EV finance platform Mufin Green Finance secured $1 M from Shell Foundation
Mufin Green Finance, an electric vehicle finance platform, has received Rs 8 crore ($1 million) in funding from the Shell Foundation. Muffin has so far raised 45 crore (about $5.7 million).
Mufin Green Finance, founded in 2016 by Kapil Garg, intends to democratize EV financing and leasing through income-creation options. To date, the company claims to have financed EVs worth over Rs 350 crore and indirectly saved 38,000 tonnes of carbon emissions through its customers.
It also claims to have an AUM of Rs 300 crore and aspires to grow its portfolio by at least 20X in the next three years. The company also intends to accelerate its expansion strategy, with the goal of increasing its market share from 7% to 10% across diverse territories in northern and eastern India.
The financing, according to the Delhi-based startup, is intended to catalyze commercial debt by allowing Mufin to leverage about $40-60 million in debt over five years in two to three cycles for additional lending via recycling of de-risking pool. This would allow Mufin to fund 42,000 EVs for low-income clients, giving approximately 210 million rides to low-income groups and reducing 0.37 million tons of CO2 over a five-year period.
