Behind India’s EV revolution is a silent but mighty force—solar and EV financing startups. As government initiatives and market demand propel the country towards sustainable technologies, these new age Green fintech companies are providing the financial backbone to turn intent into action. In a country where clean energy adoption is often held back by upfront costs, these companies are making funding no longer a barrier.
These EV and Solar financing startups are not just lenders—they are EV financing ecosystem enablers. By creating customised, accessible and often digitally delivered financial products, they are enabling individuals, businesses and rural communities to adopt electric mobility and green energy by providing them solar power loan. This article is a deep dive into the Indian startups that are building the foundation for the country’s clean energy future.
Ecofy: Best Green Loan Provider for EVs and Rooftop Solar
Ecofy, based out of Mumbai is a new age NBFC that is dedicated to funding sustainable solutions. Founded with a mission to finance climate action, Ecofy focuses on green lending products, especially rooftop solar and electric mobility.
In Jan 2024, Ecofy raised INR 90 crore (~USD 10.83 million) from FMO, the Dutch Entrepreneurial Development Bank. The investment was to grow the loan book and build digital infrastructure to make the financing process for clean energy solutions more efficient. A major milestone was achieved in March 2025 when Ecofy received a USD 12.5 million (~INR 107 crore) long term loan from Denmark’s Investment Fund for Developing Countries (IFU). The capital was to expand credit access for rooftop solar and electric 2 & 3 wheelers.
Funding Timeline:
- Jan 2024: USD 10.83M (~INR 90 crore) from FMO
- March 2025: USD 12.5 million (~INR 107 crore) long term loan from IFU
Ecofy’s impact goals are ambitious: to finance 10 lakh EVs and over 1.5 GW of rooftop solar in the next 7 years. By designing products for rural and semi-urban markets, Ecofy is making India’s green transition more inclusive. Its product range includes zero collateral loans, interest rate subsidies for women entrepreneurs and digital onboarding through mobile apps.
Revfin: Pioneering Digital EV Financing
Revfin, a New Delhi based fintech is a leader in digital financing of electric vehicles, especially in Tier 2 and Tier 3 cities where credit penetration is low. Founded with a vision to create financial inclusion in the EV ecosystem, Revfin has become a catalyst for clean mobility.
In December 2023, the company closed a USD 14 million (~INR 115 crore) Series B round led by Omidyar Network, along with Asian Development Bank and Shell Foundation. The funding round took its total raised capital to INR 625 crore, including earlier USD 10 million (~INR 86 crore) Series A funding led by Green Frontier Capital (GFC) and LC Nueva Investment Partners and multiple tranches of debt financing.
Funding Timeline:
- Series A (2021): USD 10 million (~INR 86 crore)
- Series B (December 2023): USD 14 million (~INR 120 crore)
- Total capital raised: INR 625 crore (debt + equity)
Revfin uses psychometric analysis, telematics and alternative data to assess creditworthiness for borrowers with no formal financial history. The company has disbursed over 60,000 loans for electric three wheelers and aims to finance 20 lakh vehicles worth INR 20,000 crore by 2030. With strong partnerships with OEMs, fleet operators and battery manufacturers, Revfin is building an EV financing ecosystem.
Ascend Capital
Ascend Capital, based in Jaipur, is focused on commercial EV financing and adoption. They specialize in e-rickshaws, electric cargo vehicles and last mile delivery vehicles. They provide financing to drivers and fleet operators at affordable and accessible rates.
In Feb 2024, Ascend raised INR 50 crore in Series A from InfoEdge Ventures and Asha Ventures. They have already financed over 8,000 eCVs since inception in 2019 and plan to deploy INR 500 crore in next 18 months.
Funding Timeline:
- Series A (Feb 2024): INR 50 crore
Ascend’s proprietary underwriting engine considers local income variability and seasonal cash flow patterns to lend to gig workers and informal sector drivers. By 2030 they aim to finance 1 million commercial EVs, especially in Rajasthan, UP, MP and Delhi NCR. Strategic partnerships with e-commerce and logistics companies provide a steady stream of borrowers.
Rupyy: CarDekho’s Fintech Arm Diversifying into EV Financing
Rupyy, a fintech initiative by CarDekho Group, started with auto loans but is now rapidly expanding into EV financing and used commercial vehicle lending. This move is in line with India’s growing demand for sustainable transport and small fleet upgrades.
In November 2022, Rupyy got a USD 100 million (~INR 855 crore) infusion from its parent company to launch new NBFC verticals and advanced tech infrastructure. Since April 2024, the company has disbursed INR 300 crore in used commercial vehicle loans and plans to reach INR 1,200 crore by end of FY25.
