Mufin Green Finance announced the completion of its Series B equity funding round, gathering Rs 140 crore. This round adds to the Rs 530 crore debt financing obtained in the prior fiscal year. The equity infusion garnered significant support from prominent family offices. At the same time, the debt funding originated from top financial institutions like the State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments.
The substantial infusion of capital will support Mufin’s growth path and 2024 expansion strategy, with a specific focus on the western region of India. Kapil Garg, MD of Mufin Green Finance, highlighted the funding as validation for their business model, which is crucial in addressing escalating customer needs. Garg outlined intentions to broaden the array of products in the electric vehicle (EV) sector, concentrating on segments ranging from buses to commercial four-wheelers.
“[The funding] will equip us to explore more product avenues in the EV ecosystem, as we are looking to further invest in more electric vehicle categories from buses, LCVs to commercial four-wheelers,” said Garg, Managing Director of Mufin Green Finance.
“The equity and debt funding will initiate our next phase of growth, with an intense focus on expanding our operations in other major markets throughout India,” he added.
Mufin Green Finance seeks to enhance its reach in underserved segments, specifically targeting new-to-credit and unbanked individuals looking to utilize electric vehicles (EVs) for income generation. Since its restructuring in 2022, the company has experienced noteworthy expansion, with assets under management (AUM) reaching Rs 502 crore by December 2023. The projected AUM for the fiscal year 2024 is anticipated to range between Rs 650-700 crore.
Mufin Green Finance operates in 16 states across India, offering financing solutions for diverse EV segments, including two-wheelers, three-wheelers, four-wheelers, and charging infrastructure. The company is dedicated to promoting green mobility solutions for retail customers and fleet operators nationwide.
