The US International Development Finance Corporation has granted Mufin Green a loan of USD 18 million. The 10-year loan will assist the NBFC in financing batteries, chargers, and electric vehicles.
“The funding will help us expand our range of financial solutions for everyone involved in the EV ecosystem,” said Kapil Garg, founder and CEO of Mufin Green.
The business offers financial assistance for a variety of EV-related goods, such as fast chargers, interchangeable batteries, two-, three-, and four-wheelers.
“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,” said Garg.
“They wanted to make renewable energy and electric mobility more accessible and affordable for both individuals and businesses by offering integrated financing solutions,” he continued.
Kapil Garg started Mufin Green Finance in 2016, and since then, company has helped deploy electric cars totaling Rs 6000 crore for two-, three-, and four-wheelers in 16 Indian states. The business raised Rs 140 crore (about USD 17 million) in a Series B equity transaction last fiscal year, in addition to USD 5 million in loan financing from BlueOrchard and Rs 530 crore in debt finance.