Mufin Green to increase EV penetration in India

Mufin Green Finance Ltd

Mufin Green Finance Ltd, India’s first listed NBFC committed to 100 per cent EV & Climate financing, has just partnered with IREDA to accelerate EV penetration in the country.

Mufin Green Finance (Public) Ltd. intends to use this cooperation to expand its retail EV portfolio for 2 and 3-wheeler (primarily E-rickshaw and E-auto vehicles) across India over time. Given Mufin Green Finance’s experience and impact-focused strategy to driving social impact through income generation loans for clean and green technologies, the company expects to enhance the lives of 5000 people initially, and eventually reach over 100,000 consumers by extending this collaboration.

The lowering of borrowing rates for end customers by 40 per cent, as Erickshaw consumers belong to a poorer society, is a major highlight of this project, as it would further empower the lives of unserved and disadvantaged elements of Indian society.

Delighted with this partnership, Kapil Garg, Founder- Mufin Finance, added “We are glad to have built trust in IREDA’s investors and will be deploying debt funds in the right area of retail financing. Despite uncertainties looming in the market, we look forward to seeing a strong track record in disbursing income-generating EV loans worth Rs. 5000 Cr. in the next five years.”

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