Funding Timeline:
- November 2022: USD 100 million from CarDekho
Rupyy’s embedded finance model integrates credit options directly into CarDekho’s vehicle listings. The company will also enter MSME lending and asset-backed leasing with products for electric LCVs and shared mobility operator.
Aerem: Facilitator of Loans for Solar Installation
Aerem, based in Mumbai, is changing the solar landscape for Indian MSMEs and households through its integrated platform. Aerem connects installers, product manufacturers and green loan provider so that end-users can go solar with minimal hassle.
In April 2025, Aerem raised INR 100 crore in a Series A round led by UTEC (Japan), with British International Investment and SE Ventures participating. These funds will be used to expand Aerem’s pan-India presence, deepen tech capabilities and diversify financial products.
Funding Timeline:
- Pre-Series A (March 2023): USD 5 Million (~INR 41 crore)
- Series A (April 2025): USD 12 Million (~INR 100 crore)
Aerem offers unsecured loans from INR 5 lakh to INR 1 crore. Its platform has a proprietary credit scoring engine, online loan approval in 48 hours and a curated vendor marketplace. The company has financed over 3,500 solar projects and plans to scale this to 35,000 by 2028.
Orb Energy: Enabling Solar Loans for SMEs
Orb Energy, born in Bengaluru, has been a solar enabler for India’s SME segment. They offer loan for solar rooftop and turnkey solar systems with in-house financing that requires zero collateral.
Orb has disbursed over INR 300 crore to 3,000+ SMEs and plans to triple this to INR 1,000 crore by 2027. In October 2022, Orb raised USD 20 million from the U.S. International Development Finance Corporation (DFC) to support their finance program. Shell New Energies has a 20% equity stake in Orb, providing strategic guidance and global visibility.
Funding Timeline:
- October 2022: USD 20 million from U.S. DFC
- 2020: Equity investment from Shell (20% stake)
Series D (2024): USD 48 Million (~INR 410 crore)
Orb Energy’s model bundles financing with engineering services, so you get fast ROI and performance. They also run training programs to skill solar technicians, creating a green jobs multiplier effect
Agros: Solar-Powered Irrigation Financier
Agros is revolutionizing irrigation for Indian farmers through solar pumps that reduce dependence on unreliable grid electricity and expensive diesel. Its target markets include small and marginal farmers who often lack access to traditional credit.
In March 2025, Agros raised USD 4.25 million (~INR 36 crore) in Series A funding from Gaia Impact, Schneider Electric Energy Access Asia, Wavemaker Impact, and the Global Innovation Fund.
Funding Timeline:
- 2023: Pre-Series A USD 2.7 million (~INR 23.09 crore)
March 2025: Series A USD 4.25 million (~INR 36 crore)
Agros provides solar pumps on easy installment plans and works with state governments to leverage subsidies. It has deployed 10,000+ systems in Uttar Pradesh, Bihar, and Odisha, and plans to enter Maharashtra and Tamil Nadu next year. Its tech stack includes remote pump monitoring and AI-powered irrigation scheduling.
Mufin Green Finance: Expanding into Loans for Solar Installation
Mufin Green Finance has established itself as a major EV financier and is now branching into solar loans. Headquartered in Delhi, the NBFC was founded in 2016 and has since built a robust portfolio of green assets.
It completed its first solar financing deal worth INR 3.25 crore in 2024 and is targeting INR 500 crore in solar loans by 2026. In FY 2023–24, it raised INR 140 crore in equity in Series B round and INR 530 crore in debt. An USD 18 million loan from the U.S. DFC in May 2024 further strengthened its capital base.
Funding Timeline:
- October 2022: Series A USD 5.7 million (~INR 49 crore)
- FY24: Series B INR 140 crore in equity, INR 530 crore from debt
- May 2024: USD 18 million (~INR 154 crore) loan from U.S. DFC
Mufin’s flexible EMIs, partnerships with solar EPCs, and blockchain-based asset tracking make it a standout in the renewable finance sector. The company serves both urban and rural clients, with a strong focus on underserved districts.
Metafin
Metafin is dedicated to bridging the rural energy divide through microloans for solar home systems and small-scale irrigation units. By empowering local entrepreneurs and farming communities, Metafin contributes directly to economic and social upliftment.
Its financing model is community-based, leveraging SHGs (self-help groups) and rural cooperatives for last-mile delivery. The firm is piloting digital loan disbursement in Jharkhand and Chhattisgarh, where grid electricity is still unreliable.
Conclusion
India’s green transition isn’t just about technology—it’s about trust, timing, and timely finance. These green financing startups are making clean energy and electric mobility not just possible, but practical. They’re not just funding change—they are fuelling a revolution.
In the story of India’s sustainable future, these s financing startups are turning ideas into impact—one loan, one solar panel, one EV at a time. And in doing so, they are ensuring that India’s green growth is not only fast, but also fair and inclusive.