Incofin India Progress Fund makes an investment of 45 million in Mufin Green Finance
- ByStartupStory | October 4, 2022
EV finance firm Mufin Green Finance has raised INR 45 crore in Series A funding round from Incofin India Progress Fund. The money raised will go toward promoting financial inclusion and environmental protection.
“We are proud to make our first climate-centric NBFC investment in Mufin Green Finance. This investment clearly stands high on our vision of financial inclusion and climate efforts. Mufin thrives on its diversified business model and strong balance sheet structure. Given their strategic tie-ups with EV ecosystem players, we firmly believe that they will play a crucial role in boosting the Indian EV penetration and create a positive economic and environmental impact,” said Aditya Bhandari, partner and co-head Asia of Incofin.
Mufin Green Finance, a pioneer and BSE ,NBFC listed serving the climate-focused EV sector, was established in 2016 with the goal of fostering the Indian EV ecosystem.
The company has quickly financed EVs totaling in more than INR 160 crore in 9 States. The corporation claims in a statement that it has decreased its carbon footprint by more than 100,000 tonnes while supporting a clean, green environment.
“This funding has put us in the forefront of the organized EV financing sector. As India’s first listed NBFC dedicated to climate- EV financing, we are planning to disburse income-generating loans worth INR 5,000 crore in the next 5 years, resulting in an overall reduction of 4 million tonnes of carbon emission,” exclaimed Kapil Garg, co-founder and managing director, Mufin Green Finance.
Rajat Goyal, co-founder, Mufin Green Finance, said,”EV is a fast-evolving market and there is strong push from various stakeholders. The investment from Incofin is a solid validation on our climate focused financing mission. We are focused to cater to underserved or low-income segment and create a meaningful social and climate impact.”
According to a statement from the company, Mufin Green Finance, a pure-play EV and climate-focused NBFC, has broadened its range of financing products to include electric 2W, electric 3W, electric 4W, and other EV ecosystem components like EV chargers, charging stations, swappable and non-swappable batteries, and battery top-up loans to its customers.
Follow Startup Story
Related Posts
