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Mufin Green Finance raises $5M in debt from BlueOrchard

ISN Team
New Update
Mufin Green Finance

Mufin Green Finance has raised $5 million in debt from BlueOrchard, a leader in impact investment. The partnership with BlueOrchard aims to foster sustainable development and address global environmental challenges. 

Last month, The firm raised Rs 140 crore in a Series B funding round led by family offices. Debt funding had 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.

Empowering green initiatives

The investment will enable Mufin Green Finance to advance its projects in the Green and Energy sectors, driving innovation and sustainable growth. By leveraging BlueOrchard's extensive network and expertise, Mufin aims to lead transformative projects that not only mitigate environmental degradation but also stimulate economic prosperity.


Mufin Green Finance MD highlights a shared vision

Kapil Garg, MD at Mufin Green Finance, highlighted the shared vision of driving sustainable change and catalyzing a positive environmental impact globally. The collaboration is poised to unlock new opportunities and foster innovation in the Green and Energy space, demonstrating a unified approach to tackling pressing environmental issues, he said.

“We are thrilled to forge this strategic partnership with BlueOrchard, a recognized leader in impact investment,” said Mr. Kapil Garg, MD at Mufin Green Finance. “This significant investment underscores our shared commitment to drive sustainable change and underscores our resolve to catalyze positive environmental impact globally. Together with BlueOrchard, we are poised to unlock new opportunities and drive innovation in the Green and Energy space.”

Mufin Green Finance growth

The firm claims to have recorded a 12-fold growth in a span of two years. As of December 2023, Mufin Green Finance's current AUM stood at Rs 502 crore. It said it expects to close FY2024 with an AUM of Rs 650-700 crore.

It is currently present in 16 states across India, with financing options for EVs of two, three, and four wheels. 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.

What does Mufin Green Finance do?

Mufin Green Finance is dedicated to promoting sustainable development and environmental stewardship through innovative financing solutions and strategic partnerships. It is a subsidiary of Hindon Mercantile Limited and is backed by Incofin India Progress Fund, a Belgium-based impact investor, as an equity partner.