Mufin Green Finance raises $6.5M debt from DWM for EV and clean energy lending
Mufin Green Finance said the proceeds will be deployed to scale loans and leases for productive-use EVs, battery financing, charging infrastructure, and residential and commercial solar projects.
Mufin Green Finance, one of India’s leading non-bank lenders focused on clean mobility and energy, has raised $6.5 million from Developing World Markets (DWM) through a private placement of secured non-convertible debentures.
The capital was raised in two tranches through secured, unlisted NCDs with a 36-month maturity. This deal marks DWM's first investment in India's e-mobility and clean energy space.
“This transaction marks the first of what we hope will be many investments in India’s rapidly evolving clean mobility and renewable energy sectors,” said Robert Constantino, Head of Private Credit at DWM. “It is an important credential in our growing climate finance and renewables private credit lending strategy.”
Mufin said the proceeds will be deployed to scale loans and leases for productive-use EVs, battery financing, charging infrastructure, and residential and commercial solar projects. The company aims to widen access to clean mobility and energy solutions across underserved Tier II and III markets.
“We are delighted to receive continued support from a global impact investor like DWM,” said Kapil Garg, Managing Director of Mufin Green Finance. “This infusion not only strengthens our lending capacity but also validates our commitment to driving sustainable transformation in the mobility and energy landscape of India.”
Founded in 2016, Mufin Green Finance is the first listed pure-play EV financing company in India. A subsidiary of Hindon Mercantile, it has steadily expanded its footprint in green finance, especially targeting borrowers in low-income and semi-urban regions.
“This fundraise comes at a pivotal juncture as we aggressively scale our operations and strategically diversify into high-impact sectors like EV charging infrastructure and solar energy,” said Gunjan Jain, CFO of Mufin. “This infusion of funds will empower us to not only bridge the financing gap in clean energy and electric mobility but also engineer product-specific, inclusive financial solutions.”
DWM, based in Stamford, Connecticut, has invested more than $2.2 billion across 70 emerging and frontier markets through over 900 private debt and equity transactions.
Edited by Kanishk Singh