Top EV Financing Companies In India

Behind India’s EV revolution is a silent however mighty pressure—photo voltaic and EV financing startups. As authorities initiatives and market demand propel the nation in the direction of sustainable applied sciences, these new age EV financing firms in India are offering the monetary spine to show intent into motion.

These EV and Solar financing startups should not simply lenders—they’re EV ecosystem enablers. By creating customised, accessible and sometimes digitally delivered monetary merchandise, they’re enabling people, companies and rural communities to undertake electrical mobility and inexperienced vitality by offering them with solar energy loans. This article is concentrated on the highest EV Financing firms in India.

List of Best EV Financing Companies in India

Below is the checklist of the most important EV financing startups in India:

Ecofy: Best EV Financier for Vehicles and Rooftop Solar

Ecofy, based mostly out of Mumbai, is a new-age NBFC devoted to funding sustainable options. Ecofy focuses on inexperienced lending merchandise, particularly rooftop photo voltaic and electrical mobility.

The firm has seen fast development via strategic capital infusions:

• Jan 2024: Raised INR 90 crore (~USD 10.83 million) from FMO, the Dutch Entrepreneurial Development Bank.
• March 2025: Secured a USD 12.5 million (~INR 107 crore) long-term mortgage from Denmark’s Investment Fund for Developing Countries (IFU).
• March 2026: Achieved its largest milestone but by elevating INR 380.5 crore (~USD 41.1 million) in contemporary fairness funding led by British International Investment (BII) and Finnfund. Existing buyers Eversource Capital and FMO additionally participated on this spherical.

As of early 2026, Ecofy has constructed a sturdy retail-focused platform serving over 1.2 lakh clients, with Assets Under Management (AUM) exceeding INR 1,400 crore. The contemporary capital is earmarked to develop credit score entry for rooftop photo voltaic, electrical 2 & 3 wheelers, and energy-efficient SME loans. Its product vary contains zero-collateral loans, low-interest charges, and digital-first credit score assessments tailor-made for the underserved retail section.

Revfin: Among the Best EV Financing Startups in India

New Delhi-based fintech Revfin is a frontrunner in digital financing for electrical autos, notably in Tier 2 and Tier 3 cities the place credit score penetration stays a problem.

The firm’s capital construction has strengthened considerably with latest funding rounds:

• December 2023: Closed a USD 14 million (~INR 115 crore) Series B spherical led by Omidyar Network, with participation from the Asian Development Bank (ADB) and Shell Foundation.
• September 2025: Secured USD 15 million (~INR 125 crore) from Mirova, a number one sustainable funding agency, to additional speed up inclusive e-mobility throughout the nation.

Operationally, Revfin has scaled quickly. A significant strategic transfer occurred in September 2024, when the corporate took over 15,000 electrical autos working on SUN Mobility’s platform, a deal valued at roughly INR 100 crore. Additionally, a landmark partnership with Bajaj Auto in August 2024 has bolstered its presence within the high-speed electrical three-wheeler section. The firm has already financed over 85,000 EVs throughout 25 states. Revfin is now increasing into the L5 class, electrical vans, and EV leasing via partnerships with fleet operators like BlueWheelz and Tata Motors.

Ascend Capital

Ascend Capital is a Jaipur-based Electric Vehicle financing firm specializes within the financing of electrical cargo autos and last-mile supply belongings. The firm present reasonably priced and accessible financing to drivers and fleet operators, particularly concentrating on the underserved “new-to-credit” section in Tier 2 and Tier 3 cities.

The firm reached a serious monetary milestone lately:

• Feb 2024: Raised INR 50 crore in a Series A funding spherical led by InfoEdge Ventures and Asha Ventures. This capital is being utilized to attain an Assets Under Management (AUM) goal of INR 300 crore by early 2026 and to develop operations throughout 30+ cities.

Funding Timeline:

• Pre-Series A/Angel (2019-21): Raised ~USD 850k in preliminary rounds.
• Series A (Feb 2024): INR 50 crore (USD 6.02 million).
• Target: Aiming to deploy INR 500 crore within the subsequent 12–18 months via a mixture of debt and fairness.

