Mufin Green: Paving the Road to Electric Mobility for MSMEs
May 29, 2025, 12:40 am
Location: United States, District of Columbia, Washington
Employees: 201-500
Founded date: 2019
Mufin Green Finance is on a mission. The company has secured $18 million in debt funding to supercharge its electric vehicle (EV) financing operations. This isn’t just about money; it’s about transforming the landscape for micro, small, and medium enterprises (MSMEs) in India. The funds will help these businesses transition to electric mobility, a crucial step in a world that’s increasingly leaning towards sustainability.
The funding comes from a US-based institution and is structured as a 10-year facility. The initial disbursement is $10 million, with the remaining $8 million expected within a year. This capital infusion is a lifeline for many small businesses that have struggled to access formal credit. Mufin Green aims to change that narrative.
Founded by Kapil Garg and Rajat Goyal, Mufin Green began its journey in 2016, financing e-rickshaws in the bustling Delhi-NCR region. Fast forward to today, and it has become India’s first listed pure-play EV financing company. The company’s portfolio has grown to over $175 million, covering 26 Indian states. Remarkably, 84% of its retail borrowers had never accessed formal credit before. This statistic is a testament to Mufin Green’s commitment to financial inclusion.
The company’s strategy is clear. It focuses on electric two-, three-, and four-wheelers, along with the necessary infrastructure. The goal is to empower MSMEs, particularly in tier-2 and tier-3 cities, where the need for accessible financing is paramount. As the EV market expands, so does the demand for funding. Mufin Green is poised to meet that demand head-on.
Electric vehicles are not just a trend; they are the future. As cities grapple with pollution and climate change, the shift to electric mobility is inevitable. Mufin Green recognizes this urgency. By providing financing options, it helps drivers, fleet owners, and small entrepreneurs make the switch. This isn’t just about vehicles; it’s about creating a sustainable ecosystem.
The company’s previous funding round earlier this year, which also secured $18 million from the United States International Development Finance Corporation (DFC), underscores its growing influence. The DFC’s involvement signals confidence in Mufin Green’s vision. It’s a partnership that aligns with broader goals of economic development and sustainability.
Mufin Green’s approach is multifaceted. It doesn’t just offer loans; it provides a suite of products that includes financing for EVs, charging infrastructure, and swappable batteries. This comprehensive strategy is essential for fostering a robust EV ecosystem. It’s not enough to just sell electric vehicles; the infrastructure must be in place to support them.
The company’s focus on underserved regions is particularly noteworthy. Many MSMEs in these areas face significant barriers to accessing credit. Mufin Green aims to bridge that gap. By improving credit access, it empowers small businesses to invest in electric vehicles, which can lead to increased income and job creation. This ripple effect can transform entire communities.
The need for such initiatives is pressing. As the world shifts towards greener alternatives, the role of MSMEs becomes crucial. They are the backbone of the economy, and their transition to electric mobility can drive significant change. Mufin Green is not just financing vehicles; it’s financing a vision for a sustainable future.
The company’s journey is a reminder of the power of innovation and determination. In a landscape often dominated by larger players, Mufin Green stands out by focusing on the needs of the small and the underserved. It’s a David versus Goliath story, where the small player can make a big impact.
As Mufin Green continues to grow, it faces challenges. The EV market is competitive, and the landscape is constantly evolving. However, its commitment to financial inclusion and sustainability sets it apart. The company is not just chasing profits; it’s chasing a purpose.
In conclusion, Mufin Green is more than a financial institution. It’s a catalyst for change. By securing $18 million in funding, it is poised to make a significant impact on the EV landscape for MSMEs in India. The road ahead is long, but with each loan disbursed, Mufin Green is paving the way for a greener, more inclusive future. The journey has just begun, and the destination is electric.
The funding comes from a US-based institution and is structured as a 10-year facility. The initial disbursement is $10 million, with the remaining $8 million expected within a year. This capital infusion is a lifeline for many small businesses that have struggled to access formal credit. Mufin Green aims to change that narrative.
Founded by Kapil Garg and Rajat Goyal, Mufin Green began its journey in 2016, financing e-rickshaws in the bustling Delhi-NCR region. Fast forward to today, and it has become India’s first listed pure-play EV financing company. The company’s portfolio has grown to over $175 million, covering 26 Indian states. Remarkably, 84% of its retail borrowers had never accessed formal credit before. This statistic is a testament to Mufin Green’s commitment to financial inclusion.
The company’s strategy is clear. It focuses on electric two-, three-, and four-wheelers, along with the necessary infrastructure. The goal is to empower MSMEs, particularly in tier-2 and tier-3 cities, where the need for accessible financing is paramount. As the EV market expands, so does the demand for funding. Mufin Green is poised to meet that demand head-on.
Electric vehicles are not just a trend; they are the future. As cities grapple with pollution and climate change, the shift to electric mobility is inevitable. Mufin Green recognizes this urgency. By providing financing options, it helps drivers, fleet owners, and small entrepreneurs make the switch. This isn’t just about vehicles; it’s about creating a sustainable ecosystem.
The company’s previous funding round earlier this year, which also secured $18 million from the United States International Development Finance Corporation (DFC), underscores its growing influence. The DFC’s involvement signals confidence in Mufin Green’s vision. It’s a partnership that aligns with broader goals of economic development and sustainability.
Mufin Green’s approach is multifaceted. It doesn’t just offer loans; it provides a suite of products that includes financing for EVs, charging infrastructure, and swappable batteries. This comprehensive strategy is essential for fostering a robust EV ecosystem. It’s not enough to just sell electric vehicles; the infrastructure must be in place to support them.
The company’s focus on underserved regions is particularly noteworthy. Many MSMEs in these areas face significant barriers to accessing credit. Mufin Green aims to bridge that gap. By improving credit access, it empowers small businesses to invest in electric vehicles, which can lead to increased income and job creation. This ripple effect can transform entire communities.
The need for such initiatives is pressing. As the world shifts towards greener alternatives, the role of MSMEs becomes crucial. They are the backbone of the economy, and their transition to electric mobility can drive significant change. Mufin Green is not just financing vehicles; it’s financing a vision for a sustainable future.
The company’s journey is a reminder of the power of innovation and determination. In a landscape often dominated by larger players, Mufin Green stands out by focusing on the needs of the small and the underserved. It’s a David versus Goliath story, where the small player can make a big impact.
As Mufin Green continues to grow, it faces challenges. The EV market is competitive, and the landscape is constantly evolving. However, its commitment to financial inclusion and sustainability sets it apart. The company is not just chasing profits; it’s chasing a purpose.
In conclusion, Mufin Green is more than a financial institution. It’s a catalyst for change. By securing $18 million in funding, it is poised to make a significant impact on the EV landscape for MSMEs in India. The road ahead is long, but with each loan disbursed, Mufin Green is paving the way for a greener, more inclusive future. The journey has just begun, and the destination is electric.