Mufin Green Finance raises $6.5 million from Developing World Markets to accelerate EV and clean energy financing in India

Share

Mufin Green Finance, a non-banking finance company focused on electric mobility and green energy industry, has raised INR 54.4 crore ($6.5 million) from Developing World Markets, a U.S.-based impact investor. The funds were raised through the issuance of secured, unrated, unlisted, redeemable, taxable, transferable non-convertible debentures (NCDs) on a private placement basis from funds managed by Developing World Markets.

The funds will be received in two tranches, with the NCDs having a maturity period of 36 months from the date of allotment.

The fundraise supports the expansion and deepening of Mufin’s loan and lease portfolio, with a strong focus on electric vehicles (EVs) meant for productive-use businesses. Additionally, the capital will be deployed to finance ancillary components such as EV batteries, charging infrastructure, and solar panel installations catering to both residential and commercial & industrial (C&I) projects.

“We are delighted to receive continued support from a global impact investor like DWM. This infusion not only strengthens our lending capacity but also validates our commitment to driving sustainable transformation in the mobility and energy landscape of India,” said Kapil Garg, managing director of Mufin Green Finance. “With this funding, we aim to further deepen our presence across Tier 2 and 3 regions, ensuring that clean mobility and renewable energy solutions are accessible and affordable.”

Gunjan Jain, chief financial officer at Mufin Green Finance, said, “This fundraise comes at a pivotal juncture as we aggressively scale our operations and strategically diversify into high-impact sectors like EV charging infrastructure and solar energy. Our disciplined underwriting framework and prudent risk management continue to attract committed, long-term capital. With this tranche, our focus sharpens on expanding our asset portfolio and amplifying our impact footprint across underserved markets in India.”

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Alpex Solar secures 300 MW PV cell deal with TP Solar
15 July 2025 Alpex Solar Ltd has approved a definitive procurement agreement with TP Solar Ltd for supply of solar cells with a minimum aggregate capacity of 300 M...