EV Financer Mufin Green Secures $18 Mn US DFC Loan

Mufin Green, an EV financing company, has secured a $18 million loan from the United States International Development Finance Corporation (DFC) with a 10-year repayment term.

The company plans to use the funding to grow its presence in the EV sector and offer more financial solutions for everyone in the EV ecosystem, including manufacturers, dealerships, service providers, and individual customers.

Read also - Fintech Startup Aye Finance Raises Rs 110 Cr Debt Funding

Kapil Garg, Founder and CEO of Mufin Green, said, "We are now expanding our portfolio to include solar financing, which will allow us to support the entire solar value chain OEMs, distributors, installers, and end users similar to how we’ve helped drive the adoption of electric vehicles."

Last year, the company raised Rs 140 crore in a Series B equity round, Rs 530 crore through debt financing, and $5 million from BlueOrchard.

About Mufin Finance

Founded by Kapil Garg and Rajat Goyal, Mufin Finance, a part of Hindon Mercantile Limited, started financing e-rickshaws in Delhi-NCR in 2016. Mufin Green claims a strong presence in the EV sector, with total disbursements over Rs 1,500 crore and an active loan portfolio of Rs 800 crore. 

The company serves individuals, OEMs, dealerships, and businesses, financing two-, three-, and four-wheel EVs, along with charging infrastructure and battery solutions.

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