Ecofy to acquire Autovert Technologies

Mumbai, Dec 13 (PTI) Eversource Capital-backed non-banking finance company Ecofy on Tuesday said it is acquiring Bengaluru-based Autovert Technologies (AV) to enable it with a tech stack to accelerate its go-to-market plans.             As part of the deal, Ecofy co-founders Rajashree Nambiar and Govind Sankaranarayanan will join the board of AV, the company said in a statement.

Autovert provides an end-to-end front-end technology platform to electric vehicle buyers.

With rich data on connected assets, the acquired platform aids Ecofy in offering its flagship product to EV buyers, the statement added.

The flagship product is designed to address the lifecycle needs of EV ownership (purchase to resale/disposal) offering loans, leases, insurance, annual maintenance contracts, warranties and assured buybacks.   Ecofy said it will also replicate the EV ecosystem created by AV for other asset classes such as rooftop solar and energy efficiency SMEs which are part of its climate-positive segments.             The companies will leverage one another's capabilities to provide cleantech financing solutions and aid the much-needed transition to a green economy, said Rajashree Nambiar, co-founder and CEO of Ecofy.

AV comes with a ready digital pipeline of EV OEMs, service providers, lenders and insurers, allowing Ecofy to deliver financial solutions at scale.               "Autovert operates at the intersection of technology, finance and cleantech products. With Ecofy we will be further strengthening our offerings, to accelerate EV products adoption," said Uday Disley, founder of Autovert Technologies Private Limited. PTI IAS ABM ABM