Mufin Green's $18 Million Loan: A Leap Towards Electric Mobility and Solar Financing
January 4, 2025, 10:21 am
Location: United States, District of Columbia, Washington
Employees: 201-500
Founded date: 2019
Mufin Green Finance is on the rise. The company, a titan in India's electric vehicle (EV) financing landscape, has secured an $18 million loan from the United States International Development Finance Corporation (DFC). This 10-year loan is more than just a financial boost; it’s a catalyst for change in the EV ecosystem.
Founded in 2016, Mufin Green started with a narrow focus—financing e-rickshaws in the bustling streets of Delhi-NCR. Fast forward to today, and it stands as the largest financier in the EV sector in India. The company’s reach extends across 26 states and Union Territories, boasting cumulative disbursements of ₹1,500 crore and facilitating the deployment of electric vehicles worth ₹6,000 crore. This growth story is a testament to the increasing demand for sustainable transportation solutions.
The recent funding will empower Mufin Green to enhance its financing services. The company plans to expand its offerings to include two-wheelers, three-wheelers, four-wheelers, fast chargers, and swappable batteries. This diversified approach is akin to planting seeds in a garden, nurturing various plants to create a vibrant ecosystem.
But Mufin Green isn’t stopping at EVs. The company is also venturing into solar financing. This move aligns with the global shift towards renewable energy. By connecting electric mobility with solar power, Mufin Green aims to create a seamless integration of green technologies. Imagine a world where your electric vehicle charges from the sun’s rays—this is the vision Mufin Green is working towards.
The DFC loan is a significant milestone. It reflects confidence in Mufin Green’s business model and its potential to drive transformative growth. The funding will not only bolster existing services but also pave the way for new opportunities. Mufin Green plans to provide integrated financing solutions that cater to individuals, original equipment manufacturers (OEMs), dealerships, service providers, and corporate borrowers. This broad spectrum of services is designed to make electric mobility more accessible and affordable.
Mufin Green’s journey has been marked by strategic funding rounds. In the last fiscal year alone, the company raised ₹140 crore in a Series B equity round and ₹530 crore in debt financing. Additionally, it received $5 million from BlueOrchard for green energy initiatives. These funds have fueled various projects, including a rooftop solar installation for a major manufacturing client in Baroda, Gujarat. Each funding round has been a stepping stone, propelling the company closer to its sustainability goals.
The company’s CEO, Kapil Garg, envisions a future where electric mobility and renewable energy are intertwined. This vision is not just about financial growth; it’s about contributing to India’s sustainability objectives. Mufin Green’s commitment to innovation and sustainability positions it as a leader in the green finance sector. The company is not merely a financier; it is a facilitator of change.
Mufin Green’s workforce of over 800 employees is a testament to its rapid growth. Each team member plays a crucial role in driving the company’s mission forward. Their collective efforts are akin to a well-oiled machine, working in harmony to achieve a common goal.
As Mufin Green expands its portfolio, it aims to cover the entire solar value chain. This includes financing for OEMs, distributors, installers, and end-users. By mirroring its success in EV financing, the company is poised to make a significant impact in the solar sector. This strategic shift reflects a broader trend in the industry—an increasing recognition of the importance of renewable energy in combating climate change.
The implications of Mufin Green’s expansion are profound. As the company strengthens its position in the EV and solar markets, it contributes to India’s transition to cleaner energy solutions. This transition is not just a national goal; it’s a global imperative. The world is watching as countries strive to reduce their carbon footprints and embrace sustainable practices.
In conclusion, Mufin Green’s $18 million loan from the DFC is more than just a financial transaction. It represents a commitment to innovation, sustainability, and the future of transportation. As the company continues to grow and evolve, it stands at the forefront of a movement that seeks to redefine mobility and energy consumption in India. The road ahead is promising, and Mufin Green is ready to lead the charge. With each step, it is not just financing vehicles; it is paving the way for a greener, more sustainable future.
Founded in 2016, Mufin Green started with a narrow focus—financing e-rickshaws in the bustling streets of Delhi-NCR. Fast forward to today, and it stands as the largest financier in the EV sector in India. The company’s reach extends across 26 states and Union Territories, boasting cumulative disbursements of ₹1,500 crore and facilitating the deployment of electric vehicles worth ₹6,000 crore. This growth story is a testament to the increasing demand for sustainable transportation solutions.
The recent funding will empower Mufin Green to enhance its financing services. The company plans to expand its offerings to include two-wheelers, three-wheelers, four-wheelers, fast chargers, and swappable batteries. This diversified approach is akin to planting seeds in a garden, nurturing various plants to create a vibrant ecosystem.
But Mufin Green isn’t stopping at EVs. The company is also venturing into solar financing. This move aligns with the global shift towards renewable energy. By connecting electric mobility with solar power, Mufin Green aims to create a seamless integration of green technologies. Imagine a world where your electric vehicle charges from the sun’s rays—this is the vision Mufin Green is working towards.
The DFC loan is a significant milestone. It reflects confidence in Mufin Green’s business model and its potential to drive transformative growth. The funding will not only bolster existing services but also pave the way for new opportunities. Mufin Green plans to provide integrated financing solutions that cater to individuals, original equipment manufacturers (OEMs), dealerships, service providers, and corporate borrowers. This broad spectrum of services is designed to make electric mobility more accessible and affordable.
Mufin Green’s journey has been marked by strategic funding rounds. In the last fiscal year alone, the company raised ₹140 crore in a Series B equity round and ₹530 crore in debt financing. Additionally, it received $5 million from BlueOrchard for green energy initiatives. These funds have fueled various projects, including a rooftop solar installation for a major manufacturing client in Baroda, Gujarat. Each funding round has been a stepping stone, propelling the company closer to its sustainability goals.
The company’s CEO, Kapil Garg, envisions a future where electric mobility and renewable energy are intertwined. This vision is not just about financial growth; it’s about contributing to India’s sustainability objectives. Mufin Green’s commitment to innovation and sustainability positions it as a leader in the green finance sector. The company is not merely a financier; it is a facilitator of change.
Mufin Green’s workforce of over 800 employees is a testament to its rapid growth. Each team member plays a crucial role in driving the company’s mission forward. Their collective efforts are akin to a well-oiled machine, working in harmony to achieve a common goal.
As Mufin Green expands its portfolio, it aims to cover the entire solar value chain. This includes financing for OEMs, distributors, installers, and end-users. By mirroring its success in EV financing, the company is poised to make a significant impact in the solar sector. This strategic shift reflects a broader trend in the industry—an increasing recognition of the importance of renewable energy in combating climate change.
The implications of Mufin Green’s expansion are profound. As the company strengthens its position in the EV and solar markets, it contributes to India’s transition to cleaner energy solutions. This transition is not just a national goal; it’s a global imperative. The world is watching as countries strive to reduce their carbon footprints and embrace sustainable practices.
In conclusion, Mufin Green’s $18 million loan from the DFC is more than just a financial transaction. It represents a commitment to innovation, sustainability, and the future of transportation. As the company continues to grow and evolve, it stands at the forefront of a movement that seeks to redefine mobility and energy consumption in India. The road ahead is promising, and Mufin Green is ready to lead the charge. With each step, it is not just financing vehicles; it is paving the way for a greener, more sustainable future.