The publicly listed NBFC Mufin Green Finance Ltd. said on Monday that Incofin India Progress Fund has invested Rs 45 crore (about $5.7 million) to its Series A fundraising round.
The co-founder and managing director of Mufin Green Finance, Kapil Garg, claims that the company intends to distribute loans totaling Rs 5,000 crore over the following five years.
The electric vehicle (EV) industry is served by Mufin Green Finance, an NBFC founded in 2016 by Rajat Goyal and Kapil Garg. The business, which has its headquarters in Delhi, has funded EVs totaling more than Rs 125 crore in 9 states so far. According to the lender, its loans have helped to offset more than 100K tonnes of carbon emissions.
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“The investment from Incofin is a solid validation on our climate focussed financing mission. We are focussed to cater to the underserved or low-income segment and create a meaningful social and climate impact,” Rajat Goyal said.
All wheelbases of electric vehicles are eligible for vehicle loans from Mufin Green Finance. The company also makes investments in EV leasing, swappable batteries, and electric vehicle charging. It claims that for EV financing, it uses both human- and artificial intelligence (AI)-driven lending processes.
“Given Mufin Green Finance’s strategic tie-ups with EV ecosystem players, we believe that they will play an important role in boosting the Indian EV penetration,” said Aditya Bhandari, partner and co-head of Asia at Incofin India Progress Fund.
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Mufin Green Finance- Rebranded from APM Finvest, Mufin Green Finance Limited is India’s 1st listed NBFC dedicated to EV financing, 100% dedicated to cater India’s fastest-growing electric vehicle industry.
About Mufin Finance
Established in October 2016, Mufin Finance is a lending platform 100% committed to build businesses by providing access to finance and banking solutions to society’s unserved or un-bankable segments through ethical practices. Today, the company has emerged as a comprehensive financial services provider offering vehicle finance, SME loans, working capital, and other Digital lending products to customers.