Lender to green projects Ecofy raises $10.8 M from FMO

Mumbai-based Ecofy , a non-banking financial company (NBFC) that focuses on supporting green projects, has raised USD 10.8 million (about INR 90 crore) from FMO, the Dutch Entrepreneurial Development Bank.The company will use the funding - divided into two equal tranches - to grow its loan book, facilitate product diversification, and expand across the country.Ecofy is promoted by Eversource Capital and industry executives Rajashree Nambiar and Govind Sankaranarayanan.The firm finances electric two- and three-wheelers and also funds businesses which are working towards reducing climate impact. It offers both term loans and working capital loans for these entities.