Mufin Green, India’s largest financier in the electric vehicle (EV) ecosystem, has secured a USD 18 million loan from the United States International Development Finance Corporation (DFC). The 10-year loan will support Mufin Green’s financing activities across electric vehicles, chargers, and batteries, further advancing its role in India’s transition to sustainable mobility.
The company, which provides financial support for two-wheelers, three-wheelers, four-wheelers, fast chargers, and swappable batteries, has disbursed over INR 1,500 crore cumulatively, with a current portfolio worth INR 800 crore. Operating in 26 states and Union Territories with a workforce of over 800 employees, Mufin Green has been a key player in the EV ecosystem since its founding in 2016.
Focus on solar financing
Kapil Garg, Founder and CEO, Mufin Green, said the DFC funding will help strengthen the company’s position in the EV financing sector and expand its offerings. “We are now expanding our portfolio to include solar financing, supporting the entire solar value chain from OEMs and distributors to end users. This integrated approach will connect renewable energy with electric mobility, aligning with India’s sustainability goals,” Garg said.
Mufin Green recently funded the installation of a rooftop solar unit for a manufacturing facility in Baroda, Gujarat, owned by a USD 3 billion company. This initiative aligns with the company’s goal to combine renewable energy and electric mobility financing to support India’s clean energy transition.
Funding milestones and growth plans
In the last fiscal year, Mufin Green raised INR 140 crore through a Series B equity round and INR 530 crore in debt financing, in addition to USD 5 million in funding from BlueOrchard. These funds have been directed toward green energy initiatives and fostering sustainable development.
Since 2016, Mufin Green has facilitated the deployment of electric vehicles worth INR 6,000 crore. The company is committed to furthering India’s adoption of EVs and renewable energy, supporting national sustainability objectives.
“Our aim is to drive integrated solutions for EVs and renewables, contributing to India’s leadership in cleaner energy solutions,” Garg added.
The company plans to leverage the latest funding to accelerate innovation and expand financing solutions across EV and renewable energy sectors, solidifying its role in India’s green energy ecosystem.
