New Delhi: Mufin Green Finance announced today the successful closure of its Series B equity funding round, raising Rs 140 cr. This round adds to the Rs 530 Cr debt financing secured in the previous fiscal year. The equity infusion received substantial backing from notable family offices, while the debt funding was sourced from leading financial institutions such as State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments.
This significant capital injection will facilitate Mufin’s growth trajectory and its expansion plans for 2024, particularly in the western region of India. Kapil Garg, MD of Mufin Green Finance, emphasized the funding’s validation of their business model and its pivotal role in meeting rising customer demands. Garg highlighted plans to diversify product offerings within the electric vehicle (EV) ecosystem, focusing on categories from buses to commercial four-wheelers.
Mufin Green Finance aims to deepen its penetration into underserved segments, particularly new-to-credit and unbanked individuals seeking to leverage EVs for income generation. Since restructuring in 2022, the company has achieved remarkable growth, with assets under management (AUM) reaching Rs 502 cr as of December 2023. Projected AUM for FY2024 stands between Rs 650-700 cr.
Operating across 16 states in India, Mufin Green Finance provides financing solutions for various EV segments, including two-, three-, and four-wheelers, along with charging infrastructure. The company remains committed to advancing green mobility solutions for both retail and fleet operators nationwide.
