Archive · 2 Jun 2025
Mufin Green Finance Secures $18M for India's EV Growth
Imagine a company called Mufin that helps people buy electric vehicles, like e-rickshaws.
They got a big loan of $18 million from the US to give out these loans.
The money is for folks in smaller cities who may not be able to get loans elsewhere.
Most of the money will go to help people buy electric vehicles, and some will help build places to charge the vehicles.
The company wants to lend more money overall and help even more people get electric vehicles.
This way more people can use electric vehicles and help the environment, too!
Mufin Green Finance secured an $18 million loan from USDFC to fund electric vehicle (EV) financing.
The 10-year loan will finance EVs, focusing on underserved tier 2 and 3 cities in India.
The loan is specifically for financing the SME category, including individuals and corporates.
Mufin aims to expand its loan portfolio to ₹1,300 crore, with 70% focused on green mobility.
The company also invests in EV charging and battery swapping infrastructure.
- Who
- Mufin Green Finance
- What
- Mufin Green Finance secured a loan to fund electric vehicle financing.
- When
- The loan is for 10 years.
- Where
- India's tier 2 and 3 cities
- Why
- To expand EV adoption in underserved areas.
- Loan Amount
- $18 million
- Loan Term
- 10 years
- Interest Rate
- 9% (post-hedging)
- Focus Area
- EV financing in tier 2 & 3 cities
- Existing Loan Book
- $100 million
- Target Portfolio
- ₹1,300 crore