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 EV financing companies in India are providing the financial backbone to turn intent into action.

These EV and Solar financing startups are not just lenders—they are EV 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 with solar power loans. This article is focused on the top EV Financing companies in India.

List of Best EV Financing Companies in India

Below is the list of the largest EV financing startups in India:

Ecofy: Best EV Financier for Vehicles and Rooftop Solar

Ecofy, based out of Mumbai, is a new-age NBFC dedicated to funding sustainable solutions. Ecofy focuses on green lending products, especially rooftop solar and electric mobility.

The company has seen rapid growth through 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 loan from Denmark’s Investment Fund for Developing Countries (IFU).
• March 2026: Achieved its largest milestone yet by raising INR 380.5 crore (~USD 41.1 million) in fresh equity funding led by British International Investment (BII) and Finnfund. Existing investors Eversource Capital and FMO also participated in this round.

As of early 2026, Ecofy has built a robust retail-focused platform serving over 1.2 lakh customers, with Assets Under Management (AUM) exceeding INR 1,400 crore. The fresh capital is earmarked to expand credit access for rooftop solar, electric 2 & 3 wheelers, and energy-efficient SME loans. Its product range includes zero-collateral loans, low-interest rates, and digital-first credit assessments tailored for the underserved retail segment.

Revfin: Among the Best EV Financing Startups in India

New Delhi-based fintech Revfin is a leader in digital financing for electric vehicles, particularly in Tier 2 and Tier 3 cities where credit penetration remains a challenge.

The company’s capital structure has strengthened significantly with recent funding rounds:

• December 2023: Closed a USD 14 million (~INR 115 crore) Series B round 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 leading sustainable investment firm, to further accelerate inclusive e-mobility across the country.

Operationally, Revfin has scaled rapidly. A major strategic move occurred in September 2024, when the company took over 15,000 electric vehicles operating on SUN Mobility’s platform, a deal valued at approximately INR 100 crore. Additionally, a landmark partnership with Bajaj Auto in August 2024 has bolstered its presence in the high-speed electric three-wheeler segment. The company has already financed over 85,000 EVs across 25 states. Revfin is now expanding into the L5 category, electric trucks, and EV leasing through partnerships with fleet operators like BlueWheelz and Tata Motors.

Ascend Capital

Ascend Capital is a Jaipur-based Electric Vehicle financing company specializes in the financing of electric cargo vehicles and last-mile delivery assets. The company provide affordable and accessible financing to drivers and fleet operators, specifically targeting the underserved “new-to-credit” segment in Tier 2 and Tier 3 cities.

The company reached a major financial milestone recently:

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

Funding Timeline:

• Pre-Series A/Angel (2019-21): Raised ~USD 850k in initial rounds.
• Series A (Feb 2024): INR 50 crore (USD 6.02 million).
• Target: Aiming to deploy INR 500 crore in the next 12–18 months through a mix of debt and equity.

Ascend’s proprietary underwriting engine continues to evolve, considering local income variability and seasonal cash flow patterns to lend to gig workers and informal sector drivers. By 2030, Ascend aims to finance 1 million commercial EVs, bridging the gap between energy and vehicle financing.

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

Rupyy, the fintech arm of CarDekho Group, has transformed from a car-loan platform into a multi-vertical lending powerhouse. While it continues to lead the used car financing market, it has rapidly diversified into EV financing, used commercial vehicles, and personal loans to tap into India’s evolving mobility needs.

The company has reached significant financial milestones:

• Capital Infusion: Following the USD 100 million infusion from its parent group in late 2022, Rupyy has built a massive distribution network covering 95% of India’s pin codes as of March 2025.
• Disbursement Scale: In FY2024-25, Rupyy facilitated a record INR 16,000 crore in total loan disbursements. This represents a massive jump, driven largely by its new car financing segment, which grew by 97% during the year.
• Commercial Vehicle Focus: After starting its used commercial vehicle (CV) vertical in April 2024, the company set an ambitious target to disburse INR 900–1,200 crore in this segment by the end of FY25, focusing on small fleet operators and transport MSMEs.

Beyond consumer loans, the company is now scaling its offerings for electric LCVs and shared mobility, supported by the group’s expansion into fleet management (through its brand Carrum).

Aerem

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.

