Electric vehicles (EV)-focussed NBFC Mufin Green Finance on Tuesday said it raised Rs 140 crore in a Series B equity round from family offices, in addition to the Rs 530 crore debts round it raised last financial year.
Mufin Finance will use the funds to scale up its business operations, especially in Western India, and invest in more EV categories, such as buses and light commercial vehicles.
Founded by Kapil Garg and Rajat Goyal, Mufin Finance —under the parent company Hindon Mercantile Ltd—Mufin began financing e-rickshaws in 2016 in the Delhi-NCR region.
It has since expanded its portfolio to provide financing options for all EV vehicles (three-wheelers and four-wheelers), electric charging infrastructure, swappable batteries, and solar energy projects.
"[The funding] 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, LCVs to commercial four-wheelers," said Garg, Managing Director of Mufin Green Finance.
"The equity and debt funding will initiate our next growth phase, with an intense focus on expanding our operations in other major markets throughout India," he added.
Mufin works on both the B2B and B2C sides. It provides loans to fleet operators to acquire EV assets and individuals via partnerships with original equipment manufacturers (OEMs). Its debt investors included leading banks and financial institutions, including SBI, IREDA, AU Small Finance Bank, ICICI Bank, Kotak Mahindra Investments, etc.