Ascend’s proprietary underwriting engine continues to evolve, contemplating native earnings variability and seasonal money circulation patterns to lend to gig employees and casual sector drivers. By 2030, Ascend goals to finance 1 million industrial EVs, bridging the hole between vitality and automobile financing.

Rupyy: CarDekho’s Fintech Arm Diversifying into EV Financing Startups in India

Rupyy, the fintech arm of CarDekho Group, has remodeled from a car-loan platform right into a multi-vertical lending powerhouse. While it continues to steer the used automobile financing market, it has quickly diversified into EV financing, used industrial autos, and private loans to faucet into India’s evolving mobility wants.

The firm has reached important monetary milestones:

• Capital Infusion: Following the USD 100 million infusion from its guardian group in late 2022, Rupyy has constructed a large distribution community masking 95% of India’s pin codes as of March 2025.
• Disbursement Scale: In FY2024-25, Rupyy facilitated a report INR 16,000 crore in whole mortgage disbursements. This represents a large leap, pushed largely by its new automobile financing section, which grew by 97% in the course of the yr.
• Commercial Vehicle Focus: After beginning its used industrial automobile (CV) vertical in April 2024, the corporate set an bold goal to disburse INR 900–1,200 crore on this section by the top of FY25, specializing in small fleet operators and transport MSMEs.

Beyond shopper loans, the corporate is now scaling its choices for electrical LCVs and shared mobility, supported by the group’s growth into fleet administration (via its model Carrum).

Aerem

Aerem, based mostly in Mumbai, is altering the photo voltaic panorama for Indian MSMEs and households via its built-in platform. Aerem connects installers, product producers and inexperienced mortgage supplier in order that end-users can go photo voltaic with minimal trouble.

The firm has considerably bolstered its capital base to drive the subsequent part of development:

• April 2025: Raised INR 100 crore (~USD 12 million) in a Series A spherical led by UTEC (Japan), with participation from British International Investment (BII) and SE Ventures.
• January 2026: Secured USD 15 million (~INR 136 crore) in a Pre-Series B spherical led by SMBC Asia Rising Fund (the VC arm of Sumitomo Mitsui Banking Corporation). Existing buyers UTEC and SE Ventures additionally doubled down on this spherical to help Aerem’s pan-India growth.

Funding Timeline:

• Pre-Series A (March 2023): USD 5 Million (~INR 41 crore)
• Series A (April 2025): USD 12 Million (~INR 100 crore)
• Pre-Series B (January 2026): USD 15 Million (~INR 136 crore)

Operationally, Aerem via its wholly-owned NBFC, NetZero Finance, has already enabled over 800 MW of photo voltaic capability throughout 1,500+ tasks in additional than 70 cities. A strategic partnership with OMC Power in May 2025 additional unlocked INR 200 crore in financing particularly for MSMEs in rural Uttar Pradesh. Aerem presents unsecured loans starting from INR 5 lakh to INR 1 crore with a digital-first strategy.

Orb Energy: Enabling Solar Loans for SMEs

Orb Energy, based mostly in Bengaluru, is a premier vertically built-in photo voltaic answer supplier for India’s SME section. Unlike conventional gamers, Orb bundles high-quality engineering with in-house, zero-collateral financing, permitting small companies to undertake photo voltaic with no upfront capital hurdles.

The firm has considerably scaled its monetary and operational footprint:

• Financing Milestone: As of January 2025, Orb has disbursed over INR 300 crore via its in-house facility, serving to greater than 3,000 SMEs transition to wash vitality.
• Strategic Partnerships: In June 2024, Orb partnered with the State Bank of India (SBI) below the Surya Shakti Solar Finance scheme to offer seamless rooftop photo voltaic financing for industrial and industrial shoppers.
• Infrastructure Growth: In May 2024, the corporate launched its first 35 MW ground-mounted photo voltaic park in Karnataka to offer solar energy to SMEs who lack adequate rooftop house.

Funding & Investment Timeline:

• 2020: Equity funding from Shell (20% stake), offering world strategic steerage.
• October 2022: Secured USD 20 million from the U.S. International Development Finance Corporation (DFC).
• 2024 (Series D): Raised USD 48 million (~INR 410 crore) to additional scale its rooftop and photo voltaic park enterprise fashions.

