Incofin India Progress Fund Invests INR 45 Crore In Mufin Green Finance Limited The fund raised will be used for financial inclusion and climate efforts
By Teena Jose •
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Mufin Green Finance has raised INR 45 crore in Series A funding round from Incofin India Progress Fund. The fund raised will be used for financial inclusion and climate efforts.
"We are proud to make our first climate-centric NBFC investment in Mufin Green Finance. This investment clearly stands high on our vision of financial inclusion and climate efforts. Mufin thrives on its diversified business model and strong balance sheet structure. Given their strategic tie-ups with EV ecosystem players, we firmly believe that they will play a crucial role in boosting the Indian EV penetration and create a positive economic and environmental impact," said Aditya Bhandari, partner and co-head Asia of Incofin.
Founded in 2016, Mufin Green Finance is first of its kind pure, play listed (BSE) NBFC catering to the climate focused EV sector started with a mission to fuel the Indian EV ecosystem
"This funding has put us in the forefront of the organized EV financing sector. As India's first listed NBFC dedicated to climate- EV financing, we are planning to disburse income-generating loans worth INR 5,000 crore in the next 5 years, resulting in an overall reduction of 4 million tonnes of carbon emission," said Kapil Garg, co-founder and managing director, Mufin Green Finance .
Within a short span of time, the company has financed EVs worth over INR 160 crore across 9 States. While promoting a clean and green environment, the company has reduced more than 100,000 tonnes of carbon footprints, claimed by the company in a statement.
"EV is a fast-evolving market and there is strong push from various stakeholders. The investment from Incofin is a solid validation on our climate focused financing mission. We are focused to cater to underserved or low-income segment and create a meaningful social and climate impact," said Rajat Goyal, co-founder, Mufin Green Finance.
Being a pure play EV and climate focused NBFC, Mufin Green Finance has expanded its horizon in terms of financing products, that comprises of electric 2W, electric 3W, electric 4W, and other EV ecosystem components like EV chargers, charging stations, swappable batteries and non-swappable batteries, and battery top up loans to its customers, as per company's statement.
