Electric Vehicle financing platform Mufin Green Finance has raised Rs 8 crore ($1 million approx.) in funding from Shell Foundation. So far, Muffin has raised 45 crore (about $5.7 million).
Founded in 2016 by Kapil Garg, Mufin Green Finance aims to democratise EV financing and leasing space with income generation solutions. The company says that it has financed EVs worth over Rs 350 crore and reduced 38,000 tonne carbon emission indirectly through its clientele to date.
It also says that it stands at an AUM of Rs 300 crore and plans to increase its portfolio by at least 20X in the next three years. The company further plans to accelerate its expansion plan, projecting to grow its market share from 7% to 10% across various territories in the northern and eastern Indian regions.
According to the Delhi-based company, the fundraise is aimed at catalysing commercial debt by enabling Mufin to leverage approximately $40-60 million debt over five years in two to three cycles for additional lending through recycling of de-risking pool. This would allow Mufin to fund 42,000 EVs for low income clients, providing over 210 million rides to low-income groups and reducing 0.37 million tons of Co2 over a five year period.
