Mufin Green Finance has joined hands with Indian Renewable Energy Development Agency (IREDA) to strengthen its retail EV portfolio for two and three-wheeler (mainly E-rickshaw and E-auto vehicles) pan India over a period of time.
Muffin Green Finance intends to extend its reach to 5000 consumers to start with and eventually reach more than 1,00,000 consumers through this partnership. A major highlight of this initiative is the reduction of borrowing costs for end consumers by 40 percent.
Kapil Garg, Founder- Mufin Finance said “Despite uncertainties looming in the market, we look forward to seeing a strong track record in disbursing income-generating EV loans worth Rs 5000 crore in the next five years.”
According to Mufin Green Finance, currently, it operates at a market share of more than 7 percent across various territories in the northern and eastern Indian regions.
Standing at a net worth of $20 million, the company plans to multiply its portfolio by at least 20X in the next three years, tapping new territories and products to drive green penetration in India.
The company intends to expand to all parts of India by December 2023 and also plans to venture into other green financing products, such as solar panel financing, by 2023.