Mufin Green Secures USD 18 Mn DFC Loan to Expand EV and Solar Financing The funding will enable Mufin Green to further expand its financing services within the EV ecosystem, which includes two-wheelers, three-wheelers, four-wheelers, fast chargers, and swappable batteries, supporting individuals, OEMs, dealerships, service providers, and corporate borrowers.
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Electric vehicle (EV) financier Mufin Green has secured an USD 18 million loan from the United States International Development Finance Corporation (DFC). The 10-year loan marks a significant milestone in the company's efforts to expand its financial services within the burgeoning electric mobility sector.
The fresh funding will enable Mufin Green to bolster its support for EVs, chargers, and batteries while also venturing into solar financing.
The company, founded in 2016 by Kapil Garg and Rajat Goyal under the parent firm Hindon Mercantile Limited, initially focused on financing e-rickshaws in Delhi-NCR.
Today, Mufin Green stands as India's largest financier in the EV ecosystem, offering financial solutions that encompass term loans, working capital, supply chain finance, and lease structures. With a presence in 26 states and union territories, the company claims to have disbursed over INR 1,500 crore and facilitated the deployment of electric vehicles worth INR 6,000 crore.
Kapil Garg, Founder and CEO of Mufin Green, said, "This collaboration is a pivotal step in strengthening our position in the EV sector. The funding will enable us to provide integrated financing solutions that connect renewable energy and electric mobility, making them more accessible and affordable. Our goal is to drive transformative growth in both sectors, aligning with India's sustainability objectives."
In FY24, Mufin Green raised INR 140 crore in a Series B equity round, INR 530 crore in debt financing, and an additional USD 5 million from BlueOrchard. These funds have fueled the company's ambitious green energy initiatives and supported key projects, such as financing a rooftop solar installation for a USD 3 billion manufacturing client in Baroda, Gujarat.
Looking ahead, Mufin Green plans to broaden its portfolio to include financing for the entire solar value chain—OEMs, distributors, installers, and end-users—mirroring its success in EV financing. This strategic shift reflects the company's commitment to sustainability and innovation, furthering India's transition to cleaner energy solutions.
"With over 800 employees and an unwavering vision, Mufin Green is proud to lead the charge in making India a global leader in electric mobility and renewable energy," Garg concluded.
