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Mufin Green Finance, an EV financing NBFC has raised ₹140 crore in Series B round of equity funding, on the top of ₹530 crore in raised in debt funding, last financial year.
The equity investment is raised with substantial support from family offices. While debt funding was secured from various financial institutions, including State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments, the company said in release.
The capital will be used to accelerate Mufin’s growth trajectory and to scale up business operations in the down west region of the country.
Commenting on the fund raise Kapil Garg, MD of Mufin Green Finance, said “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. 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.”
Mufin Green Finance is a listed NBFC with a focus on electronic vehicle (EV) financing. The company has a presence in 16 states across India, with financing options for EVs across two, three, and four-wheelers.
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