New Delhi: Mufin Green Finance Ltd, a listed NBFC for electric vehicle (EV) and climate financing, has partnered with IREDA (Indian Renewable Energy Development Agency Limited) to drive EV penetration in India. With this partnership, Mufin Finance plans to strengthen its retail EV portfolio for 2 and 3-wheelers (mainly e-rickshaw and e-auto vehicles) across the country. The company plans to reach 5000 consumers to start with, and eventually more than 1,00,000 by extending this partnership and reducing the borrowing cost by 40%, Mufin Finance said in a media release.
Kapil Garg, founder, Mufin Finance, said,“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 the uncertainties looming in the market, we look forward to seeing a strong track record in disbursing income-generating EV loans worth UNR 5000 crore in the next five years.”
IREDA, a Mini Ratna (Category – I) public sector enterprise, under the administrative control of Ministry of New and Renewable Energy (MNRE), engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: “ENERGY FOR EVER”
Founded in 2016, Mufin Green Finance is the first of its kind pure–play listed (BSE) NBFC company in the EV space. The company has financed EVs worth over INR 245 crore. It has reduced 1.93 million tonne carbon emissions indirectly through its clientele in over five years, the release said.
Mufin Green Finance operates at a market share of more than 7% across various territories in the northern and eastern India regions. Standing at a net worth of USD 20 million, 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, the release added.
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