Mufin Green Finance, a pioneering force in the realm of EV financing, has reached a significant milestone with the successful closure of its Series B equity funding round, raising a remarkable sum of INR 140 Cr. This latest infusion of capital comes on the heels of the company’s INR 530 Cr debt funding secured in the previous financial year, solidifying Mufin’s position as a frontrunner in the green finance sector.
The Series B funding round garnered substantial support from prominent family offices, underscoring the confidence of investors in Mufin’s vision and growth trajectory. Additionally, the company’s debt funding has been backed by leading financial institutions such as State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments, further validating Mufin’s strategic direction and potential for expansion in the EV financing domain.
Kapil Garg, Managing Director of Mufin Green Finance, expressed his enthusiasm about the recent funding, emphasizing its significance in fueling the company’s ambitious plans for 2024 and beyond. “The funding affirms the strength of our business model and positions us effectively to meet the ever-increasing demands of our expanding customer base,” said Garg. “It will enable us to explore new product avenues within the EV ecosystem, including buses, LCVs, and commercial four-wheelers, as we strive to facilitate green mobility solutions across the nation.”
With a focus on extending financial services to underserved segments, particularly new-to-credit and unbanked individuals seeking to leverage EVs for income generation, Mufin Green Finance is poised to make significant strides in empowering communities and driving sustainable transportation initiatives. Since restructuring its business in 2022, the company has witnessed remarkable growth, with its assets under management (AUM) reaching INR 502 Cr. as of December 2023. Anticipating further growth, Mufin aims to close the FY2024 with an AUM ranging between INR 650-700 Cr.
Mufin’s footprint spans across 16 states in India, offering financing solutions for a diverse range of EVs, including two-, three-, and four-wheelers. The company’s holistic approach to EV financing encompasses not only vehicles but also ancillary infrastructure such as fast chargers, swappable batteries, and other essential components, catering to the needs of both retail consumers and fleet operators.
As Mufin Green Finance continues to pave the way for sustainable mobility solutions, the recent funding influx serves as a testament to the company’s unwavering commitment to driving positive change in the EV financing landscape. With an eye toward innovation and inclusivity, Mufin is poised to redefine the future of mobility while contributing to the larger goal of environmental sustainability.