January 3, 2025: Mufin Green, an EV and Solar financing firm has raised an $18 million loan to expand market share in the EV sector, and add newer range of climate financing solutions in the market.
Explaining the rational behind this loan Kapil Garg, Founder and CEO of Mufin Green, said “The funding will help us strengthen our position in the electric vehicle sector and expand our range of financial solutions for everyone involved in the EV ecosystem from vehicle manufacturers and dealerships to service providers and individual customers.”
“We are now expanding our portfolio to include solar financing, which will allow us to support the entire solar value chain OEMs, distributors, installers, and end users similar to how we’ve helped drive the adoption of electric vehicles,” Garg added.
So far, the firm claim to have disbursed more than INR 350 crores till date towards electric vehicles. This has not only impacted the carbon footprint, but has also resulted in financial inclusivity, more income generation, and women empowerment.
Mufin Green Records Rs.1500 Cr Loan Disbursements
The climate financing firm was founded by Kapil Garg and Rajat Goyal, under the parent company Hindon Mercantile Limited, started financing e-rickshaws in 2016 in the Delhi-NCR region. Mufin Green claims a substantive market share in the EV sector, with cumulative disbursements exceeding Rs 1,500 crore and an active loan portfolio of Rs 800 crore.
The company caters to a diverse clientele, including individuals, OEMs, dealerships, and corporate borrowers, while financing two-, three-, and four-wheel EVs, as well as charging infrastructure and battery solutions.
In FY24, the company raised Rs 140 crore from a Series B equity round, Rs 530 crore in debt financing, as well as secured $5 million from BlueOrchard.
The loan by the climate financing firm was raised from the United States International Development Finance Corporation (DFC). The duration of the loan is 10 years.
