Mufin Green bags $18M US DFC loan to expand EV financing
In FY24, Muffin Green raised Rs 140 crore from a Series B equity round, Rs 530 crore in debt financing, as well as secured $5 million from BlueOrchard.
Electric vehicle (EV) financier Mufin Green has secured an $18 million loan from the United States International Development Finance Corporation (DFC). The duration of the loan is 10 years.
"The funding will help us strengthen our position in the electric vehicle sector and expand our range of financial solutions for everyone involved in the EV ecosystem from vehicle manufacturers and dealerships to service providers and individual customers," Kapil Garg, Founder and CEO of Mufin Green, said in a statement.
"We are now expanding our portfolio to include solar financing, which will allow us to support the entire solar value chain OEMs, distributors, installers, and end users similar to how we’ve helped drive the adoption of electric vehicles," Garg added.
Founded by Kapil Garg and Rajat Goyal, Mufin Finance, under the parent company Hindon Mercantile Limited, began financing e-rickshaws in 2016 in the Delhi-NCR region.
Mufin Green claims a significant foothold in the EV sector, with cumulative disbursements exceeding Rs 1,500 crore and an active loan portfolio of Rs 800 crore. The company supports a diverse clientele, including individuals, OEMs, dealerships, and corporate borrowers, while financing two-, three-, and four-wheel EVs, as well as charging infrastructure and battery solutions.
In FY24, the company raised Rs 140 crore from a Series B equity round, Rs 530 crore in debt financing, as well as secured $5 million from BlueOrchard.
Edited by Kanishk Singh
