Mufin Green secures $18M to scale EV loans for MSMEs
The company said the capital will help scale its offerings for electric two-, three-, and four-wheelers, as well as related infrastructure.
Mufin Green Finance, a publicly-listed non-banking financial company (NBFC), has secured $18 million in debt funding from a US-based institution to expand its electric vehicle (EV) financing and leasing operations.
The 10-year facility includes an initial disbursement of $10 million, with the remaining $8 million expected within a year.
The company said the capital will help scale its offerings for electric two-, three-, and four-wheelers, as well as related infrastructure. A substantial share of the funds will be directed toward improving credit access for micro, small, and medium enterprises (MSMEs), particularly in underserved regions.
“This funding is a major step forward for us. It aligns perfectly with our mission to bridge the financing gap for electric vehicles in the MSME sector,” said Kapil Garg, Founder and Managing Director of Mufin Green.
“As the EV market grows, especially in tier-2 and tier-3 cities, the need for accessible financing will rise sharply. Our aim is to support drivers, fleet owners, and small entrepreneurs who need funding to shift to electric mobility.”
Earlier this year, Mufin Green secured a similar 10-year $18 million loan from the United States International Development Finance Corporation (DFC).
The New Delhi-based lender has disbursed more than $175 million to date and manages a portfolio of $100 million across 26 Indian states. According to the company data, 84% of its retail borrowers had never previously accessed formal credit. Garg said the company sees EV financing as a means to drive financial inclusion and income generation, especially among MSME drivers.
Dexter Capital acted as the exclusive advisor on the transaction.
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 and later became India’s first listed pure-play EV financing company. Its product suite includes financing for EVs, charging infrastructure, and swappable batteries.
Edited by Megha Reddy