Mufin Green Finance has successfully concluded its Series B equity funding round, securing Rs 140 crore, supplementing the Rs 530 crore debt financing obtained in the previous fiscal year.
The equity infusion received substantial support from notable family offices, while leading financial institutions, including State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments, contributed to the debt funding. This significant capital injection is poised to fuel Mufin’s growth and expansion plans in 2024, particularly in the western region of India.
Kapil Garg, MD of Mufin Green Finance, highlighted the funding as a validation of their business model and its crucial role in meeting increasing customer demands. Garg emphasized plans to diversify product offerings within the electric vehicle (EV) ecosystem, focusing on categories from buses to commercial four-wheelers.
Mufin Green Finance aims to deepen its penetration into underserved segments, particularly new-to-credit and unbanked individuals looking to utilize EVs for income generation.
After restructuring in 2022, the company has witnessed remarkable growth, with assets under management (AUM) reaching Rs 502 crore as of December 2023. The projected AUM for FY2024 is expected to range between Rs 650-700 crore.
