Electric Vehicle financing NBFC, Mufin Green Finance, has recently raised $7 million (Rs 581 million) Green Bond from Symbiotics Investments. The bond forms part of the $75 million green basket bond program structured by Symbiotics Investments in partnership with British International Investment “BII”: the United Kingdom development finance institution.
With the issuance of this green bond, Mufin Green Finance 'Mufin' plans to strengthen its retail Electric Vehicle (EV) portfolio for two and three-wheelers (mainly electric-rickshaw and electric-three-wheeler vehicles) across the country. The company has set a goal to initially connect with 5,000 consumers at first, and then increase its reach to surpass 100,000 by expanding this partnership.
Furthermore, through the proceeds of this bond, the company reinforces its climate-focused financing mission as it caters to underserved or low-income segment and create a meaningful social and climate impact.
Mufin Green Finance aims to fuel the EV ecosystem with its “phygital” approach of combining the strengths of NBFC (non banking financial companies) and fintech. It impacts society on social and environmental grounds, while uplifting the livelihood of the underserved population.
“As we cater to underserved and low-income segments, it becomes imperative to expand our reach and product offerings for better customer acquisition. We are delighted to have received green bonds from Symbiotics Investments that will help us achieve our green financing goals while making a social impact in the country. With the acquired funds, we strive to remove the roadblocks for e-rickshaw drivers, sellers and dealers to shift to electric vehicles that are more sustainable and efficient as compared to conventional engines,”said Kapil Garg, founder of Mufin Green Finance.
“This green bond confirms Symbiotics Investments’ strategy to make Sustainability, Social and Green Bonds accessible for smaller issuances in emerging and frontier markets. We are excited to nurture and grow this segment of the green bond market even further,” added Prashant Bhardwaj, Symbiotics Investments Regional Manager for South Asia.