Mufin Finance acquires APM Finvest for Rs 76 crore to create the first financing ecosystem in the country for the electric vehicles market. In June 2021, Mufin Finance acquired Rupee Circle. As part of the deal, the core team of APM Finvest will join Mufin Finance.
Mufin Finance will disburse Rs 100 crore in 3 months, and Rs 500 crore in the next 12-15 months for capturing 30% of the EV market in India.
“We envision to promote faster adoption and manufacturing of electric vehicles in India by creating the nation’s first holistic EV financing ecosystem that will include financing options not just for electric vehicles but also for creating charging infrastructure and battery financing,” said Kapil Garg, co-founder, Mufin Finance.
The Indian EV market is anticipated to reach USD 206 billion by 2030 according to a report. The market will grow with a 36% CAGR by 2026.
“There is no doubt that growth in the EV industry is on an upward tick, but it has much ground to cover in order to meet India’s ambitious target of maximum electrification by 2030, and we believe that a dedicated financing ecosystem for the Indian populace will be a strong push for the same,” Garg added.
