Mufin Green Finance, an electric vehicle financing platform, has secured $5 million in a debt funding round spearheaded by BlueOrchard.
In the previous month, Mufin garnered approximately $17 million in a Series B equity funding round, in addition to the Rs 530 crore raised in debt funding during the last fiscal year.
The newly acquired funds will be deployed to drive Mufin’s initiatives in the green and energy sectors, fostering innovation and supporting sustainable development, as outlined in a press release by the company.
Established in 2016 by Kapil Garg, Mufin Green Finance specializes in providing financing options for electric vehicles, spanning two, three, and four-wheelers. Operating in 16 states across India, the platform has financed electric vehicles totaling over Rs 350 crore to date.
Mufin boasts an impressive 12-fold growth over the past two years, with its Assets Under Management (AUM) reaching Rs 502 crore as of December 2023. The company anticipates closing FY24 with an AUM ranging between Rs 650-700 crore.
In the competitive landscape of electric vehicle financing, Mufin contends with rivals such as Revfin, Finayo, Vidyut, OTO, evfin, and Hero FinCorp, among others. Notably, Revfin recently secured $14 million in a Series B funding round led by Omidyar Network.
