Fintech company Mufin Green Finance has announced that it has secured $5.7 million [Rs 45 Crore] in its series A funding round led by from Incofin India Progress Fund (IPF). The firm, which provides finance to Electric Vehicle startups and helps in setting up the EV ecosystem, plans to disburse loans worth Rs 5,000 crore in the next 5 years.

The latest cash injection will be utilised to hire talent with financial skill-sets as well as develop new products to finance EVs worth Rs 160 Crore across 9 states.  

Aditya Bhandari, Partner & Co-Head Asia of Incofin said, “ This investment clearly stands high on our vision of financial inclusion and climate efforts. Mufin thrives on its diversified business model and strong balance sheet structure."

The firm was founded in 2016 by Kapil Garg.

“This funding has put us at the forefront of the organised EV financing sector. As India’s first listed NBFC dedicated to Climate- EV financing, we are planning to disburse income-generating loans worth Rs 5,000 crore in the next 5 years,” said the founder and Managing Director of Mufin Green Finance.

Mufin Green Finance’s financing options include loans for Electric 2W, Electric 3W, Electric 4W, and other EV ecosystem components like EV chargers, charging stations, swappable batteries and non-swappable batteries, and battery top-up loans to its customers. 

While promoting a clean and green environment, the company also said that it has helped reduce 100,000 tonnes of carbon footprints.