Mufin Green Bags USD 18 Million Loan from US DFC to Advance EV Financing
This 10-year loan will help the company continue its work in financing electric vehicles, chargers, and batteries.
January 03, 2025. By Aishwarya
This 10-year loan will help the company continue its work in financing electric vehicles, chargers, and batteries. This is part of Mufin Green's strategy to expand its financing services within the growing electric mobility sector.
The company provides financial support for a wide range of EV-related products, including two-wheelers, three-wheelers, four-wheelers, fast chargers, and swappable batteries.
Mufin Green Finance is the largest EV ecosystem financier in India. It works with individuals, Original Equipment Manufacturers (OEMs), dealers, service providers, and corporate borrowers. The company offers a variety of financial products, including term loans, working capital finance, supply chain finance, and lease structures across different segments of the EV ecosystem.
With over 800 employees and a strong presence in 26 states and Union Territories across India, Mufin Green has made cumulative disbursements of more than INR 1,500 crore, with a portfolio valued at INR 800 crore. The company aims to continue expanding its operations and supporting the transition to electric mobility in India.
Kapil Garg, Founder and CEO of Mufin Green, said, "This partnership with the US Development Finance Agency is a significant step forward for Mufin Green. The funding will help us strengthen our position in the electric vehicle sector and expand our range of financial solutions for everyone involved in the EV ecosystem from vehicle manufacturers and dealerships to service providers and individual customers. We are now expanding our portfolio to include solar financing, which will allow us to support the entire solar value chain OEMs, distributors, installers, and end users similar to how we’ve helped drive the adoption of electric vehicles. Our goal is to provide integrated financing solutions that connect renewable energy and electric mobility, making them more accessible and affordable for businesses and individuals alike. This will have a transformative effect on both the EV and renewable energy sectors, aligning with India’s broader sustainability objectives."
"As the largest EV financier in India, we are proud to be leading this change and are committed to furthering India's shift towards cleaner, greener, and more sustainable energy solutions. This funding will give us the opportunity to reach new heights and contribute to India’s goal of becoming a global leader in both electric vehicles and renewable energy," he said.
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