Mufin Green Finance Ltd, a leading non-banking financial company (NBFC) focused on electric vehicle (EV) financing, has raised Rs 50 crore through a non-convertible debenture (NCD) issuance. The fundraise aims to strengthen the company’s lending capacity, expand its green financing initiatives, and enhance its asset base amid India’s accelerating transition to clean mobility. The proceeds will primarily support the financing of electric three-wheelers and two-wheelers, aligning with Mufin’s mission to promote sustainable transport and reduce carbon emissions across the country.
Mufin Green Finance Expands Funding Base
Mufin Green Finance Ltd announced that it has successfully raised Rs 50 crore via a non-convertible debenture (NCD) issue, marking another milestone in its journey to scale up India’s EV financing ecosystem. The company, which specializes in providing credit for electric mobility and other green assets, said the proceeds will be used to expand its loan book, support retail and institutional borrowers, and strengthen its capital structure.
This capital infusion comes at a time when India’s EV adoption curve is steepening, with growing demand from both commercial and personal users. Mufin aims to leverage this momentum by offering accessible financing options for electric vehicle owners and fleet operators.
Strategic Focus on EV Financing Growth
As one of the few NBFCs in India dedicated exclusively to electric mobility, Mufin Green Finance has established itself as a key enabler in the clean transport value chain. The company provides asset-backed loans for EV purchases, battery leasing, and charging infrastructure. Its lending model supports both individuals and small businesses transitioning from internal combustion vehicles to electric alternatives.
The latest NCD issuance reflects the company’s focus on maintaining a diversified funding mix while tapping into the growing investor appetite for green assets. By raising funds through secured debt instruments, Mufin aims to enhance liquidity and sustain operational scalability, ensuring steady credit flow to its target segments.
Strengthening the Green Finance Ecosystem
Mufin Green Finance’s fundraising aligns with India’s broader climate finance and sustainability goals, especially under the government’s push for mass EV adoption by 2030. The NBFC’s lending model plays a crucial role in addressing one of the sector’s biggest bottlenecks—access to affordable credit for EV purchases.
The company’s recent funding success also demonstrates the increasing investor confidence in green debt instruments, which are gaining traction as a credible vehicle for supporting India’s transition to a low-carbon economy. Mufin’s NCD issue is expected to deepen its capital base, improve asset-liability management, and strengthen its credit ratings over time.
Market Outlook and Future Plans
India’s EV financing market is projected to exceed Rs 3.7 lakh crore by 2030, as per industry estimates, creating significant opportunities for specialized NBFCs like Mufin. The company is planning to expand its geographical footprint, with a focus on tier-II and tier-III cities where electric three-wheelers and delivery vehicles are seeing rapid adoption.
Additionally, Mufin is exploring partnerships with EV manufacturers, fleet aggregators, and battery-as-a-service providers to build an integrated ecosystem that supports financing, ownership, and maintenance solutions for electric vehicles.
The firm’s strategic approach not only enhances financial inclusion for small entrepreneurs but also supports India’s sustainable development agenda by fostering cleaner and more efficient urban mobility.
Conclusion: Fueling the Next Phase of Electric Mobility
Mufin Green Finance’s Rs 50 crore NCD issue underscores the company’s commitment to accelerating the green transition through accessible and responsible lending. As India deepens its focus on renewable energy and clean transport, Mufin’s growth trajectory highlights the pivotal role of green finance in enabling systemic change.
With its strong financial foundation, niche expertise, and expanding portfolio, Mufin Green Finance is well-positioned to capitalize on the evolving EV landscape—driving both business growth and environmental impact in equal measure.
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