Mufin Green Finance, a leading electric vehicle (EV) ecosystem financier in India, recently secured an $18 million, 10-year loan from the United States International Development Finance Corporation (DFC) to support its expansion in EV financing services across the country. This funding will enable the company to enhance its financing solutions for various EV segments, including two-wheelers, three-wheelers, four-wheelers, fast chargers, and swappable batteries. Additionally, Mufin Green is venturing into solar financing to support the renewable energy value chain.
CEO Kapil Garg emphasized the company’s commitment to offering integrated financing solutions that bridge the gap between renewable energy and electric mobility sectors. With a presence in 26 states and Union Territories, Mufin Green has already facilitated significant disbursements and built a robust portfolio. The company, founded in 2016, has previously secured substantial funding through equity and debt rounds, further reinforcing its position in the market.
Mufin Green’s focus on sustainable finance and clean energy initiatives has garnered recognition and support from investors like BlueOrchard, who provided $5 million for green energy projects. With a workforce of over 800 employees, Mufin Green has facilitated EV deployments worth ₹6,000 crore in India, positioning itself as a key player in the transition towards electric mobility and renewable energy solutions.
Overall, Mufin Green Finance’s latest funding announcement underscores its commitment to driving the adoption of electric vehicles and supporting the transition towards a greener, more sustainable future in India’s transportation sector.
