Electric vehicle financing platform Mufin Green Finance has raised $5 million in a debt funding round led by BlueOrchard.
Last month, Mufin raised Rs 140 crore (approximately $17 million) in a Series B round of equity funding, on top of Rs 530 crore raised in debt funding, last financial year.
The funds will be utilised to propel its initiatives in the green and energy space, driving innovation, and facilitating sustainable development, Mufin said in a press release.
Founded in 2016 by Kapil Garg, Mufin Green Finance provides 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.
Mufin claims to have recorded a 12-fold growth in just two years. The AUM for Mufin Green Finance stood at Rs 502 crore as of 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 a Series B round led by Omidyar Network.
