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Electric vehicle (EV) financier Mufin Green has raised $18 million in debt funding from a US-based institution to expand its electric vehicle (EV) financing and leasing operations.
The 10-year funding includes an initial $10 million, with another $8 million expected within a year.
Earlier this year, Mufin Green got a similar 10-year loan of $18 million from the U.S. International Development Finance Corporation (DFC).
The company said the funds will help to expand its electric vehicle offerings—covering two-, three-, and four-wheelers—and build related infrastructure. A large part of the funds will go toward improving credit access for small businesses, especially in underserved areas.
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“This funding is a major step forward for us. It aligns perfectly with our mission to bridge the financing gap for electric vehicles in the MSME sector. As the EV market grows, especially in tier-2 and tier-3 cities, the need for accessible financing will rise sharply. Our aim is to support drivers, fleet owners, and small entrepreneurs who need funding to shift to electric mobility, ” said Kapil Garg, Founder and Managing Director of Mufin Green.
The startup has given out over $175 million in loans so far and manages a $100 million portfolio across 26 states in India. Company data shows that 84% of its retail borrowers had never taken a formal loan before.
According to Garg, EV financing is a way to boost financial inclusion and help MSME drivers earn more.
About Mufin Green Finance
Established in 2016, the New Delhi-based Mufin Green Finance founded by Kapil Garg and Rajat Goyal, Mufin Finance, a part of Hindon Mercantile Limited, started by financing e-rickshaws in the Delhi-NCR area.
It later became India’s first listed company focused only on EV financing. Today, it offers loans for electric vehicles, charging stations and swappable batteries.
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