EV financing platform Mufin Green Finance raised Rs 140 Cr Series B funding
In addition to the Rs 530 crore in debt funding it raised during the previous fiscal year, the electric vehicle financing platform Mufin Green Finance has raised an additional Rs 140 crore (roughly $17 million) in a Series B round of equity funding.
Prominent family offices have contributed equity, and State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments have contributed debt financing.
Mufin’s growth trajectory will be accelerated with the proceeds. Additionally, it will spur their endeavours to expand their commercial activities throughout the nation’s west.
Mufin Green Finance, founded in 2016 by Kapil Garg, offered financing choices for electric vehicles (EVs) including two-, three-, and four-wheelers. Currently operating in 16 states throughout India, it has provided financing for EVs totalling more than Rs 350 crore.
In just two years, the company claims to have grown twelve times. As of December 2023, Mufin Green Finance has an AUM of Rs 502 crore, and by the end of FY24, the company hopes to reach an AUM of Rs 650–700 crore.
Muffin faces competition from several companies in the electric vehicle financing market, including Revfin, Finayo, Vidyut, OTO, Greaves Finance, and Hero FinCorp. Recently, Omidyar Network led a $14 million Series B round for Revfin.
