Mufin Green will boost EV penetration in India
- ByStartup Story Team | January 18, 2023
In order to hasten the adoption of electric vehicles in the nation, IREDA has just teamed with Mufin Green Finance Ltd, India’s first listed NBFC dedicated to 100% EV & Climate financing.
Through this partnership, Mufin Green Finance (Public) Ltd. hopes to eventually broaden its retail electric vehicle portfolio for 2- and 3-wheelers (mainly E-rickshaw and E-auto vehicles) across India. Given Mufin Green Finance’s expertise and impact-focused approach to driving social impact through income generation loans for clean and green technologies, the company anticipates that by expanding this collaboration, it will initially improve the lives of 5000 people and eventually reach over 100,000 consumers.
One of the project’s primary highlights is the reduction of borrowing rates for end users by 40% because Erickshaw customers come from a poorer social class. This would further improve the lives of underserved and disadvantaged sections of Indian society.
Delighted with this partnership, Kapil Garg, Founder- Mufin Finance, added “We are glad to have built trust in IREDA’s investors and will be deploying debt funds in the right area of retail financing. Despite uncertainties looming in the market, we look forward to seeing a strong track record in disbursing income-generating EV loans worth Rs. 5000 Cr. in the next five years.”
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