EV Financier 'Mufin Green' secures $18 million Loan from US-based DFC
Mufin Green obtained $5 million from BlueOrchard, Rs. 530 crores in debt financing, and Rs. 140 crore from a Series B equity round in FY24.
The US International Development Finance Corporation (DFC) has granted a $18 million loan to electric vehicle (EV) financier Mufin Green. Ten years is the loan's duration.
"The funding will help us strengthen our position in the electric vehicle sector and expand our range of financial solutions for everyone involved in the EV ecosystem from vehicle manufacturers and dealerships to service providers and individual customers," Kapil Garg, Founder and Chief Executive Officer of Mufin Green stated in a press release.
"We are now expanding our portfolio to include solar financing, which will allow us to support the entire solar value chain OEMs, distributors, installers, and end users similar to how we’ve helped drive the adoption of electric vehicles," stated Garg.
Established by Kapil Garg and Rajat Goyal, Mufin Finance, a subsidiary of Hindon Mercantile Limited, commenced providing financing for e-rickshaws in the Delhi-NCR area in 2016.
With a loan portfolio that is currently active at Rs. 800 crore and cumulative disbursements exceeding Rs. 1,500 crore, Mufin Green asserts a strong presence in the EV industry.
The company finances two, three, and four-wheel EVs as well as charging infrastructure and battery solutions for a wide range of customers, including individuals, OEMs, dealerships, and corporate borrowers.
The US International Development Finance Corporation (DFC) has granted a $18 million loan to electric vehicle (EV) financier Mufin Green. Ten years is the loan's duration.
"The funding will help us strengthen our position in the electric vehicle sector and expand our range of financial solutions for everyone involved in the EV ecosystem from vehicle manufacturers and dealerships to service providers and individual customers," Kapil Garg, Founder and Chief Executive Officer of Mufin Green stated in a press release.
"We are now expanding our portfolio to include solar financing, which will allow us to support the entire solar value chain OEMs, distributors, installers, and end users similar to how we’ve helped drive the adoption of electric vehicles," stated Garg.
Established by Kapil Garg and Rajat Goyal, Mufin Finance, a subsidiary of Hindon Mercantile Limited, commenced providing financing for e-rickshaws in the Delhi-NCR area in 2016.
With a loan portfolio that is currently active at Rs. 800 crore and cumulative disbursements exceeding Rs. 1,500 crore, Mufin Green asserts a strong presence in the EV industry.
The company finances two, three, and four-wheel EVs as well as charging infrastructure and battery solutions for a wide range of customers, including individuals, OEMs, dealerships, and corporate borrowers.
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