Mufin Green Finance Raises USD 18 Mn to Expand EV Financing
Funds will be used to scale EV mobility financing and leasing solutions for the MSME sector.
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Mufin Green Finance, a leading non-banking financial company (NBFC) focused on sustainable mobility, has secured USD 18 million in debt funding from a US-based financial institution. The long-term 10-year loan includes an immediate disbursement of USD 10 million, with the remaining USD 8 million expected over the next 12 months.
The funds will be strategically deployed to scale Mufin's financing and leasing solutions for electric two-, three-, and four-wheelers, alongside supporting EV-related infrastructure. A key focus will be on extending credit to micro, small, and medium enterprises (MSMEs), particularly in underserved and rural regions across India.
"This funding is a major step forward for us," said Kapil Garg, Founder and Managing Director of Mufin Green. "It aligns perfectly with our mission to bridge the financing gap for electric vehicles in the MSME sector. With this capital, we can reach more underserved communities, provide better support, and strengthen the overall EV ecosystem."
Founded in 2016 by Kapil Garg and Rajat Goyal, Mufin Green Finance is a subsidiary of Hindon Mercantile Limited and stands as India's first listed pure-play EV financing company. The company provides a comprehensive range of green financing solutions including loans for electric vehicles, charging infrastructure, and swappable battery systems.
With operations in 14 states and over 150 cities, Mufin claims to have disbursed over INR 350 crores (approximately USD 42 million) in loans to support EV adoption and income generation. To date, it has disbursed over USD 175 million and manages a USD 100 million portfolio spanning 26 Indian states.
Significantly, 84% of Mufin's retail borrowers had never previously accessed formal credit. By focusing on the MSME sector and promoting financial inclusion, Mufin is not only enabling greener transportation but also empowering communities and boosting local economies.
With its enhanced financial position, Mufin Green is poised to accelerate the green transition and make electric mobility more accessible across India.
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