In order to strengthen its retail EV portfolio for primarily E-rickshaw and E-auto vehicles across India over time, Mufin Green Finance partnered with Indian Renewable Energy Development Agency (IREDA).
Muffin Green Finance hopes to initially increase its customer base to 5000 people and eventually reach more than 100,000 people. The initiative’s 40% reduction in borrowing costs for end users is a major selling point.
Kapil Garg, Founder- Mufin Finance said “Despite uncertainties looming in the market, we look forward to seeing a strong track record in disbursing income-generating EV loans worth Rs 5000 crore in the next five years.”
According to Mufin Green Finance, currently it operates at a market share of more than 7 percent across various territories in the northern and eastern Indian regions. Standing at a net worth of $20 million, the company plans to multiply its portfolio by at least 20X in the next three years, tapping new territories and products to drive green penetration in India.
The company intends to expand to all parts of India by December 2023 and also plans to venture into other green financing products, such as solar panel financing, by 2023.
Indian Renewable Energy Development Agency
Indian Renewable Energy Development Agency Limited (IREDA) is a Mini Ratna Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE). IREDA is a Public Limited Government Company. It established as a Non-Banking Financial Institution in 1987 engaged in promoting developing and extending financial assistance.
