Mufin Green Finance has collaborated with IREDA, Indian Renewable Energy Development Agency to increase its retail EV portfolio of two- and three-wheelers (primarily E-rickshaws and E-autos) across India over a time period.
Mufin Green Finance aims to reach to 55,000 consumers in the beginning and then expand to more than 1,00,000 consumers with this partnership. The initiative’s major feature is the 40% reduction in borrowing costs for end-consumers.
Kapil Garg, the founder of Mufin Finance, stated that “Despite uncertainties looming in the market, we look forward to seeing a strong record in disbursing income-generating EV loans worth Rs 5000 Crore in the next 5 years.”
Mufin Green Finance reports that the company currently has a market share greater than 7% in various regions of northern and eastern India. The company has a net worth in excess of $20 million and plans to increase its portfolio by at minimum 20X over the next 3 years. It will also explore new products and territories to encourage green penetration in India.
The company plans to expand its horizons in India by December 2023. It also plans to explore other green financing options such as solar panel financing by 2023.