Debt financing
EV financier Mufin Green bags $18-M loan from US DFC
Delhi-based electric vehicle (EV) financier Mufin Green has secured a USD 18 million loan from the United States International Development Finance Corporation (DFC) for a 10-year tenure.Mufin Green will use the funding to include solar financing, which will allow the firm to support the entire solar value chain OEMs, distributors, installers, and end users.Founded by Kapil Garg and Rajat Goyal, Mufin Finance , under the parent company Hindon Mercantile Ltd, began financing e-rickshaws in 2016 in the Delhi-NCR region.It claims a cumulative disbursement exceeding INR 1,500 crore and an active loan portfolio of INR 800 crore. In FY24, the company raised INR 140 crore from a Series B equity round, INR 530 crore in debt financing, as well as secured USD 5 million from BlueOrchard.
Between Oct 2022 and Mar 2024, Mufin Green Finance had raised about USD 34 M in a mix of debt and equity from BlueOrchard, Incofin and Others
Want to receive such news items in your inbox? Click Here to sign up for a trial.
