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Mufin Group is one of India’s most prominent NBFC-NDs. It has renamed its subsidiary to Mufin Green Finance from APM Finvest. It claims to redefine its role in green finance and is part of its goal to be India’s first listed NBFC devoted to EV financing.
According to the company, India’s EV market has huge potential for growth. It is projected that it will reach $160 billion in 2030 at a 90% CAGR. Mufin Green Finance aims at providing loans to the most underserved areas, especially those in rural and semi-urban settings, due to the government’s desire to foster the EV ecosystem.
Kapil Garg, Co-founder and MD, Mufin Group said, “Electric vehicles and green financing is going to be the future of the automobile industry and Mufin Finance has already mastered the art of EV financing.”
The financing arm has expanded its reach from financing electric vehicles to financing the entire electric vehicle ecosystem. It led to the creation of new products, including EV chargers, financing and leasing swappable and non-swappable battery packs, and loan top-ups for existing customers.
Mufin Green claims that it has given out more than Rs 100 crore of loans for EVs within just 150 days after being acquired by Mufin Group.
Pankaj Gupta, CEO, Mufin Green Finance said, “These solutions are well thought of and designed to ease the ownership experience of EVs by individual and fleet operators. Going forward we wish to drive the penetration of other clean technology products by easing the process of their ownership like solar, hydrogen or any environment-friendly technologies over the next few years.”