Mufin Green Finance has raised Rs 140 crore in a Series B round of equity funding, on top of Rs 530 crore raised in debt funding, last financial year.  

The equity investment is raised with substantial support from prominent family offices. Debt funding has been raised from some of the leading financial institutions, including State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments, showing their strong confidence in the targeted growth of Mufin Green Finance, in the EV financing sector, over the years. 

This capital infusion is set to accelerate the company’s growth trajectory remarkably, as the brand is already having an ambitious roadmap for 2024. The company said that with the fresh funds, it will catalyse the efforts to scale up its business operations in the northwest region of the country.   

Kapil Garg, MD of Mufin Green Finance, said “The funding affirms the strength of our business model and positions us effectively to meet the ever-increasing demands of our expanding customer base. Also, it will equip us to explore more product avenues in the EV ecosystem, as we are looking to further invest in more electric vehicle categories from buses, and LCVs to commercial four-wheelers. We are looking forward to every bit of enabling the last mile of green mobility and are excited to take charge as the leading NBFC in the EV financing business domain. The equity and debt funding will initiate our next phase of growth, with an intense focus on expanding our operations in other major markets throughout India”. 

The company is looking forward to utilise the EV sector to generate a source of income, it further said in the release.  

The NBFC acquired a 20 per cent stake in UrjaMobility last year. Both companies will forge collaboration in advancing Li-Ion batteries, which offer strong control capabilities for any financial technology (fintech) platform.   

Founded in 2016 by Garg, Mufin Green Finance is a Bombay Stock Exchange (BSE) listed NBFC company. It has also partnered with the Indian Renewable Energy Development Agency (IREDA) to enhance EV penetration efforts in the country. The NBFC plans to reach more than 1,00,000 consumers after the partnership. 

The current AUM for Mufin Green Finance stands at Rs 502 crore as of Dec 2023 and the company is expecting to close the FY2024 with an AUM of Rs 650-700 crore.