New Delhi-based EV and climate-focused NBFC firm Mufin Green Finance has raised Rs 45 crore in a Series A funding round led by Incofin India Progress Fund (IPF)
Founded in 2016 by Kapil Garg, Mufin, a newly-listed NBFC firm, is planning to disburse income-generating loans worth Rs 5,000 crore in the next 5 years. So far, the firm 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.
“Given Mufin Green Finance’s strategic tie-ups with EV ecosystem players, we believe that they will play an important role in boosting the Indian EV penetration,” said Aditya Bhandari, Partner & co-head of Asia at Incofin India Progress Fund.
Mufin's, which uses AI-driven and human-powered credit processes for EV financing, financing options include loans for 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
"This Funding has put us in the forefront of organised EV financing sector. As India's first listed NBFC dedicated to Climate- EV financing, we are planning to disburse income-generating loans worth Rs 5,000 crore in the next 5 years," said Kapil Garg, Co-founder & Managing Director of Mufin Green Finance.
Apart from this, it also operates RupeeCircle and BimaPay. In April, Mufin Finance acquired BSE-listed APM Finvest for about Rs 76 crore to double down on its financing ecosystem for the fast-growing EV market.
According to a report by Council on Energy, Environment and Water-Centre for Energy Finance (CEEW-CEF), India's EV market is predicted to reach $206 billion by 2030, provided the nation continues to make progress toward achieving its goal of 100% electrification by that year.
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