Electric Vehicle financing firm Mufin Green raised $5 M Debt funding from BlueOrchard
BlueOrchard led a $5 million debt funding round for Mufin Green Finance, a platform that finances electric vehicles.
In addition to the Rs 530 crore in debt funding it raised during the previous fiscal year, Mufin raised an additional Rs 140 crore (roughly $17 million) in a Series B round of equity funding last month.
According to a news release from Mufin, the money will be used to advance its energy and environmental initiatives, spur innovation, and support sustainable development.
Kapil Garg founded Mufin Green Finance in 2016 to offer financing options for electric vehicles (EVs) including two-, three-, and four-wheelers. Having operated in 16 Indian states, it has provided financing for EVs totaling more than Rs 350 crore.
In just two years, Mufin claims to have grown twelve times. The company expects to close FY24 with an AUM of Rs 650–700 crore. As of December 2023, Mufin Green Finance had an AUM of Rs 502 crore.
Muffin is a competitor of Revfin, Finayo, Vidyut, OTO, evfin, and Hero FinCorp in the electric vehicle financing market. In a recent Series B round headed by Omidyar Network, Revfin raised $14 million.
