Mufin Green Finance, on Monday, announced it received Rs 45 crore in its Series A funding from Incofin India Progress Fund (IPF). The company, through this funding, aims to disburse income-generating loans worth Rs 5,000 crore in the next 5 years.
Kapil Garg, co-founder and MD of Mufin Green Finance, in a statement, said that this funding has put us at the forefront of the organised EV financing sector. Garg added, “As India’s first listed NBFC dedicated to Climate- EV financing, we are planning to disburse income-generating loans worth INR 5,000 Cr in the next 5 years, resulting in an overall reduction of 4 mn tonnes of carbon emission.”
Mufin Green Finance, which was founded in 2016, is the first of its kind BSE listed NBFC catering to the Climate focused EV sector. The company also claims that it started with a mission to fuel the Indian EV ecosystem and within a short period, has financed EVs worth more than Rs 160 crore across 9 states. The company also says that it reduced over 100,000 tonnes of carbon footprints.
Aditya Bhandari, Partner & Co-Head Asia of Incofin, about the investment decision, said, “We are proud to make our first climate-centric NBFC investment in Mufin Green Finance. This investment clearly stands high on our vision of financial inclusion and climate efforts. Mufin thrives on its diversified business model and strong balance sheet structure.”
Mufin Green Finance’s financing options cover loans for EVs including 2W, 3W, 4W and other EV components like EV chargers, charging stations, swappable batteries and non-swappable batteries. In April, Mufin Finance acquired another BSE-listed NBFC ‘APM Finvest’ for around Rs 76 crore.
Rajat Goyal, Co-Founder of Mufin Green Finance, while commenting on the EV financing landscape in the country, said, “EV is a fast-evolving market and there’s strong push from various stakeholders. The investment from Incofin is a solid validation on our climate focussed financing mission. We are focussed to cater to underserved or low-income segment and create a meaningful social & climate impact.”
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