Mufin Green Finance has raised Rs 140 crore in a Series B round of equity funding, on top of Rs 530 crore raised in debt funding, last financial year. The debt funding has been raised from financial institutions, including the State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments.
This infusion of capital is set to accelerate Mufin’s growth trajectory, as the brand has an ambitious roadmap for 2024. Further, it will catalyze its efforts to scale up business operations in the down west region of the country.
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, and LCVs to commercial four-wheelers.”
He added, “We are looking forward to every bit to enable the last mile green mobility and are excited to take charge as the leading NBFC in the EV financing business domain. The equity and debt funding will initiate our next phase of growth, with an intense focus on expanding our operations in other major markets throughout India”.
Mufin Green Finance is looking forward to making further inroads in the least serviced and overlooked sector of new to credit as well as unbanked individuals, looking forward to utilising EVs to generate a source of income.
The company acquired its new business structure in 2022 and since then 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 of Dec 2023, and the company is expecting to close the FY2024 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 every element of the EV ecosystem, including two- and three-wheelers, four-wheelers, fast chargers, swappable batteries and similar products to mobilize electric vehicles in the country, for both retail and fleet operators.
