Mufin Green Finance snags $17 mn in fresh equity round

By Aman Rawat

  • 06 Feb 2024
Kapil Garg, co-founder and managing director, Mufin Green Finance

Listed non-banking financial player Mufin Green Finance Ltd has raised Rs 140 crore ($17 million) in a Series B round, from leading family offices. 

The funding raised will help the non-bank lender with growth target for 2024. It intends to scale up business operations in the down west region of India, according to a company statement. 

The latest equity investment follows Mufin’s debt funding round from last year when it raised Rs 530 crore from multiple homegrown financial institutions including IREDA, SBI, AU Small Finance Bank, ICICI Bank and Kotak Mahindra Investments. 

“This funding positions us to meet the demands of our expanding customer base,” said Kapil Garg, managing director of Mufin Green Finance.

“Also, it will equip us to explore more product avenues in the EV ecosystem, as we are looking to further invest in more electric vehicle categories from buses and LCVs to commercial four-wheelers,” he added.

Founded in 2016, Mufin adopted its new business structure in 2022. It claims that since then it has recorded 12-fold growth in just two years. The current AUM for Mufin Green Finance stands at Rs 502 crore as of December 2023 and the company is expecting to close FY24 with an AUM of Rs 650-700 crore.

At present, the company has a presence in 16 states across India, with financing options for EVs across two-wheelers, three-wheelers and four-wheelers. It is currently focused on financing every element of the EV ecosystem, including fast chargers, swappable batteries and similar products to mobilise electric vehicles in the country, for both retail and fleet operators.

“The equity and debt funding will initiate our next phase of growth, with a focus on expanding our operations in other major markets throughout India,” said Garg.

Mufin Green’s stock was trading with cuts of 2.5% on Tuesday at around Rs 248 apiece during mid-day trade on the Bombay Stock Exchange.