Mufin Green Finance secures Rs 140 crore in its Series B investment round
Mufin Green Finance has successfully secured Rs 140 crore through a Series B equity funding round, in addition to Rs 530 crore in debt financing obtained in the last fiscal year. This debt financing was procured from several financial entities, among them the State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments.
The recent capital injection is poised to significantly boost Mufin’s expansion plans, aligning with its ambitious strategy for 2024. It is also expected to enhance the company’s efforts to expand its business operations across the southwestern region of the country.
“The funding affirms the strength of our business model and positions us effectively to meet the ever-increasing demands of our expanding customer base. Also, it will equip us to explore more product avenues in the EV ecosystem, as we are looking to further invest in more electric vehicle categories from buses, and LCVs to commercial four-wheelers.”Kapil Garg, MD of Mufin Green Finance, said.
“We are looking forward to every bit to enable the last mile of green mobility and are excited to take charge as the leading NBFC in the EV financing business domain. The equity and debt funding will initiate our next phase of growth, with an intense focus on expanding our operations in other major markets throughout India”.He added.
Mufin Green Finance aims to expand its services to help people who have never used a bank or credit before. They are especially interested in helping these people earn money by using electric vehicles (EVs). The company changed its business model in 2022 and since then, it has grown 12 times bigger in just two years. As of December 2023, Mufin Green Finance manages assets worth Rs 502 crore, and they expect this number to increase to between Rs 650 and Rs 700 crore by the end of 2024.
Mufin operates in 16 states in India, offering loans for electric vehicles, including bikes, scooters, and cars. They are focusing on supporting all aspects of the electric vehicle market, which includes financing for vehicles, fast charging stations, and batteries that can be exchanged. This support is available for individual customers as well as businesses that operate fleets of vehicles.
Content Credit: financial express