Mufin Green Finance announced its Series A funding from Incofin India Progress Fund (IPF). Founded in 2016, Mufin Green Finance is the first of its kind pure-play listed (BSE) NBFC catering to the Climate focused EV sector. The company, founded to nurture the Indian EV ecosystem, has funded EVs totaling more than INR 160 crore across nine states in a relatively short period. While promoting a clean and green environment, the company has reduced 100,000-plus tonnes of carbon footprints.
Delighted to partner with world-renowned impact investor, Incofin, Kapil Garg, co-founder, and managing director of Mufin Green Finance, said, “This Funding has put us in the forefront of the organized EV financing sector. As India’s first listed NBFC dedicated to Climate- EV financing, we are planning to disburse income-generating loans worth INR 5,000 crore in the next 5 years, resulting in an overall reduction of 4 million tonnes of carbon emission.“
Aditya Bhandari, the partner, and co-head of Asia, Incofin, said, “We are proud to make our first climate-centric NBFC investment in Mufin Green Finance. This investment clearly stands high on our vision of financial inclusion and climate efforts. Mufin thrives on its diversified business model and strong balance sheet structure. Given their strategic tie-ups with EV ecosystem players, we firmly believe that they will play a crucial role in boosting the Indian EV penetration and create a positive economic and environmental impact.”
Rajat Goyal, the co-founder of Mufin Green Finance, said, “EV is a fast evolving market and there’s strong push from various stakeholders. The investment from Incofin is a solid validation on our climate focused financing mission. We are focused on catering to the underserved or low-income segment and create a meaningful social and climate impact.”
Being a pure-play EV and climate-focused NBFC, Mufin Green Finance has expanded its range of financing products to include electric 2,3, and 4-wheelers as well as other elements of the EV ecosystem, including EV chargers, charging stations, swappable and non-swappable batteries, and battery top-up loans for its clients.