The company has significantly bolstered its capital base to drive the next phase of growth:

• April 2025: Raised INR 100 crore (~USD 12 million) in a Series A round 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 round led by SMBC Asia Rising Fund (the VC arm of Sumitomo Mitsui Banking Corporation). Existing investors UTEC and SE Ventures also doubled down in this round to support Aerem’s pan-India expansion.

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 through its wholly-owned NBFC, NetZero Finance, has already enabled over 800 MW of solar capacity across 1,500+ projects in more than 70 cities. A strategic partnership with OMC Power in May 2025 further unlocked INR 200 crore in financing specifically for MSMEs in rural Uttar Pradesh. Aerem offers unsecured loans ranging from INR 5 lakh to INR 1 crore with a digital-first approach.

Orb Energy: Enabling Solar Loans for SMEs

Orb Energy, based in Bengaluru, is a premier vertically integrated solar solution provider for India’s SME segment. Unlike traditional players, Orb bundles high-quality engineering with in-house, zero-collateral financing, allowing small businesses to adopt solar with no upfront capital hurdles.

The company has significantly scaled its financial and operational footprint:

• Financing Milestone: As of January 2025, Orb has disbursed over INR 300 crore through its in-house facility, helping more than 3,000 SMEs transition to clean energy.
• Strategic Partnerships: In June 2024, Orb partnered with the State Bank of India (SBI) under the Surya Shakti Solar Finance scheme to provide seamless rooftop solar financing for commercial and industrial consumers.
• Infrastructure Growth: In May 2024, the company launched its first 35 MW ground-mounted solar park in Karnataka to provide solar power to SMEs who lack sufficient rooftop space.

Funding & Investment Timeline:

• 2020: Equity investment from Shell (20% stake), providing global strategic guidance.
• 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 further scale its rooftop and solar park business models.

Beyond India, Orb has commissioned one of Kenya’s largest rooftop solar systems (2.9 MW) for Mabati Rolling Mills in late 2025. With its own manufacturing facility for high-efficiency TOPCon solar panels, Orb is vertically integrated to ensure quality and fast ROI. By early 2026, the company has surpassed 370 MW of total installed capacity.

Agros

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.

The company has raised significant capital to fuel its mission:

• March 2025: Raised USD 4.25 million (~INR 36 crore) in a Series A round co-led by Gaia Impact, Schneider Electric Energy Access Asia, Wavemaker Impact, and the Global Innovation Fund (GIF).
• April 2026: Secured additional expansion funding from the InsuResilience Investment Fund (IIF). This capital is specifically earmarked to scale climate-risk insurance-linked irrigation products and expand its credit offerings 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 solar irrigation systems across Uttar Pradesh, Bihar, and Odisha. Building on this momentum, the company has officially announced its entry into Maharashtra and Tamil Nadu for the 2026-27 fiscal year.

Mufin Green Finance: Expanding into Loans for Solar Installation

Mufin Green Finance is a leading NBFC in the green finance space, rapidly expanding from its core EV lending into solar energy and climate-linked assets. Headquartered in Delhi, the company is now a major player in driving India’s net-zero transition through innovative financial products.

The company has significantly strengthened its balance sheet through a series of capital raises:

• May 2024: Secured an USD 18 million (~INR 154 crore) loan from the U.S. International Development Finance Corporation (DFC).
• December 2025: Raised INR 90 crore through Secured Non-Convertible Debentures (NCDs) for clean mobility and solar expansion.
• January 2026: Secured USD 12 million (~INR 100 crore) in long-term debt from Finnfund (Finland’s development finance institution).
• March 2026: Completed its largest equity fundraise yet, raising INR 324 crore (~USD 35.2 million) through a preferential allotment of shares and warrants, attracting top-tier institutional investors like Sageone Flagship Growth Fund.

Mufin’s solar vertical is scaling fast. After completing its first major solar deal of INR 3.25 crore in late 2024, the company is on track to reach its target of INR 500 crore in solar loans by the end of 2026. Their portfolio has also diversified into mediclaim premium financing and EV charging infrastructure. By early 2026, Mufin has financed over INR 350 crore worth of EVs,

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 EV Financing startups in India are making clean energy and electric mobility not just possible, but practical.

In the story of India’s sustainable future, these s EV 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.