Latest news with #MufinGreenFinance
Entrepreneur
16-07-2025
- Business
- Entrepreneur
DWM Invests USD 6.5 Mn in Mufin Green Finance's Sustainable Mobility Push
You're reading Entrepreneur India, an international franchise of Entrepreneur Media. 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.
Entrepreneur
24-06-2025
- Business
- Entrepreneur
Evera Cabs Secures USD 4 Mn from Mufin Green Finance
The latest capital infusion will support Evera's mission to scale sustainable electric mobility in India, particularly through airport-centric and corporate transport services. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Delhi-based electric taxi service Evera Cabs has raised USD 4 million in funding from Mufin Green Finance, in a hybrid deal comprising convertible debentures and debt. The funds will be deployed to expand Evera's all-electric vehicle fleet and strengthen its operations, the company announced. The new investment follows Evera's USD 7.14 million seed round raised earlier from IEG and other investors. The latest capital infusion will support Evera's mission to scale sustainable electric mobility in India, particularly through airport-centric and corporate transport services. "Our strategic partnership with Mufin Green Finance marks a pivotal step in scaling sustainable electric mobility," said Nimish Trivedi, Co-founder and CEO of Evera Cabs. "This is not just expansion—it is a planned effort to reshape the EV landscape in India with agility and intent." Founded in 2019 by Vikas Bansal, Rajeev Tiwari, and Nimish Trivedi, Evera Cabs operates under Prakriti E-Mobility Pvt Ltd, offering an app-based, all-electric taxi service. Positioned at Indira Gandhi International Airport, Delhi, the company provides a cleaner, safer, and more reliable commuting experience with its well-maintained EV fleet and trained drivers. Evera's offerings span both B2B and B2C segments. In the B2B space, it supports corporate clients and MNCs aiming to meet carbon reduction goals. For B2C customers, Evera provides airport transfer services with a "No Cancellation, No Surge" policy, ensuring convenience and transparency. In May 2025, Evera began repossession of 500 EVs from BluSmart after the latter's operational pause in major metros. This acquisition, which included BluSmart's fleet and driver network, aligns with Evera's plan to expand its footprint across all Delhi airport terminals. "This new investment allows us to double down on our customer-first approach," added Trivedi. "With BluSmart's high-quality fleet now integrated, we're setting new benchmarks in dependable and sustainable urban mobility." "Our investment goes beyond capital—it represents a strategic collaboration to strengthen India's EV ecosystem," said Kapil Garg, Founder and CEO of Mufin Green Finance. As demand for sustainable transport grows, Evera is poised to lead India's next chapter in green mobility—offering zero-emission rides with comfort, reliability, and environmental responsibility at its core.
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Business Standard
24-06-2025
- Automotive
- Business Standard
Evera Cabs secures $4 mn from Mufin Green Finance to speed up EV expansion
Amid plans to accelerate its electric vehicle (EV) fleet expansion, Evera Cabs, a homegrown all-electric, app-based cab service, has secured $4 million in funding from Mufin Green Finance. The capital is secured through a hybrid structure comprising convertible debentures and debt. As its fleet size increases, supported by the acquisition of a portion of BluSmart's vehicle inventory, Evera is looking to double down on its airport network expansion. The company, which previously operated only from Terminal 3 of the Delhi airport, now plans to expand its services to Terminal 1 while also strengthening its base at the existing terminal. The Delhi-based startup has already acquired over 220 EVs—a mix of Tata Tigor, Citroën and MG ZS EV models. In total, Evera plans to acquire 1,000 BluSmart cars. The investment reflects growing investor confidence in the green mobility space. Commenting on the development, Nimish Trivedi, co-founder and chief executive officer of Evera, said: 'Our strategic partnership with Mufin Green Finance marks a pivotal step in scaling sustainable electric mobility. Their backing empowers us to accelerate the deployment of EVs and strengthen our operational backbone. Our recent acquisition of BluSmart's fleet and driver network further enhances our capability to help corporate multinational corporations (B2B) meet their carbon reduction targets and to deliver no cancellation and no surge airport transfer services for individuals (B2C).' 'Evera's vision for scalable, customer-first electric mobility perfectly aligns with our mission to democratise access to green transportation. Our investment goes beyond capital—it represents a strategic collaboration to strengthen India's EV ecosystem. By supporting Evera's all-electric fleet and robust service model, we are actively enabling the shift towards cleaner, smarter and more sustainable urban transit,' said Kapil Garg, founder and chief executive officer of Mufin Green Finance.
Entrepreneur
05-06-2025
- Business
- Entrepreneur
World Environment Day 2025: Can AI Fix the Energy Problem It Helped Create?
