Mufin Green Finance Secures Rs.140 Crore Funding in Series B Round
Mufin Green Finance has raised Rs. 140 crores in Series B round of equity funding, on the top of Rs. 530 crores raised in debt funding, last financial year. This new funding came after it raised $1 million in funding from the UK-registered Shell Foundation. Mufin Green Finance is a subsidiary of Hindon Mercantile Limited and is backed by Incofin India Progress Fund, a Belgium-based impact investor, as an equity partner.
In the raised amount of funding, the equity funding was led by their family offices, and Debt funding has been raised from some of the leading financial institutions, including the State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments.
This remarkable infusion of the stream of fund will help them to expand their growth trajectory and expansion plans for 2024, especially, in the western part of India.
MD of Mufin Green Finance, Kapil Garg quoted, “The funding affirms the strength of our business model and positions us effectively to meet the ever-increasing demands of our expanding customer base. Also, it 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. We are looking forward to every bit to enable the last mile green mobility and are excited to take charge as the leading NBFC in EV financing business domain. 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."
Garg highlighted few of their futuristic plans to diversify product offerings within the electric vehicle (EV) ecosystem, focusing on categories from buses to commercial four-wheelers. the company is seeking to invest in the least serviced and overlooked sector of new to credit as well as unbanked individuals, looking forward to utilizing EV to generate a source of income.
The company is poised to exhibit a 12-fold growth in a span of two years. The current AUM for Mufin Green Finance stands at Rs 502 crore. As of Dec 2023, and is expecting to close the FY2024 with an AUM of Rs. 650-700 crore.
Presently, they have marked their presence in 16 states across India, with financing options for EVs across two-, three-, and four-wheelers. They are focusing on financing every element of the EV ecosystem, including two- and three-wheelers, four-wheelers, fast chargers, swappable batteries and similar products to mobilize electric vehicles in the country, for both retail and fleet operators.
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In the raised amount of funding, the equity funding was led by their family offices, and Debt funding has been raised from some of the leading financial institutions, including the State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments.
This remarkable infusion of the stream of fund will help them to expand their growth trajectory and expansion plans for 2024, especially, in the western part of India.
MD of Mufin Green Finance, Kapil Garg quoted, “The funding affirms the strength of our business model and positions us effectively to meet the ever-increasing demands of our expanding customer base. Also, it 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. We are looking forward to every bit to enable the last mile green mobility and are excited to take charge as the leading NBFC in EV financing business domain. 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."
Garg highlighted few of their futuristic plans to diversify product offerings within the electric vehicle (EV) ecosystem, focusing on categories from buses to commercial four-wheelers. the company is seeking to invest in the least serviced and overlooked sector of new to credit as well as unbanked individuals, looking forward to utilizing EV to generate a source of income.
The company is poised to exhibit a 12-fold growth in a span of two years. The current AUM for Mufin Green Finance stands at Rs 502 crore. As of Dec 2023, and is expecting to close the FY2024 with an AUM of Rs. 650-700 crore.
Presently, they have marked their presence in 16 states across India, with financing options for EVs across two-, three-, and four-wheelers. They are focusing on financing every element of the EV ecosystem, including two- and three-wheelers, four-wheelers, fast chargers, swappable batteries and similar products to mobilize electric vehicles in the country, for both retail and fleet operators.
