Mufin Green Finance raises Rs 140 crore

Mufin Green Finance has raised Rs 140 crore in Series B from prominent family offices, whose names have not been disclosed. 

The company had raised debt funding of Rs 530 crore last year from financial institutions including State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank and Kotak Mahindra investments. 

The company is into EV (electric vehicle) financing, and will help the company catalyse efforts to scale business operations in the western region of India.

Kapil Garg, MD of Mufin Green Finance, said “The funding affirms the strength of our business model and positions us effectively to meet the ever-increasing demands of our expanding customer base. Also, it 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 company, which claims to be the leading NBFC in EV financing business, said the equity and debt funding will initiate the next phase of growth, expanding operations in other major markets in the country.

Mufin Green Finance is also looking to make further inroads in the new-to-credit and unbanked individuals, for utilising EVs to generate income. 

As part of the new business structure adopted in 2022, the company has recorded a 12-fold growth in a span of two years. 

The current AUM for Mufin Green Finance stands at Rs 502 crore as on Dec 2023, and is expected to close FY24 with an AUM of Rs 650-700 crore.

The company has a presence in 16 states across India, with financing options for EVs across two-, three-, and four-wheelers. Mufin is currently focused on financing all elements of the EV ecosystem, including two and three-wheelers, four-wheelers, fast chargers, swappable batteries and similar products for mobilising the electric vehicles in India for retail as well as fleet operators.