Participated · Series B · Mar 2026

Co-founded in 2022 and based in Mumbai, Ecofy provides financing for economically sustainable climate initiatives including EVs, rooftop solar systems, energy-efficient equipment, energy storage, e-mobility, waste recycling, and water management. The company serves over 130,000 customers across 26 states and more than 500 cities and has grown assets under management to over Rs 1,400 crore. Ecofy reported revenue from operations rising 4.8X to Rs 93.3 crore in FY25 from Rs 19.19 crore in FY24, while losses increased 15.6% to Rs 42.28 crore. Its loan book is entirely retail, supported by partnerships with more than 100 OEMs and more than 23 banks and financial institutions. After recent fundraises, including the $15 million debt from Mirova and earlier equity from British International Investment, Finnfund, and FMO, the company cites a capital adequacy ratio of approximately 50% as it scales lending for rooftop solar and electric mobility across India.

Participated · Equity · Dec 2020

Ayana Renewable Power is a renewable energy platform that develops utility-scale solar and wind generation projects across India. Founded in 2018 by CDC Group, the platform was launched to address climate change and advance the UN Sustainable Development Goals. Ayana currently has 1.14 GW of solar generation capacity under development or in operation and a pipeline intended to scale the portfolio to over 4 GW within the next two years. To date the company has received $721 million in equity funding. Management is described as having a track record of successful execution and the platform emphasizes governance, compliance and an in-house environmental and social function. Ayana’s stated role is to help India decarbonise its energy mix and support national renewable capacity targets through cost-effective project development.