An EV finance firm, Mufin Green Finance, has received INR $1 million from the Shell Foundation, a UK-registered charity, to establish a $2 million First Loan Default Guarantee joint de-risking pool. Mufin will be able to leverage the capital in order to catalyse commercial lending.
Additionally, with the help of this investment, Mufin would be able to purchase 42,000 electric vehicles for low-income customers, giving low-income people over 210 million trips and cutting CO2 emissions by 0.37 million metric tonnes, as reported by Entrepreneur.com
This will allow major financial institutions like Indian Renewable Development Agency, State Bank of India, and others to provide commercial capital on a broad scale for 2-wheelers and 3-wheeler electric vehicles for low-income carriers in India.
“Mufin Green Finance is very well slated on its business plans since inception. We are progressively bringing new-age EV financing solutions for the upholding of low-income communities. We are extremely thrilled with the trust that Shell Foundation has put in us and we look forward to disrupting the EV space in the ongoing fiscal,” said Kapil Garg, managing director, Mufin Green Finance.
By providing a one-stop shop for the underprivileged community to access financial services while also opening up chances for revenue creation to support their livelihood, Mufin Green Finance hopes to spread over all of India. By the end of 2024, it also intends to branch out into other green financial solutions, such as financing for solar panels.
About Mufin Green Finance
Mufin Green Finance was founded in 2016 with the goal of empowering and serving underprivileged sectors through an omni-channel approach. For the objective of producing income, Muffin Green Finance offers financing to underserved and unbanked sectors.