"Without skilled workers to maintain these systems, long-term gains are harder to secure. AI offers clear efficiency boosts, but it's not a plug-and-play solution; it requires system-wide adaptation," says Pratik Mandvia, Solar Business Head, Mufin Green Finance Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. The enormous energy appetite behind artificial intelligence (AI) loudly raises concerns about the massive electricity consumption powering the everyday AI-driven innovations dominating headlines. According to the International Energy Agency (IEA), global electricity demand from data centres could double by 2030 to around 945 terawatt-hours (TWh), slightly more than Japan's entire electricity consumption today. That's both shocking and real. But experts believe AI might be both the problem and the solution. AI's Play in Solar India's solar capacity has grown exponentially, with a 3,450 per cent increase over the past decade from just over 2.82 GW in 2014 to nearly 100 GW in 2025, according to the Ministry of New and Renewable Energy. The government's goal is to reach 500 GW by 2030, contributing significantly to its broader non-fossil energy target. According to Pratik Mandvia, Solar Business Head, Mufin Green Finance, "AI in solar now goes beyond weather forecasting. It helps optimise panel tilt, detect faults, predict shading, and manage grid loads in real time." He added that AI-led project planning has slashed construction timelines by 30 per cent and improved energy yield predictions by as much as 30 per cent. "However, limitations remain. Data quality and access are inconsistent, particularly in rural or legacy systems. Also, integrating AI into outdated infrastructure is also challenging," Mandvia explained. Meanwhile, Anand Jain, Founder of Aerem, believes that AI use cases within solar are still developing such as Energy Management Systems (EMS) and predictive maintenance solutions. However, he noted, "The quality of data and consistency remain major hurdles." Startups are the solutions Despite solar's clean image, environmental trade-offs are starting to emerge. Jain said that India already generated 100 kilotonnes of solar waste in 2024, a number expected to grow to 600 kilotonnes by 2030 and a staggering 19 million tonnes by 2050. Much of this is due to the absence of a proper end-of-life (EoL) policy for solar panels. Adding to this, Subhradeep Das, Development & Policy Economist, noted, "India must create a regulatory framework for the recycling and disposal of PV waste, similar to the EU's WEEE directive. Otherwise, we risk trading one crisis for another." He also warned that much of the upstream manufacturing is heavily dependent on Chinese polysilicon, embedding both carbon and geopolitical vulnerabilities into the supply chain. Mandvia echoed this sentiment and believes startups and small manufacturers can help in the long run. "India imports over 60 per cent of its solar modules from China, creating vulnerabilities in pricing and supply chains. While this has helped rapidly scale capacity, long-term resilience depends on local manufacturing. The government's PLI schemes and customs duties aim to boost domestic production. Startups and small manufacturers are gradually filling gaps, especially in modules, inverters, and battery packs," he said. But he concludes on the note of the skilled workforce challenge. AI could become a major game-changer, but it requires widespread adoption. "Without skilled workers to maintain these systems, long-term gains are harder to secure. AI offers clear efficiency boosts, but it's not a plug-and-play solution; it requires system-wide adaptation."
Mint
04-06-2025
- Business
- Mint
Small-cap NBFC stock below ₹100 edges higher after conversion of warrants into equities
Small-cap NBFC stock: Mufin Green Finance share price rose nearly 2% during Wednesday's trading session after receiving an equity infusion of ₹ 4.95 crore through the conversion of warrants. The firm converted 12 lakh warrants into equity shares valued at ₹ 4.95 crore, each priced at ₹ 41.25. As a result, Mufin Green Finance's paid-up capital rose to ₹ 16.46 crore. This response addresses the company's notification dated December 27, 2023, concerning the issuance of 2.55 crore convertible warrants, which can be converted into equity shares with a face value of ₹ 1 each, at an issue price of ₹ 55 each, subsequent to the collection of subscription funds from the allottees on a preferential basis. As a result, the company's issued and paid-up capital has increased to ₹ 16,46,90,172/-, comprised of 16,46,90,172 equity shares of Re. 1/- each. According to MoneyControl, Gunjan Jain, the CFO of the company, mentioned that Mufin Green Finance aims to achieve an AUM of ₹ 1,300 crore by the conclusion of FY26, with an additional capital injection of $18 million and approximately 60% of its investments focused on the EV mobility sector. As per a report from Moneycontrol, this signifies a decrease from the existing 75% exposure, as the firm aims to diversify into solar and healthcare-oriented medical and premium financing products to establish a more balanced portfolio across various customer segments and associated risk levels. "We're deliberately minimizing our dependence on electric mobility," stated CBO Dhiraj Agrawal. "Our targeted portfolio distribution by FY26 is 60% from EVs and 40% from solar and medical finance." The company's solar loan portfolio, currently modest at ₹ 25 crore out of a total ₹ 836-crore portfolio, is projected to expand to ₹ 300–400 crore in the next two years, Agrawal noted, as per MoneyControl news report. Mufin Green Finance share price today opened at ₹ 77.44 apiece on the BSE, the stock touched an intraday high of ₹ 78.55 per share, and an intraday low of ₹ 76.30 per share. According to Anshul Jain, Head of Research at Lakshmishree Investments, After a 73% correction over 61 weeks, Mufin Green Finance share price is forming a 13-week base, indicating early signs of stabilization. A breakout above ₹ 85 will confirm the pattern and open room for a bounce-back rally. Traders should consider fresh longs only on a sustained move above ₹ 85, with an initial upside target of ₹ 110. Until then, the stock may continue consolidating within the current range as it builds strength for a potential breakout.
