Mufin Green Finance, an Electric vehicles (EV)-focussed NBFC has set ambitious plan to augment its market operations with a focus on deepening its presence in Western India, and pump in more investment in new EV categories, encompassing buses and light commercial vehicles.
To realise its next phase of growth, the firm has bagged Rs 140 crore in a Series B equity round from family offices, in addition to the Rs 530 crore debt round it raised last financial year. The firm enables financing options for a variety of electric vehicles that can be used for the purpose of income generation.
Mufin Green Adding New EV Financing Categories – Buses, LCV, Commercial 4 Wheelers
“The funding will equip us to explore more product avenues in the EV ecosystem, as we are looking to further invest in more electric vehicle categories from buses, LCVs to commercial four-wheelers,” said Kapil Garg, Managing Director of Mufin Green Finance.
“The equity and debt funding will initiate our next phase of growth, with an intense focus on expanding our operations in other major markets throughout India,” Garg added.
Mufin Green business serves both the B2B and B2C markets. It offers loans to fleet operators to acquire EV assets, as well as to individuals via partnerships with original equipment manufacturers (OEMs). Its debt investors included leading banks and financial institutions, including SBI, IREDA, AU Small Finance Bank, ICICI Bank, Kotak Mahindra Investments, etc.
Founded by Kapil Garg and Rajat Goyal, Mufin Finance—under the parent company Hindon Mercantile Ltd—Mufin began financing e-rickshaws in 2016 in the Delhi-NCR region. It has since grown its portfolio to provide financing options for all EV vehicles (three-wheelers and four-wheelers), electric charging infrastructure, swappable batteries, and solar energy projects.