending app.
How big is the market for rooftop solar and EV finance in India?
The timing isn’t random. India’s rooftop solar market was valued at $2.52 billion in 2025 and is projected to reach $4.27 billion by 2034. This isn’t just consultant optimism. The operating data is moving too. India installed 7.1 GW of rooftop solar in 2025, up 122% from 2024, with residential users accounting for 76% of additions.
Policy is doing a lot of the heavy lifting. By December 2025, more than 2.08 million rooftop solar systems had been installed under PM Surya Ghar: Muft Bijli Yojana. That kind of subsidy-led demand surge is exactly why financing specialists matter: the bottleneck shifts from customer interest to credit availability, documentation, and disbursal speed.
The EV side is even more capital hungry. India’s electric transport sector attracted about ₹2.23 lakh crore, or $25.6 billion, in investment from 2020 to 2025 — but that was only 18% of the total funding estimated to be needed by 2030. So even with all the headlines around EV adoption, there’s still a giant financing gap sitting between policy ambition and actual vehicle ownership.
What should Ecofy NBFC prove next?
Ecofy NBFC now has money, momentum, and a clean story investors like. What it still has to prove is harder: can a specialist green lender keep underwriting discipline as competition tightens from banks, NBFCs, and embedded-finance players that already control customer acquisition?
The next test isn’t another headline round. It’s loan performance, repeat distribution partnerships, and whether Ecofy stays the preferred finance layer when a customer is actually ready to buy solar or an EV.
Read how General Autonomy raised ₹32 Cr to expand its humanoid robots and robot dogs, betting on autonomous machines built for labour-heavy industrial work and difficult real-world environments where traditional automation struggles.
FAQ
– What funding did Ecofy raise from Mirova?
Ecofy raised $15 million from Mirova in May 2026. The capital is meant for onward lending in residential and commercial rooftop solar, along with electric mobility categories including 2-wheelers and 3-wheelers.
– How does Ecofy finance rooftop solar and EV purchases?
Ecofy offers asset-linked loans instead of generic consumer credit. For rooftop solar, it structures EMIs around expected savings and offers insurance and maintenance support. It can also work alongside the PM Surya Ghar subsidy process. For EVs, it finances vehicles such as electric 2-wheelers and 3-wheelers with product terms tailored to the use case.
– Who founded Ecofy and what experience do they bring?
Ecofy was founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan. Nambiar previously led Fullerton India Credit and held senior roles at IIFL Finance and Standard Chartered, while Sankaranarayanan spent 27 years at Tata and helped build Tata Capital at scale.
– Is Ecofy a bank or an NBFC in India’s climate finance market?
Ecofy is an NBFC, not a bank, and it focuses only on green assets. That makes it unusual in India because its lending book is built around categories like rooftop solar and electric mobility rather than broad retail or SME credit.
