Mufin Green Finance Secures Rs 140 Crore Funding from Family Offices, SBI, IREDA, and Others
- ByStartupStory | February 8, 2024
Mufin Green Finance, a non-banking financial company (NBFC) focused on electric vehicles (EV), announced on Tuesday that it has raised Rs 140 crore in a Series B equity round from family offices, in addition to the Rs 530 crore debt round it raised last financial year. The company plans to utilize the funds to scale up its business operations, particularly in Western India, and to invest in more EV categories, such as buses and light commercial vehicles.
Founded by Kapil Garg and Rajat Goyal, Mufin Finance, operating under the parent company Hindon Mercantile Ltd, started financing e-rickshaws in the Delhi-NCR region in 2016. Since then, it has expanded its portfolio to offer financing options for all EV vehicles (three-wheelers and four-wheelers), electric charging infrastructure, swappable batteries, and solar energy projects.
“This funding 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,” said Kapil Garg, Managing Director of Mufin Green Finance.
“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,” he added. Mufin operates in both the B2B and B2C segments, providing loans to fleet operators to acquire EV assets and to individuals through partnerships with original equipment manufacturers (OEMs).
Its debt investors included leading banks and financial institutions, including SBI, IREDA, AU Small Finance Bank, ICICI Bank, Kotak Mahindra Investments, among others.
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