Mufin Green Secures USD 18 Million Loan From US Agency For EV Financing Expansion

The company provides financial support for a wide range of EV-related products, that includes two-wheelers, three-wheelers, four-wheelers, fast chargers and swappable batteries.

Mufin Green Finance is one of the largest EV ecosystem financier in India. It works with, Original Equipment Manufacturers (OEMs), dealers, service providers, and corporate borrowers. The company offers a variety of financial products, including term loans, working capital finance, supply chain finance and lease structures across different segments of the EV ecosystem.

Mufin Green is present in 26 states and Union Territories across India with over 800 employees, they have made cumulative disbursements of more than Rs 1,500 crore, with a portfolio valued at Rs 800 crore.

Mufin Green Finance was founded in 2016 by Kapil Garg, has helped in deploying electric vehicles worth Rs 6000 crores across two, three and four-wheelers, with a presence in 16 states across India.

Recently,the company has funded a key client to install a rooftop solar unit at a manufacturing facility in Baroda, Gujarat, for a major $3 billion company. The company raised Rs 140 crore (approximately $17 million) in a Series B equity round, alongside Rs 530 crore in debt funding last fiscal year. An additional $5 million in debt financing was secured from BlueOrchard.

Kapil Garg, Founder and CEO of Mufin Green, said "This partnership with the US Development Finance Agency is a significant step forward for Mufin Green. The 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. 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. Our goal is to provide integrated financing solutions that connect renewable energy and electric mobility, making them more accessible and affordable for businesses and individuals alike. This will have a transformative effect on both the EV and renewable energy sectors, aligning with India’s broader sustainability objectives."