Ecofy Finance, a non-banking financial company is set to raise Rs 3.8 billion in a Series B equity round led by British International Investment (BII).
The company’s board has approved the issuance of equity shares and Series B preference shares to raise Rs 3.805 billion. BII will invest Rs 2.2 billion, while Finnfund Digital Access Impact Fund, FMO and promoter Green Growth Equity Fund will invest Rs 705 million, Rs 650 million and Rs 250 million respectively. Following the transaction, Green Growth Equity Fund and FMO will hold 49.59 per cent and 16.23 per cent stakes in the company, while BII and Finnfund will hold 20.36 per cent and 6.53 per cent respectively.