Private Equity

Debt financing

EV financing firm Mufin raises $7-M in green bonds from Symbiotics Investments

MyBigPlunge  

Rajasthan-headquartered electric vehicle financing firm Mufin Green Finance has raised USD 7 million (around INR 58 crore) in green bonds from Symbiotics Investments. The firm plans to use the proceeds to strengthen its retail EV portfolio for electric-rickshaw and electric three-wheeler vehicles across the country. This is Symbiotics' first investment to target the EV financing segment in India. The bond forms part of the USD 75-million green basket bond programme structured by Symbiotics Investments in partnership with British International Investment (BII). A listed NBFC with a focus on EV financing, Mufin Green Finance has a capital base of USD 18 million. The company has financed over USD 36 million worth of EV assets and claims to have an 8% market share of total e-rickshaw financing in India.