NBFC Ecofy raises $12.5 M from Denmark’s IFU for EV and solar financing

Mumbai-based Ecofy Finance , a non-banking financial company (NBFC) focused on climate solutions, has raised a USD 12.5 million long-term loan facility from Denmark’s Investment Fund for Developing Countries (IFU).The new funds will be used to expand the firm’s loan portfolio for electric two- and three-wheelers and rooftop solar systems, targeting over 1 million EVs and 1.5 gigawatts of solar capacity within six to seven years.Axis Bank acted as the exclusive financial advisor to Ecofy for the transaction.