Electric Vehicle financing platform Mufin Green Finance has raised Rs 140 crore (approximately $17 million) in Series B round of equity funding, on the top of Rs 530 crore raised in debt funding, last financial year.
The equity investment is raised from prominent family offices while debt funding has been raised from State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra investments.
This proceeds will be used to accelerate Mufin’s growth trajectory. Further, it will catalyze their efforts to scale up their business operations in the down west region of the country.
Founded in 2016 by Kapil Garg, Mufin Green Finance provided financing options for EVs across two, three and four-wheelers. With a presence in 16 states across India, it has financed EVs worth over Rs 350 crore to date.
The company claims to have recorded a 12-fold growth in a span of just two years. The current AUM for Mufin Green Finance stands at Rs 502 crore as on December 2023 and the company is expecting to close FY24 with an AUM of Rs 650-700 crore.
In the electric vehicle financing space, Muffin competes with Revfin, Finayo, Vidyut, OTO, evfin, and Hero FinCorp, among others. Recently, Revfin raised $14 million in Series B round led by Omidyar Network.