Team Startupcity

• Mufin Green Finance secured $6.5 million from Developing World Markets (DWM) through secured non-convertible debentures.
• Funds will be used to scale financing for EVs, batteries, charging infrastructure, and solar energy projects across Tier II and III cities.
• The deal marks DWM’s first investment in India’s e-mobility sector and strengthens Mufin’s push toward inclusive, sustainable lending.

Mufin Green Finance, a leading Indian non-banking financial company (NBFC) focused on clean mobility and energy, has raised $6.5 million from Developing World Markets (DWM) through a private placement of secured, unlisted non-convertible debentures (NCDs). The funds were raised in two tranches, with a 36-month maturity period.

This transaction marks DWM’s debut investment in India’s clean mobility and renewable energy sectors. “This transaction marks the first of what we hope will be many investments in India’s rapidly evolving clean mobility and renewable energy sectors”, said Robert Constantino, Head of Private Credit at DWM. “It is an important credential in our growing climate finance and renewables private credit lending strategy”.

Founded in 2016 and a subsidiary of Hindon Mercantile, Mufin Green Finance is India’s first listed pure-play electric vehicle (EV) financing company. The firm plans to deploy the raised capital toward scaling loans and leases for productive-use EVs, battery financing, EV charging infrastructure, and residential and commercial solar energy projects.

“This infusion not only strengthens our lending capacity but also validates our commitment to driving sustainable transformation in the mobility and energy landscape of India”, said Kapil Garg, Managing Director of Mufin Green Finance.

With a growing footprint in low-income and semi-urban regions, Mufin aims to improve access to clean mobility and energy solutions, particularly in Tier II and Tier III markets. The company is also strategically expanding into high-impact sectors like EV charging and solar energy.

“This fundraise comes at a pivotal juncture”, said Gunjan Jain, CFO of Mufin. “It empowers us to bridge the financing gap in clean energy and electric mobility and develop inclusive, product-specific financial solutions”.

DWM, based in Stamford, Connecticut, has invested over $2.2 billion across 70 emerging markets through more than 900 private debt and equity transactions.