Mufin Green Finance Raises INR 140Cr in Series B Round Listed on the BSE and National Stock Exchange, the climate financer has disbursed INR 750+ cr as of date
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Climate Financer Mufin Green Finance, on Tuesday, announced it had raised INR 140 crore in a Series B round of equity funding. This comes in addition to the startup's debt funding worth INR 530 crore last financial year.
"The funding affirms the strength of our business model and positions us effectively to meet the ever-increasing demands of our expanding customer base. 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. We are looking forward to every bit to enable the last mile green mobility and are excited to take charge as the leading NBFC in EV financing business domain. The equity and debt funding will initiate our next phase of growth, with an intense focus on expanding our operations in other major markets throughout India," shares Kapil Garg, MD, Mufin Green Finance.
Founded in 2016, Mufin Green Finance is a unit of Hindon Merchantile Ltd which aims to create equal financial opportunities for the underserved segment in the country using clean technologies.
It has a presence in over 15 Indian states, with financing options for EVs across two-, three-, and four-wheelers. At present, it offers its financing in a B2B Model for Fleet Operators and a B2C Model for Individual Customers.
Listed on the BSE and National Stock Exchange, the climate financer has disbursed INR 750+ cr as of date.
According to the company, its current AUM stood at INR 502 cr. as of Dec 2023 and is expecting to close the FY2024 with an AUM of INR 650-700 cr. "This significant infusion of capital is set to accelerate Mufin's growth trajectory remarkably, as the brand already has an ambitious roadmap for 2024. Further, it will catalyze their efforts to scale up their business operations in the down west region of the country," read the release.