Mufin Green Finance, a pioneering force in electric vehicle (EV) financing, has secured a significant boost with a fresh infusion of Rs 140 crore (approximately $17 million) in its Series B round of equity funding. This comes hot on the heels of the Rs 530 crore raised in debt funding during the last fiscal year, further solidifying the company’s position in the burgeoning green finance sector.
The Series B round saw participation from prominent family offices, underscoring growing investor confidence in Mufin’s vision and trajectory. Concurrently, the company has also leveraged debt financing from esteemed institutions, including the State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments.
These financial injections are poised to turbocharge Mufin’s expansion plans, particularly in the western regions of India, propelling its mission to facilitate affordable and accessible financing options for EVs. Since its inception in 2016 by Kapil Garg, Mufin Green Finance has been instrumental in bridging the gap between EV adoption and financial accessibility, catering to diverse segments ranging from two-wheelers to four-wheelers.
With a robust presence spanning 16 states in India, Mufin has facilitated financing for EVs amounting to over Rs 350 crore, signalling a resounding success in its mission to promote sustainable transportation solutions. Notably, the company has achieved a remarkable 12-fold growth within two years, indicative of the surging demand for EVs and the pivotal role of accessible financing in driving this transition.
As of December 2023, Mufin Green Finance boasts an impressive Assets Under Management (AUM) tallying up to Rs 502 crore, with projections hinting at a further surge to Rs 650-700 crore by the end of the fiscal year 2024. This trajectory underscores the company’s trajectory towards becoming a significant player in India’s green finance ecosystem, reshaping the landscape of EV financing.
In a competitive arena dominated by players like Revfin, Finayo, Vidyut, OTO, EVFIN, and Hero FinCorp, Mufin Green Finance stands out as a frontrunner, offering innovative financing solutions tailored to the unique needs of EV consumers. The recent influx of capital into this space, exemplified by Revfin’s $14 million Series B round led by Omidyar Network, signals a broader industry trend towards recognizing the pivotal role of financing in accelerating EV adoption and fostering sustainable mobility solutions.
As Mufin Green Finance gears up to capitalize on its recent funding infusion, the stage is set for an electrifying evolution in India’s transportation landscape, with affordability and accessibility at the forefront of its mission.
