Mufin Green Powers Up with $5 Million Debt Funding to Drive Electric Vehicle Financing.
In the latest electric vehicle (EV) financing landscape boost, Mufin Green Finance has secured $5 million in debt funding, led by BlueOrchard. This capital injection follows a recent Series B equity funding round, marking a significant milestone for the firm as it continues to surge in the burgeoning green energy sector.
Mufin Green Finance, established in 2016 by Kapil Garg, specializes in providing financing solutions tailored for EVs, spanning two-, three-, and four-wheelers. With a robust presence in 16 states across India, the company has facilitated financing for EVs totalling over Rs 350 crore.
The fresh funding will fuel Mufin’s ambitious plans to drive innovation and sustainable development within the green energy domain. The company aims to expand its footprint, accelerate initiatives in the EV space, and continue supporting the transition towards eco-friendly transportation solutions.
Mufin highlighted its exponential growth trajectory in a statement, boasting a remarkable 12-fold increase in just two years. As of December 2023, the Assets Under Management (AUM) for Mufin Green Finance reached Rs 502 crore, with projections to get Rs 650-700 crore by the end of the fiscal year 2024.
The electric vehicle financing sector is witnessing intensified competition, with players like Revfin, Finayo, Vidyut, OTO, evfin, and Hero FinCorp vying for market share. The recent Series B funding round of $14 million secured by Revfin, led by Omidyar Network, underscores the escalating investor interest in this burgeoning segment.
With Mufin Green Finance positioned at the forefront of EV financing innovation, backed by substantial funding and a commitment to sustainability, the company is poised to play a pivotal role in shaping the future of clean mobility in India and beyond.
