‘Top Green Finance Platforms Driving the Green Revolution in India in 2024’

India’s commitment to sustainability has catalyzed the growth of green finance platforms, enabling individuals and businesses to support eco-friendly projects while achieving financial returns. Here’s a spotlight on the top green finance platforms in India in 2024 that are driving the green revolution and leading the way in sustainable investments.

1. Ecofy

Ecofy is carving a niche as a pioneering green-only digital NBFC with a mission to drive the transition to a net-zero carbon world. Partnering with individuals and businesses committed to reducing their carbon footprint, Ecofy provides tailored loans for Electric Vehicles (Two & Three-wheelers), rooftop solar installations, and small-to-medium enterprises (SMEs), providing an end-to-end digital experience. Renowned for its hassle-free loan process, attractive interest rates, streamlined financing options, and minimal documentation, Ecofy stands out in the green finance sector. Committed to fostering sustainability, the company’s financing initiatives have resulted in a reduction of over 19,037 tons of carbon emissions. With operations spanning 17+ states and a growing customer base of more than 52,000, Ecofy is at the forefront of green financial solutions in India.

• Mufin Green Finance Limited

Mufin Green Finance Limited is a 100% dedicated to Environment and Social Governance (ESG)-focused financing products, with its primary focus currently on India’s rapidly expanding electric vehicle (EV) industry.

India’s EV market is projected to be a $206 billion opportunity by 2030, growing at an impressive CAGR of 36% annually. Mufin Green aims to capture a 4-5% share of this burgeoning market by 2030. As the first EV pure-play listed company, Mufin Green Finance boasts an equity capital base of ₹158 crores. Since its inception, it has established itself as a leading EV financier, with operations in 14 states and over 150 cities. The company has served more than 24,191 borrowers and financed electric vehicles worth ₹350 crores, contributing significantly to the growth of sustainable mobility in India.

• Namdev Finvest

Namdev Finvest Private Limited is a Reserve Bank of India (RBI) registered Non-Deposit Taking NBFC. The company focuses on providing accessible financing solutions to various sectors like Electric vehicles, solar panels, and underserved and unserved entrepreneurs with significant growth potential. Namdev’s mission is to provide accessible and tailored financing solutions for solar energy projects. The company is dedicated to supporting small businesses and underserved communities in adopting solar power, contributing to the growth of renewable energy in the country. Namdev Finvest’s commitment to financial inclusion and sustainable development positions it as a critical player in driving the adoption of clean energy solutions across India.

• Revfin

Revfin Capital, an NBFC, is committed to providing loans for electric two- and three-wheeler owners. With a vision to revolutionize sustainable mobility in India, Revfin aims to cultivate a robust ecosystem that accelerates seamless EV adoption. Emphasizing inclusivity, Revfin focuses on underserved communities by offering affordable EV loans for 2W/3W vehicles, empowering individuals through independence, awareness, and accessibility. Leveraging India’s digital infrastructure, the company employs a smart and innovative underwriting approach to deliver accessible and efficient financial solutions for EV loans and insurance. Revfin enhances its offerings with advanced product extensions, such as telematics to optimize vehicle and driver performance, and invests in infrastructure to simplify, reduce costs, and streamline EV adoption. This includes initiatives like charging infrastructure and Battery-as-a-Service solutions, making EV ownership more accessible and cost-effective for consumers.

• TapFin

In India, access to capital remains a significant challenge to the widespread adoption of electric vehicles, particularly in the commercial segment. TapFin addresses this gap by offering tailored financing solutions to underserved sections of society, empowering them to generate income for themselves and their employees. The company’s mission is to foster entrepreneurship and drive environmental sustainability in India while promoting vehicle ownership. With a vision to become a leader in green financing, TapFin is dedicated to supporting India’s journey towards achieving net-zero carbon emissions by focusing on sustainable financing opportunities.