Published on 3rd January 2025
Mufin Green Finance, India’s largest electric vehicle (EV) ecosystem financier, has secured an $18 million, 10-year loan from the United States International Development Finance Corporation (DFC). This funding, announced on January 2, 2025, will enable Mufin Green to expand its electric vehicle financing services across India.
Expanding EV Financing Solutions
The $18 million loan will aid Mufin Green in enriching its financing offerings for all segments of EVs, which include two-wheelers, three-wheelers, four-wheelers, fast chargers, and swappable batteries. Mufin Green is also diversifying into solar financing to support India’s renewable energy value chain.
CEO Kapil Garg stated that the firm’s vision is to provide holistic financing solutions connecting electric mobility with renewable energy. The company has its presence in 26 states and Union Territories in India. Mufin Green has already disbursed ₹1,500 crore in aggregate funding with a portfolio of ₹800 crore.
Fundraising Over the Years
The company was founded in 2016. Since then Mufin Green Finance has attracted substantial funding. In its Series B equity round, the company secured ₹140 crore. Last year, Mufin Green also raised ₹530 crore in debt funding. Additionally, it received $5 million from BlueOrchard to support green energy initiatives.
Mufin Green has deployed EVs worth ₹6,000 crore across India. It has a team of over 800 employees; the company is strengthening its position in the rapidly growing Indian EV market.
Growth in the Green Finance Sector
The loan from DFC represents a significant step in Mufin Green’s mission to make electric mobility more accessible across India. The company aims to continue leading the way in financing sustainable energy solutions. By combining EV financing with solar power, Mufin Green is contributing to India’s transition toward clean energy.
Mufin Green Finance expansion is an important development for the electric vehicle industry in India. The $18 million loan is expected to accelerate the growth of electric mobility as well as renewable energy solutions within the country. Given its focus on sustainable finance, Mufin Green will be instrumental in helping India reach its clean energy targets.