Mufin Green Finance has successfully raised INR 140 Cr in Series B round of equity funding, on the top of INR 530 Cr raised in debt funding, last financial year. The equity investment is raised with substantial support from prominent family offices. While debt funding has been raised from some of the leading financial institutions, including State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, Kotak Mahindra investments, showing their strong confidence in the targeted growth of Mufin Green Finance, in the EV financing sector, over the years.
This significant infusion of capital is set to accelerate Mufin’s growth trajectory remarkably, as the brand is already having an ambitious roadmap for 2024. Further it will catalyze their efforts to scale up their business operations in the down west region of the country.
Kapil Garg, MD of Mufin Green Finance, said “The funding affirms the strength of our business model and positions us effectively to meet the ever-increasing demands of our expanding customer base. Also, it 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. We are looking forward to every bit to enable the last mile green mobility and are excited to take charge as the leading NBFC in EV financing business domain. 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”.
Mufin Green Finance is looking forward to making further inroads in the least serviced and overlooked sector of new to credit as well as unbanked individuals, looking forward to utilising EV to generate source of income. The company acquired their new business structure in 2022 and since then has recorded a phenomenal 12-fold growth in a span of just two years. The current AUM for Mufin Green Finance stands at INR 502 cr. as on Dec 2023 and the company is expecting to close the FY2024 with an AUM of INR 650-700 cr.
The company has a presence in 16 states across India, with financing options for EVs across two-, three-, and four-wheelers. Mufin is currently focused on financing every element of the EV ecosystem, including two- and three-wheelers, four-wheelers, fast chargers, swappable batteries and similar products to mobilize electric vehicles in the country, for both retail and fleet operators.
About Mufin Green Finance:
Mufin Green Finance is India’s first listed NBFC with a committed focus on electronic vehicle (EV) financing. The company is contributing to the EV ecosystem of the country by providing loans for income generation through Electric Vehicles, Electric Charging Infrastructure, and Swappable Batteries. Mufin Green Finance have disbursed INR 750+ cr. In loans till date, towards purchase of electric vehicles, which has not only impacted the carbon footprint, but also resulted in financial inclusivity, more income generation, and women empowerment. Mufin Green Finance is listed on the BSE (Bombay Stock Exchange) and National Stock Exchange (NSE) in India.
