Electric powered car (EV) financier Mufin inexperienced has secured an $18 million loan from america worldwide improvement Finance agency (DFC).
The duration of the loan is 10 years.
"The funding will assist us reinforce our position in the electric vehicle area and amplify our range of monetary solutions for absolutely everyone worried in the EV ecosystem from car manufacturers and dealerships to carrier vendors and individual clients," Kapil Garg, Founder and CEO of Mufin inexperienced, said in a declaration.
"we're now expanding our portfolio to include sun financing, for you to allow us to guide the complete solar value chain OEMs, vendors, installers, and cease users similar to how we've helped force the adoption of electrical automobiles," Garg brought.
How Delhi-based totally Mufin is driving EV financing in rural and semi-urban regions
founded by way of Kapil Garg and Rajat Goyal, Mufin Finance, underneath the discern organization Hindon Mercantile constrained, began financing e-rickshaws in 2016 within the Delhi-NCR area.
Mufin inexperienced claims a significant foothold inside the EV area, with cumulative disbursements exceeding Rs 1,500 crore and an lively loan portfolio of Rs 800 crore. The enterprise helps a various clientele, consisting of individuals, OEMs, dealerships, and corporate debtors, while financing two-, three-, and 4-wheel EVs, in addition to charging infrastructure and battery solutions.
In FY24, the company
raised Rs a hundred and forty crore
from a series B fairness spherical, Rs 530 crore in debt financing, as well as secured $5 million from BlueOrchard.
