In a significant development for the electric vehicle (EV) ecosystem, Mufin Green Finance, a non-banking financial company (NBFC) specializing in EV financing, announced a successful Series B equity round, raising Rs 140 crore. This round of funding, sourced primarily from family offices, marks a crucial milestone for the company, following its substantial Rs 530 crore debt round in the previous financial year.
Founded by Kapil Garg and Rajat Goyal, Mufin Green Finance operates under the umbrella of Hindon Mercantile Ltd. The company commenced its journey in 2016 by offering financing solutions for e-rickshaws in the Delhi-NCR region. Over the years, it has expanded its portfolio to encompass a wide range of EV financing options, including three-wheelers, four-wheelers, electric charging infrastructure, swappable batteries, and solar energy projects.
With the latest infusion of capital, Mufin Green Finance aims to intensify its business operations, particularly focusing on expansion in Western India. Furthermore, the company plans to diversify its offerings by venturing into additional EV categories such as buses and light commercial vehicles (LCVs). Kapil Garg, Managing Director of Mufin Green Finance, expressed enthusiasm about the funding, highlighting its significance in enabling the company to explore new avenues within the EV ecosystem.
“The infusion of equity and debt funding positions us strategically to delve into diverse product segments within the EV domain. We are keen on expanding our footprint in the electric vehicle market, encompassing a spectrum ranging from buses and LCVs to commercial four-wheelers,” stated Garg.
Mufin Green Finance operates across both business-to-business (B2B) and business-to-consumer (B2C) segments. The company extends loans to fleet operators for the procurement of EV assets and collaborates with original equipment manufacturers (OEMs) to offer financing options to individual consumers. Its diverse roster of debt investors includes prominent banking and financial institutions such as State Bank of India (SBI), Indian Renewable Energy Development Agency (IREDA), AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments.
The infusion of funds not only fortifies Mufin Green Finance’s financial standing but also signals its commitment to fostering the growth of the EV ecosystem in India. As the country continues its transition towards sustainable mobility solutions, the company’s strategic initiatives are poised to play a pivotal role in facilitating widespread adoption of electric vehicles across diverse market segments.
Moving forward, Mufin Green Finance is poised to embark on a dynamic growth trajectory, leveraging its enhanced financial resources to spearhead innovation, expand its market presence, and contribute towards building a cleaner and greener future through the promotion of electric mobility.
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