EV and climate focused non banking financial company (NBFC) Mufin Green Finance, has raised Rs 45 crore from Incofin India Progress Fund (IPF) as part of its Series A funding.
According to Kapil Garg, Co-founder and Managing Director of Mufin Green Finance the company plans to disburse loans worth Rs 5,000 crore over the next five years.
Founded in 2016, Mufin Green Finance claims to have financed EVs worth over Rs 160 crore across nine states in India and has reduced over 100,000 tonnes of carbon footprints, the company says in a press release.
Aditya Bhandari, Partner and Co-Head Asia of Incofin, Mufin’s strategic tie-ups with EV ecosystem players is likely to play a crucial role in boosting EV penertration in the country. As far as its financing products go, it currently consists of electric 2W, electric 3W, electric 4W, and other EV ecosystem components like EV chargers, charging stations, swappable batteries and non swappable batteries, and battery top up loans to its customers.
As per Rajat Goyal, Co-founder of Mufin Green Finance, EV is a fast evolving market and there’s strong push from various stakeholders.
“The investment from Incofin is a solid validation on our climate focussed financing mission. We are focussed to cater to the underserved or low-income segment and create a meaningful social and climate impact,” Rajat said.
