Mufin Green Finance raises Rs 45 Cr in funding

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Mufin Green Finance, a New Delhi-based EV- and climate-focused NBFC company, has raised Rs 45 Crore in a Series A round of funding led by Incofin India Progress Fund.

Mufin was founded in 2016 by Kapil Gag and is a newly listed NBFC company. It plans to distribute income-generating loans in excess of Rs 5,000 crore over the next five years. The firm claims to have financed EVs in nine Indian states, and reduced more than 100,000 tonnes of carbon emissions.

Aditya Bhandari (Partner & cohead of Asia at Incofin India Progress Fund) stated that Mufin Green Finance has established strategic partnerships with EV ecosystem players and believes they will play an important part in increasing India’s EV penetration.

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Mufin’s uses AI-driven credit processes and human-powered credit to finance EV financing. It offers loans for Electric 2W and Electric 3W and for other EV ecosystem components such as EV chargers and charging stations, swappable and non-swappable battery, and even loan top-ups for its customers

“This Funding has placed us at the forefront of organized EV financing. We are India’s first listed NBFC devoted to Climate- EV financing. In the next five years, we plan to disburse income-generating loan worth Rs 5,000 crore,” stated Kapil, co-founder and Managing Director at Mufin Green Finance.

It also runs RupeeCircle, and BimaPay. Mufin Finance bought APM Finvest, a BSE-listed company, for Rs 76 crore in April to increase its funding ecosystem for the rapidly-growing EV market.

A report by Council on Energy, Environment and Water – Centre for Energy Finance (CEEWCEF) predicts that India’s EV market will reach $206 billion in 2030, provided that India continues to progress towards its goal of 100% electrification.

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