Mufin Green Finance, India’s largest financier in the electric vehicle (EV) ecosystem, has secured an $18 million loan from the United States International Development Finance Corporation (DFC). The 10-year loan will bolster the company’s efforts to finance EVs, chargers, and batteries, furthering its commitment to advancing India’s electric mobility sector.
Expanding India’s EV Ecosystem
Mufin Green has established itself as a key player in the EV sector, providing financial support for a broad range of products, including two-wheelers, three-wheelers, four-wheelers, fast chargers, and swappable batteries. With operations spanning 26 states and Union Territories and a workforce of over 800 employees, the company has disbursed over ₹1,500 crore, maintaining a portfolio worth ₹800 crore.
Kapil Garg, Founder and CEO of Mufin Green, highlighted the significance of the partnership, stating,
“This funding will strengthen our position in the EV sector and expand our range of financial solutions across the ecosystem. Our integrated financing solutions aim to make renewable energy and electric mobility more accessible and affordable, driving India’s shift toward sustainability.“
Solar Financing and Broader Sustainability Goals
In addition to its EV financing services, Mufin Green is venturing into solar financing, offering support to OEMs, distributors, installers, and end-users. Recently, the company funded a rooftop solar project for a major $3 billion manufacturing facility in Baroda, Gujarat, further emphasizing its commitment to India’s renewable energy goals.
Last fiscal year, Mufin Green raised ₹140 crore in a Series B equity round and secured ₹530 crore in debt funding, alongside $5 million from BlueOrchard, to expand its green energy initiatives.
Driving Sustainable Growth
Since its founding in 2016, Mufin Green has facilitated the deployment of EVs worth ₹6,000 crore across India. With plans to integrate solar and EV financing solutions, the company aims to lead the nation’s shift toward clean energy.
“This funding empowers us to continue transforming the EV and renewable energy sectors, aligning with India’s sustainability objectives and positioning the country as a global leader in green innovation,“ Garg added.
Mufin Green’s efforts mark a significant milestone in supporting India’s transition to a cleaner, greener future, reinforcing its role as a key enabler of sustainable development.
