DWM Invests USD 6.5 Mn in Mufin Green Finance's Sustainable Mobility Push
Mufin Green Finance has raised USD 6.5 million from Developing World Markets (DWM) through a private placement of secured non-convertible debentures.
The funds were raised in two tranches and will be used to expand Mufin's portfolio in clean mobility and renewable energy across India. Specifically, the capital will support loans and leases for electric vehicles, battery financing, charging infrastructure, and both residential and commercial solar installations.
The funding marks DWM's first investment in India's electric mobility and clean energy sectors. Robert Constantino, Head of Private Credit at DWM, said, "This transaction marks the first of what we hope will be many investments in India's rapidly evolving clean mobility and renewable energy sectors." He emphasised that this investment supports their growing climate finance and renewables lending strategy.
Mufin Green Finance was founded in 2016 and is the first listed company in India exclusively focused on electric vehicle financing. A subsidiary of Hindon Mercantile, Mufin aims to bridge financial access gaps in semi-urban and low-income markets. Its offerings include loans and leases for electric vehicles, battery-swapping systems, solar installations, and related clean energy infrastructure.
Kapil Garg, Managing Director of Mufin, said, "We are delighted to receive continued support from a global impact investor like DWM. 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."
Gunjan Jain, Chief Financial Officer at Mufin, added that the company is scaling operations and diversifying into high-impact sectors. "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," she said.
DWM, headquartered in Stamford, Connecticut, has deployed over USD 2.2 billion across 70 emerging and frontier markets in more than 900 transactions.
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