January 6th, 2024
Transforming Electric Mobility and Renewable Energy Accessibility Across India
Mufin Green Finance, a pioneering financier in India’s electric vehicle (EV) ecosystem, has secured an $18 million loan from the United States International Development Finance Corporation (DFC). This 10-year loan marks a significant milestone in the company’s mission to support India’s transition toward sustainable energy and mobility solutions.
Empowering India’s EV Ecosystem
Mufin Green plays a vital role in advancing India’s EV adoption, offering integrated financing solutions for:
- Two-, three-, and four-wheelers.
- Fast chargers and swappable batteries.
Operating across 26 states and Union Territories, the company has disbursed over ₹1,500 crore, maintaining an active portfolio worth ₹800 crore.
Kapil Garg, Founder and CEO of Mufin Green, emphasized:
“This funding will strengthen our position in the EV sector and expand our range of financial solutions across the ecosystem. Our aim is to make renewable energy and electric mobility more accessible and affordable, driving India’s shift toward sustainability.”
Expanding into Solar Financing
Mufin Green is venturing into solar financing, further diversifying its portfolio:
- Recently funded a rooftop solar project for a $3 billion manufacturing facility in Baroda, Gujarat.
- Aims to support OEMs, distributors, and end-users in achieving India’s renewable energy goals.
Recent Financial Milestones
- ₹140 crore Series B equity funding in the last fiscal year.
- ₹530 crore in debt funding, including $5 million from BlueOrchard.
Driving Sustainable Growth
Since its inception in 2016, Mufin Green has facilitated the deployment of EVs worth ₹6,000 crore, supporting India’s clean energy shift. With plans to integrate solar and EV financing, Mufin Green is well-positioned to:
Strengthen the nation’s position as a global leader in green innovation.
Lead India’s renewable energy transition.
