Mufin Green Finance raises Rs 140Cr from family offices, SBI, IREDA, others

Mufin Green Finance has raised Rs 140 crore in a Series B funding round, on the top of Rs 530 crore raised in debt funding, last financial year.

The funding comes six months after it raised $1 million in funding from the UK-registered Shell Foundation.

Who are the investors?

The equity funding was led by family offices. Debt funding has been raised from some of the leading financial institutions, including the State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments.

Mufin Green Finance is a subsidiary of Hindon Mercantile Limited and is backed by Incofin India Progress Fund, a Belgium-based impact investor, as an equity partner. 

Scaling business operations

The firm plans to use the raised capital to scale up its business operations in the down west region of the country. Kapil Garg, MD of Mufin Green Finance, said, “The funding affirms the strength of our business model and positions us effectively to meet the ever-increasing demands of our expanding customer base."

He said the funding will also help the company to explore more product avenues in the EV ecosystem.

"We are looking forward to every bit to enable the last mile of green mobility and are excited to take charge as the leading NBFC in the EV financing business domain. 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 Green Finance is looking forward to making further inroads in the least serviced and overlooked sector of new to credit as well as unbanked individuals, looking forward to utilising EV to generate a source of income, as per the company's statement.

Mufin Green Finance growth

The firm claims to have recorded a 12-fold growth in a span of two years. The current AUM for Mufin Green Finance stands at Rs 502 crore. as of Dec 2023, and is expecting to close the FY2024 with an AUM of Rs 650-700 crore, it said.

Presently, It is present in 16 states across India, with financing options for EVs across two-, three-, and four-wheelers. Mufin is currently focused on financing every element of the EV ecosystem, including two- and three-wheelers, four-wheelers, fast chargers, swappable batteries and similar products to mobilize electric vehicles in the country, for both retail and fleet operators.

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