Mufin Green Secures $18 Million loan from US DFC to Boost EV Financing Efforts

Electric vehicle (EV) financier Mufin Green has successfully secured an $18 million loan from the United States International Development Finance Corporation (DFC). This loan has a repayment term of 10 years.

“This funding will empower us to enhance our position in the electric vehicle industry and broaden our spectrum of financial solutions for all participants in the EV ecosystem, including vehicle manufacturers, dealerships, service providers, and individual customers,” stated Kapil Garg, Founder and CEO of Mufin Green. “Additionally, we are expanding our offerings to incorporate solar financing, which will enable us to support the complete solar value chain comprising OEMs, distributors, installers, and end users, much like our contributions to the electric vehicle sector,” Garg added.

Founded by Kapil Garg and Rajat Goyal, Mufin Finance, under the ownership of Hindon Mercantile Limited, commenced its journey in 2016 by financing e-rickshaws within the Delhi-NCR region. Mufin Green boasts a substantial presence in the EV market, with cumulative disbursements surpassing Rs 1,500 crore and an active loan portfolio amounting to Rs 800 crore. The firm caters to a diverse range of clients, including individuals, OEMs, dealerships, and corporate borrowers, by financing two-wheeler, three-wheeler, and four-wheeler EVs, alongside charging infrastructure and battery solutions.

In FY24, Mufin Green successfully raised Rs 140 crore through a Series B equity round, Rs 530 crore in debt financing, and secured an additional $5 million from BlueOrchard.