Mufin Green Finance Revs Up for Growth with INR 140 Cr Series B Funding

EV financing leader secures capital to expand reach and explore new product avenues

Mufin Green Finance, a leading non-banking financial company (NBFC) specializing in electric vehicle (EV) financing, has secured INR 140 crore in a Series B funding round, adding to the INR 530 crore it raised in debt funding last year. This significant capital infusion comes from prominent family offices and leading financial institutions like State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments, reflecting their confidence in Mufin’s targeted growth within the EV sector.

“This funding underscores the strength of our business model and positions us to meet the surging demand from our expanding customer base,” said Kapil Garg, Managing Director of Mufin Green Finance. “It will also empower us to explore new product avenues within the EV ecosystem, including buses, light commercial vehicles, and commercial four-wheelers.”

Mufin is committed to enabling last-mile green mobility and becoming the leading NBFC in EV financing. The combined equity and debt funding will fuel the company’s next phase of growth, with a focus on expanding operations across major Indian markets.

The company is particularly focused on catering to the “new to credit” and unbanked segments, helping individuals leverage EVs as a source of income. Since adopting its new business structure in 2022, Mufin has witnessed a remarkable 12-fold growth, with its Assets Under Management (AUM) reaching INR 502 crore as of December 2023. It projects an AUM of INR 650-700 crore by the end of FY24.

With a presence in 16 Indian states, Mufin offers financing options for a wide range of EVs, including two-, three-, and four-wheelers. It goes beyond vehicles, financing fast chargers, swappable batteries, and other products that support the mobilization of electric vehicles in the country, catering to both retail and fleet operators.

Mufin Green Finance’s commitment to sustainable mobility through its innovative EV financing solutions positions it as a key player in India’s green transition.