Mufin Green Finance, a prominent non-banking financial company (NBFC) specializing in electric vehicles (EV), has announced a significant milestone with the successful closure of a Series B equity round, raising Rs 140 crore from family offices. This latest fundraising initiative complements the Rs 530 crore debt round secured by the company in the previous financial year, underlining investor confidence in Mufin’s vision and strategic direction in the burgeoning EV sector.

The infusion of fresh capital is earmarked to bolster Mufin’s business operations, particularly in Western India, and to facilitate investments in diverse EV categories, including buses and light commercial vehicles. Co-founded by Kapil Garg and Rajat Goyal, Mufin Finance, operating under the parent company Hindon Mercantile Ltd, commenced its journey by financing e-rickshaws in the Delhi-NCR region back in 2016. Since then, the company has evolved its portfolio to encompass financing solutions for a wide array of EV vehicles, charging infrastructure, swappable batteries, and solar energy projects.

Kapil Garg, Managing Director of Mufin Green Finance, expressed enthusiasm about the funding round, emphasizing its pivotal role in expanding the company’s footprint within the EV ecosystem. He remarked, “This 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.” The infusion of both equity and debt financing signals Mufin’s commitment to driving innovation and sustainable mobility solutions across India.

The strategic deployment of funds will propel Mufin into its next phase of growth, with a primary focus on scaling operations in key markets across the country. Mufin operates across both the business-to-business (B2B) and business-to-consumer (B2C) segments, extending loans to fleet operators for EV asset acquisition and collaborating with original equipment manufacturers (OEMs) to provide financing options to individuals.

Mufin’s debt investors comprise leading banks and financial institutions, including SBI, IREDA, AU Small Finance Bank, ICICI Bank, Kotak Mahindra Investments, among others, underscoring the company’s robust financial foundation and credibility within the industry. With a proven track record of driving financial inclusion and promoting sustainable mobility solutions, Mufin Green Finance is poised to play a pivotal role in India’s transition towards a greener, more environmentally conscious future.

As the demand for EVs continues to surge and government initiatives prioritize sustainable transportation alternatives, Mufin stands at the forefront of facilitating accessible financing solutions and driving widespread adoption of electric vehicles across diverse market segments. With a steadfast commitment to innovation, customer-centricity, and social impact, Mufin Green Finance is poised to shape the future of mobility and contribute significantly to India’s sustainable development journey.

By Admin

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