Mufin Group, one of India’s leading NBFC-ND has renamed its subsidiary APM Finvest to Mufin Green Finance, which it says redefines its new avatar in green financing and is part of its ambition to become India’s first listed NBFC dedicated to EV financing.
The company says the Indian EV market is seen to have huge growth potential with projections to reach $160 billion (Rs 12,62,400 crore) by 2030, at a 90% CAGR. Considering the government’s push to nurture the EV ecosystem and desire to reduce environmental pollution, Mufin Green Finance aims to provide loans to underserved segments especially in the rural and semi-urban areas.
Kapil Garg, Co-founder and MD, Mufin Group said, “Electric vehicles and green financing is going to be the future of automobile industry and Mufin Finance has already mastered the art of EV financing.”
The financing arm is expanding its exposure from financing of electric vehicles to financing of the electric vehicle ecosystem. As a result, it led to the addition of new products including financing and leasing of swappable and non-swappable batteries, EV chargers and battery top-up loans for existing customers.
Mufin Green claims it has disbursed more than Rs 100 crore in loans for electric vehicles within 150 days of acquisition by Mufin Group.
Pankaj Gupta, CEO, Mufin Green Finance said, “These solutions are well thought of and designed to ease the ownership experience of EV’s by individual and fleet operators. Going forward we wish to drive penetration of other clean technology products by easing the process of their ownership like solar, hydrogen or any environment friendly technologies over the next few years.”