Mufin Green Finance, a leading non-banking financial company (NBFC) that offers loans for electric vehicles (EVs) and charging infrastructure, has announced the closure of its Series B equity funding round, raising Rs 140 cr from notable family offices. This round adds to the Rs 530 cr debt financing that the company secured in the previous fiscal year from various financial institutions such as State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments.
Expanding EV financing across India
The fresh capital infusion will enable Mufin Green Finance to expand its EV financing solutions across India, especially in the western region. The company plans to diversify its product offerings within the EV ecosystem, focusing on categories from buses to commercial four-wheelers. The company aims to cater to the underserved segments, particularly new-to-credit and unbanked individuals who seek to leverage EVs for income generation purposes.
Kapil Garg, MD of Mufin Green Finance, said that the funding validates their business model and its pivotal role in meeting the rising customer demands. He also highlighted the company’s commitment to advancing green mobility solutions for both retail and fleet operators nationwide.
Achieving remarkable growth and social impact
Since restructuring in 2022, Mufin Green Finance has achieved remarkable growth, with assets under management (AUM) reaching Rs 502 cr as of December 2023. The projected AUM for FY2024 stands between Rs 650-700 cr. The company operates across 16 states in India, providing financing solutions for various EV segments, including two-, three-, and four-wheelers, along with charging infrastructure.
Mufin Green Finance also claims to create a positive social impact by creating equal opportunities, improving livelihoods, and reducing inequalities for its borrowers. The company says that the cost of operating an EV is about one-tenth as compared to ICE vehicles, resulting in enhanced savings. The company also provides a Hospicash policy that gives a benefit of up to Rs 50,000 for medical assistance to up to four family members of the drivers.
The company has received positive reviews from its satisfied clients, who appreciate the company’s phygital approach, robust collection process, in-depth understanding of the industry, and transparent and process-driven service.