Eversource Capital-backed Ecofy gets NBFC licence

Ecofy, which is now one of its kind green retail NBFC in the country, will lend to individuals and small businesses to accelerate the transition towards a net zero carbon world

Livemint
First Published24 Nov 2022
Ecofy’s offerings include loans, leases, insurance, warranties, and buybacks. (Mint)
Ecofy’s offerings include loans, leases, insurance, warranties, and buybacks. (Mint)

Mumbai: Eversource-promoted Accretive Cleantech Finance Private Ltd, operating as Ecofy, on Thursday said it has received regulatory approval from the Reserve Bank of India (RBI) to operate as a non-deposit taking non-banking financial company (NBFC).

This makes Ecofy one of its kind green retail NBFC in the country, the company said in a statement.

Ecofy is promoted by Eversource Capital, a climate impact investor along with NBFC industry professionals Rajashree Nambiar (former chief executive of Fullerton India Credit Company Ltd.) and Govind Sankaranarayanan (former group chief operating officer and chief financial officer, Tata Capital Ltd).

“Ecofy will lend to individuals and small businesses to accelerate the transition towards a net zero carbon world. The company will offer financial solutions for green asset classes such as electric vehicles (two and three-wheelers), rooftop solar and energy-efficiency SMEs,” it said.

Ecofy’s offerings include loans, leases, insurance, warranties, and buybacks for all green needs.

Rajashree Nambiar, co-founder and chief executive of Ecofy, said, “Finance is a critical input that can catalyse the much-needed green transition for a net zero emission future. Ecofy is on a mission to help individuals and small businesses that are making green choices and restoring balance to the planet.”

Dhanpal Jhaveri, vice-chairman, Everstone Group and chief executive of Eversource Capital, said, “Ecofy is building a digital first green lending business to address a much-needed financing gap in India’s climate change agenda. Today, green assets and businesses are not only climate positive but are also value accretive.”

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