Mufin Green Finance, a Delhi-based non-banking financial company (NBFC) specializing in sustainable mobility, has secured $18 million in debt funding from a U.S.-based financial institution. The 10-year loan includes an immediate disbursement of $10 million, with the remaining $8 million expected within the next 12 months. This funding aims to scale Mufin’s electric vehicle (EV) financing and leasing solutions, particularly targeting micro, small, and medium enterprises (MSMEs) in underserved and rural regions across India.
Founded in 2016 by Kapil Garg, Mufin Green Finance is India’s first listed pure-play EV financing company. The company offers a comprehensive range of green financing solutions, including loans for electric two-, three-, and four-wheelers, charging infrastructure, and swappable battery systems. With operations in 26 states and union territories, Mufin has disbursed over ₹1,500 crore (approximately $180 million) in loans, supporting EV adoption and income generation.
A significant portion of Mufin’s clientele comprises first-time borrowers, with 84% of retail borrowers having no prior access to formal credit. By focusing on the MSME sector and promoting financial inclusion, Mufin is not only facilitating greener transportation but also empowering communities and boosting local economies.
In addition to EV financing, Mufin Green is expanding into solar energy financing. The company plans to support the entire solar value chain, from original equipment manufacturers (OEMs) and distributors to end-users. This integrated approach aims to connect renewable energy with electric mobility, aligning with India’s sustainability goals.
Mufin Green’s recent funding activities include raising ₹140 crore through a Series B equity round and ₹530 crore in debt financing in the last fiscal year. The company also secured $5 million from BlueOrchard, directing these funds toward green energy initiatives and fostering sustainable development.
With its enhanced financial position, Mufin Green is poised to accelerate the green transition and make electric mobility more accessible across India. The company’s efforts contribute significantly to India’s leadership in cleaner energy solutions, supporting national sustainability objectives.
Discussion about this post