Mufin Green secures USD 18 million loan from US Development Finance Agency for EV financing

Mufin Green has secured a USD 18 million loan from the United States International Development Finance Corporation. The 10-year loan will help the NBFC to finance electric vehicles, chargers, and batteries.

Kapil Garg, Founder and CEO of Mufin Green, said that the funding would help them expand our range of financial solutions for everyone involved in the EV ecosystem.

The company provides financial support for a wide range of EV-related products, including two-wheelers, three-wheelers, four-wheelers, fast chargers, and swappable batteries.

"We are now expanding our portfolio to include solar financing, which will allow us to support the entire solar value chain OEMs, distributors, installers, and end users similar to how we’ve helped drive the adoption of electric vehicles," Garg noted.

He added that their goal was to provide integrated financing solutions that connect renewable energy and electric mobility, making them more accessible and affordable for businesses and individuals alike.

Mufin Green Finance, founded in 2016 by Kapil Garg, has facilitated the deployment of electric vehicles worth Rs 6000 crore across two, three, and four-wheelers, with a presence in 16 states across India. The company raised Rs 140 crore (approximately USD 17 million) in a Series B equity round, alongside Rs 530 crore in debt funding last fiscal year, besides USD 5 million in debt financing from BlueOrchard.