Mufin Green, a financier in the electric vehicle (EV) sector, has obtained an $18 million loan from the United States International Development Finance Corporation (DFC). The loan, which spans 10 years, is set to bolster Mufin Green’s position in the EV market and facilitate its expansion into solar financing.
Speaking on the loan amount, Kapil Garg, Founder and Chief Executive Officer (CEO), Mufin Green, said, “This funding will help us strengthen our position in the electric vehicle sector and expand our range of financial solutions for everyone involved in the EV ecosystem, from vehicle manufacturers and dealerships to service providers and individual customers,”
He further added, “We are now expanding our portfolio to include solar financing, which will allow us to support the entire solar value chain—OEMs, distributors, installers and end users—similar to how we’ve helped drive the adoption of electric vehicles.”
Founded by Kapil Garg and Rajat Goyal under parent company Hindon Mercantile, Mufin Finance began its journey in 2016 by financing e-rickshaws in Delhi-NCR. Today, Mufin Green claims a dominant position in the EV financing space, with cumulative disbursements exceeding Rs 1,500 crore and an active loan portfolio of Rs 800 crore.
The company’s offerings extend beyond individual borrowers to Original Equipment Manufacturers (OEMs), dealerships and corporate clients. Mufin Green finances a comprehensive range of EVs, including two-, three- and four-wheelers, alongside charging infrastructure and battery solutions.
In FY24, Mufin Green achieved significant milestones, raising Rs 140 crore in a Series B equity round, Rs 530 crore in debt financing and securing $5 million from BlueOrchard. With the latest funding from DFC, the company is set to further its mission of supporting sustainable mobility and clean energy initiatives in India.
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