In 2022, at the peak of a career that had taken her to MD and CEO roles at major financial firms, Rajashree Nambiar left it all behind. Not for a better-paying job, not for a board seat, but to create something India had never seen: a lender that gives loans for one reason only — to protect the planet.
The question people kept asking her was some version of: why would you do that? The answer, she has said, was hiding in plain sight.
Spotting the gap no one was filling
India had set ambitious climate goals: 500 gigawatts of renewable energy capacity by 2030, faster EV adoption, rooftop solar through flagship schemes. But on the ground, the financing was missing.
A household wanting to install solar panels or buy an electric two-wheeler hit the same obstacle: traditional banks either lacked the right products, didn’t understand green asset underwriting, or weren’t interested in small ticket sizes.
The Reserve Bank of India estimated that the country would need Rs 85.6 trillion in climate-aligned investment by 2030. But almost none of it was reaching the last mile.
So, in 2022, Rajshree co-founded ‘Ecofy’ alongside Govind Sankaranarayanan, a 27-year veteran of Tata Capital, with a single mandate: loans only for green assets. No personal loans, no home loans, no conventional vehicle finance — only electric vehicles, rooftop solar, energy-efficient equipment, and sustainability-linked credit for small businesses.
Limiting the business to only green loans seemed unusual. But Rajshree believed it was the best way to attract international investors focused on impact and to build expertise in a field no one else in India had.
Building the machine from scratch
Ecofy disbursed its first loan in December 2022. Three years later, the numbers tell their own story. The company now serves over 1,30,000 customers across 26 Indian states and more than 500 cities, with assets under management crossing Rs 1,400 crore.
Ecofy’s loans cover things people can actually use to make greener choices — like electric two- and three-wheelers, solar panels on homes and shops, small energy storage systems, and upgrades for small businesses.
The amounts are sized so households, farmers, and small business owners can afford them, with repayment plans that stretch from six months to five years. It’s not about big corporations — it’s about real people taking their first steps toward sustainability.
Everything happens online, so getting a loan doesn’t become another hurdle. And Ecofy doesn’t just hand out money — it keeps track of the real impact. Using data from vehicles, solar equipment, and manufacturers, every loan is checked to see how much it helps cut carbon emissions.
By March 2025, these everyday green choices had already avoided over 25,000 tonnes of carbon from entering the atmosphere.
Funding that follows the planet
One of the clearest signs that Rajshree’s green-only bet was working came from who was willing to back it. Development finance institutions from Europe — FMO from the Netherlands, British International Investment from the UK, Finnfund from Finland, and IFU from Denmark — put their trust in Ecofy. Eversource Capital had also helped get the company off the ground through its Green Growth Equity Fund.
In May 2026, Mirova, the sustainable investment arm of Natixis Investment Managers, added a $15 million loan for rooftop solar and EV lending. That made it the fourth such commitment from international investors in just three years.
These investors all have strict rules: every rupee has to go to something that makes a real climate difference. A regular lender with just a small green loan programme couldn’t give that certainty. Ecofy could.
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The benefit comes back to the people taking the loans. With cheaper financing, Ecofy can offer its loans at rates that make switching to electric vehicles or installing solar panels more affordable than ever. And the numbers reflect that: in just one year, operating revenue nearly tripled, crossing Rs 102 crore in FY25.
A green future starts at home
For Rajshree, India’s green future will be decided by everyday choices, not big companies or policies. The autorickshaw driver switching to an EV, the shopkeeper putting solar panels on her roof, the small manufacturer investing in energy efficiency — these are the people Ecofy was built for.
To make green choices easier, Ecofy offers loans with lower upfront costs, like Battery-as-a-Service plans and flexible leasing. It also works with over 100 EV and solar companies, meeting people right where they make these decisions.
Three years on, with 1,30,000 customers and growing support from global investors, Rajshree’s bold bet is becoming a model. She may have quietly built the system that helps ordinary people afford to go green.
Images courtesy of Ecofy
Sources:
‘Ecofy Raises $15 Mn from Mirova to Expand Green Financing in India‘: by Laffaz Media, published May 2026
‘Ecofy Raises INR 380 Crore in Fresh Equity from Global Development Finance Institutions‘: by Autocar Professional, published on 16 March 2026
‘Ecofy Bags $42 Mn to Scale Climate-Focused Financing Solutions‘: by Inc42, published March 2026
‘Ecofy’s Co-Founder Rajashree Nambiar Tells Outlook Business Why Green NBFCs Are Indispensable to Meet India’s Climate Goals‘: by Outlook Business, published January 2025
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: thebetterindia.com
