IREDA’s Partnership with EV Financing NBFC Mufin Green

IREDA & Mufin Green Partnership

Mufin Green Finance Ltd– has forged a partnership with Indian Renewable Energy Development Agency Limited (IREDA) with an aim to EV penetration thrive in India.

IREDA is a Mini Ratna (Category – I) Government of India Enterprise under the Ministry of New and Renewable Energy (MNRE). It is engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy.

With this partnership between IREDA and Mufin, Mufin Green Finance (Public) Ltd. plans to strengthen its retail EV portfolio for two & three-wheeler (mainly E-rickshaw and E-auto vehicles) pan India over a period of time. The firm maintains that it intends to improve the lives of 5000 consumers to start with, and eventually reach more than 1,00,000 consumers by extending this partnership. The firm added that a major highlight of the initiative is the reduction of borrowing costs for end consumers by 40%, as E-rickshaw consumers belong to a weaker society and this will further empower the lives of unserved and underserved segments of Indian society.

Expressing his delight with the 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.”

Founded in 2016, Mufin Green Finance is first of its kind pure – play listed (BSE) NBFC company that is among the few organized financiers in the EV space. It was started with a mission to fuel the EV ecosystem of India and in a short span, the company has financed EVs worth INR 245+ Cr. To promote green environment, the company has reduced 1.93 Mn tonne carbon emissions indirectly through its clientele in over five years, it says.

Currently, Mufin Green Finance operates at a market share of more than 7% across various territories in the northern and eastern Indian regions. Standing at a net worth of 20 Million USD, the company plans to multiply its portfolio by at least 20X in the next three years, tapping new territories and products to drive green penetration in India.

The company intends to expand to all parts of India by December 2023 and also plans to venture into other green financing products, such as solar panel financing by 2023.