Mufin Green finance raises $5.7 million from Incofin in series A round

Electric Vehicle financing company Mufin Green Finance has raised $5.7 million in its series A funding round led by from Incofin India Progress Fund (IPF).

Through this funding, the company plans to disburse income-generating loans worth Rs 5,000 crore in the next 5 years, resulting in an overall reduction of 4 mn tonnes of carbon emission, the firm said in a statement on October 3.

Founded in 2016, Mufin Green Finance is a newly-listed non-banking finance company catering to the EV sector. The company claims to have financed EVs worth Rs 160 crore across 9 States. While promoting a clean and green environment, the company said that it has helped reduced 100,000 tonnes of carbon footprints.

"This Funding has put us in the forefront of organised EV financing sector. As India's first listed NBFC dedicated to Climate- EV financing, we are planning to disburse income-generating loans worth Rs 5,000 crore in the next 5 years," said KapilGarg, Cofounder and Managing Director of Mufin Green Finance.

Mufin Green Finance's financing options include loans for Electric 2W, Electric 3W, Electric 4W, and other EV ecosystem components like EV chargers, charging stations, swappable batteries and non-swappable batteries, and battery top up loans to its customers. Mufin Finance in April said it has acquired APM Finvest, a BSE-listed NBFC, for over Rs 76 crore

"This investment clearly stands high on our vision of financial inclusion and climate efforts. Mufin thrives on its diversified business model and strong balance sheet structure," Aditya Bhandari, Partner & Co-Head Asia of Incofin.