In a significant boost to India’s clean mobility and renewable energy ecosystem, Mufin Green Finance, a leading non-banking financial company (NBFC) specializing in green finance, has successfully raised ₹54.4 crore (USD 6.5 million) through a private placement of secured, unrated, unlisted, redeemable, taxable, and transferable non-convertible debentures (NCDs).
The funding was secured from Developing World Markets (DWM), a U.S.-based global impact investment firm known for its strong presence across emerging markets and a proven track record in India. The funds will be disbursed in two tranches, with the NCDs carrying a 36-month maturity period.
Fueling Green Growth in Underserved India
The capital infusion is aimed at expanding Mufin’s loan and lease portfolio, with a focus on productive-use electric vehicles (EVs) for small businesses. Additionally, the funds will support financing for EV batteries, charging infrastructure, and solar panel installations across residential, commercial, and industrial segments.
Speaking on the development, Kapil Garg, Managing Director of Mufin Green Finance, said, “We are delighted to receive continued support from a global impact investor like DWM. This infusion not only strengthens our lending capacity but also validates our commitment to driving sustainable transformation in India’s mobility and energy sectors.”
He added that the company aims to deepen its reach across Tier 2 and Tier 3 regions, ensuring accessible and affordable green financing for underserved communities.
Gunjan Jain, CFO at Mufin Green Finance, remarked, “This fundraise comes at a pivotal juncture as we aggressively scale operations and diversify into high-impact sectors. Our disciplined underwriting and risk management have attracted committed, long-term capital.”
Global Support for Local Impact
From DWM’s perspective, this investment marks a strategic entry into India’s rapidly evolving climate finance landscape. Robert Constantino, Head of Private Credit at DWM, stated, “This transaction is the first of what we hope will be many investments in India’s clean mobility and renewable energy sectors.”
Edward Marshall, Co-Managing Partner at DWM, echoed the sentiment, saying, “Mufin Green Finance demonstrates that combining financial inclusion with e-mobility can achieve both social and environmental impact goals.”
