Mufin Green Finance received $ 45 crore in Series A funding from Incofin India Progress Fund IPF The company hopes to distribute income-generating loans worth Rs 5,000 crore over the next 5 years.
In a statement, Kapil Garg, co-founder and MD of Mufin Green Finance, said this funding has put us at the forefront of the organised EV financing sector. Garg said India's first listed NBFC dedicated to climate EV financing is planning to disburse income-generating loans worth INR 5,000 Cr in the next 5 years, resulting in an overall reduction of 4 mn tonnes of carbon emission. Mufin Green Finance, which was founded in 2016 is the first of its kind BSE listed NBFC catering to the Climate focused EV sector. The company claims it started with a mission to fuel the Indian EV ecosystem and in a short period has financed EVs worth more than 160 crore across 9 states. The company has reduced its carbon footprint by over 100,000 tons.
Aditya Bhandari, Partner Co-Head Asia of Incofin, said: We are proud to make our first climate-centric NBFC investment in Mufin Green Finance. The investment is a great fit for our vision of financial inclusion and climate efforts. Mufin thrives on its diversified business model and strong balance sheet structure. Mufin Green Finance has financing options that cover loans for EVs including 2 W, 3 W, 4 W and other EV components like EV chargers, charging stations, swappable batteries and non-swappable batteries. In April, Mufin Finance acquired another BSE-listed NBFC APM Finvest for around Rs 76 crore.
Rajat Goyal, Co-founder of Mufin Green Finance, said that EV is a fast-evolving market and there is a strong push from various stakeholders. Incofin invested in a climate focused financing mission. We want to cater to the less well served or low-income segment and create a meaningful social climate impact.