Beyond India, Orb has commissioned certainly one of Kenya’s largest rooftop photo voltaic programs (2.9 MW) for Mabati Rolling Mills in late 2025. With its personal manufacturing facility for high-efficiency TOPCon photo voltaic panels, Orb is vertically built-in to make sure high quality and quick ROI. By early 2026, the corporate has surpassed 370 MW of whole put in capability.

Agros

Agros is revolutionizing irrigation for Indian farmers via photo voltaic pumps that scale back dependence on unreliable grid electrical energy and costly diesel. Its goal markets embody small and marginal farmers who typically lack entry to conventional credit score.

The firm has raised important capital to gas its mission:

• March 2025: Raised USD 4.25 million (~INR 36 crore) in a Series A spherical co-led by Gaia Impact, Schneider Electric Energy Access Asia, Wavemaker Impact, and the Global Innovation Fund (GIF).
• April 2026: Secured extra growth funding from the InsuResilience Investment Fund (IIF). This capital is particularly earmarked to scale climate-risk insurance-linked irrigation merchandise and develop its credit score choices for underserved farmers.

Funding Timeline:

• Pre-Series A (2023): USD 2.7 million (~INR 23 crore)
• Series A (March 2025): USD 4.25 million (~INR 36 crore)
• Expansion Round (April 2026): Expansion capital from InsuResilience Investment Fund.

Operationally, Agros has deployed over 10,000 photo voltaic irrigation programs throughout Uttar Pradesh, Bihar, and Odisha. Building on this momentum, the corporate has formally introduced its entry into Maharashtra and Tamil Nadu for the 2026-27 fiscal yr.

Mufin Green Finance: Expanding into Loans for Solar Installation

Mufin Green Finance is a number one NBFC within the inexperienced finance house, quickly increasing from its core EV lending into photo voltaic vitality and climate-linked belongings. Headquartered in Delhi, the corporate is now a serious participant in driving India’s net-zero transition via revolutionary monetary merchandise.

The firm has considerably strengthened its stability sheet via a collection of capital raises:

• May 2024: Secured an USD 18 million (~INR 154 crore) mortgage from the U.S. International Development Finance Corporation (DFC).
• December 2025: Raised INR 90 crore via Secured Non-Convertible Debentures (NCDs) for clear mobility and photo voltaic growth.
• January 2026: Secured USD 12 million (~INR 100 crore) in long-term debt from Finnfund (Finland’s growth finance establishment).
• March 2026: Completed its largest fairness fundraise but, elevating INR 324 crore (~USD 35.2 million) via a preferential allotment of shares and warrants, attracting top-tier institutional buyers like Sageone Flagship Growth Fund.

Mufin’s photo voltaic vertical is scaling quick. After finishing its first main photo voltaic deal of INR 3.25 crore in late 2024, the corporate is on monitor to achieve its goal of INR 500 crore in photo voltaic loans by the top of 2026. Their portfolio has additionally diversified into mediclaim premium financing and EV charging infrastructure. By early 2026, Mufin has financed over INR 350 crore value of EVs,

Metafin is devoted to bridging the agricultural vitality divide via microloans for photo voltaic residence programs and small-scale irrigation items. By empowering native entrepreneurs and farming communities, Metafin contributes on to financial and social upliftment.

Its financing mannequin is community-based, leveraging SHGs (self-help teams) and rural cooperatives for last-mile supply. The agency is piloting digital mortgage disbursement in Jharkhand and Chhattisgarh, the place grid electrical energy remains to be unreliable.

Conclusion

India’s inexperienced transition isn’t nearly expertise—it’s about belief, timing, and well timed finance. These EV Financing startups in India are making clear vitality and electrical mobility not simply doable, however sensible.

In the story of India’s sustainable future, these s EV financing startups are turning concepts into impression—one mortgage, one photo voltaic panel, one EV at a time. And in doing so, they’re making certain that India’s inexperienced development will not be solely quick, but additionally truthful and inclusive.