Ecofy gets NBFC licence from RBI

Eversource-Promoted Accretive Cleantech Finance Private Ltd, operating as Ecofy, on Thursday said that 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.

Mumbai-based Ecofy has been promoted by Eversource Capital, India’s leading climate impact investor along with NBFC industry veterans Rajashree Nambiar (former MD & CEO, Fullerton India Credit Company Ltd.) and Govind Sankaranarayanan (former Group COO and CFO, 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. Ecofy is born digital and uses technology to improve every aspect of the customer experience.

“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. Our goal with this NBFC is to provide the products and seamless experience that address customer needs,” Rajashree Nambiar, Co-Founder and CEO of Ecofy 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. Ecofy will help in accelerating the adoption of green assets and support businesses in their green transition through innovative and accessible financing,” Dhanpal Jhaveri, Vice Chairman, Everstone Group and CEO, Eversource Capital, said.

Latest Articles

Australian Army Contingent For Joint Exercise “Austra Hind – 22” Arrive In India

The bilateral training exercise “AUSTRA HIND 22” between contingents of the Indian Army and the Australian Army is scheduled to take place at Mahajan...

IFFI 53 witnesses Asian premiere of the film ‘Interaction’ produced by ‘ART for the World’

Interaction is ART for the World’s latest anthology film production. Comprising of 12 original short films of 6-to-8-minute duration, the film was screened for...

English rendering of PM’s address in the 95th Episode of ‘Mann Ki Baat’ on 27.11.2022

I extend a warm welcome to you all in 'Mann Ki Baat', once again. This programmme is the 95th episode. We are fast moving...

India reiterates its commitment on conserving tortoises and fresh water turtles at CoP19 in Panama

The 19th Meeting of the Conference of the Parties (CoP 19) to the Convention on International Trade in Endangered Species of Wild Fauna and...