Mufin Green Finance, a leading electric vehicle financing platform, has recently announced raising Rs 80 lakh ($1 million approx.) in funding for Shell Foundation. With this infusion, Mufin’s total funding has reached 45 crore (approximately $5.7 million). The funding strategy from Shell Foundation is set to stimulate the democratization of EV financing and leasing solutions and bolster the reduction of carbon emissions.

Founded in 2016 by Kapil Garg, Mufin Green Finance has been committed to making electric vehicle ownership accessible to all by offering innovative income-generation solutions. The company’s visionary approach has resulted in financing EVs valued at over Rs 350 crore, leading to a significant reduction of 38,000 tonnes of carbon emissions indirectly through its extensive clientele. Currently boasting impressive Assets Under Management (AUM) of Rs 300 crore, Mufin Green Finance has ambitious plans to amplify its portfolio by at least 20 times over the next three years. The company envisions an accelerated expansion strategy, aiming to elevate its market share from 7% to 10% across various territories in the northern and eastern regions of India.

The recently secured funds will act as a catalyst for commercial debt, empowering Mufin Green Finance to leverage approximately $40-60 million over five years in two to three cycles. This strategic move will facilitate additional lending through the recycling of de-risking pools, allowing Mufin to finance 42,000 EVs for low-income clients. This initiative is projected to offer over 210 million rides to low-income groups and reduce a substantial 0.37 million tons of CO2 emissions over a five-year period.

Kapil Garg, Founder of Mufin Green Finance, expressed enthusiasm about the new investment, stating, “We are delighted to partner with Shell Foundation in our mission to democratize electric vehicle financing and leasing. This funding will enable us to scale our operations, making EV ownership a reality for low-income individuals while making a significant positive impact on the environment. ”The collaboration between Mufin Green Finance and Shell Foundation marks a significant step towards accelerating the adoption of electric vehicles in India. By promoting inclusive and sustainable financing solutions, both organizations aim to pave the way for a greener and cleaner future in the transportation sector.