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Mufin Green has raised $18 million in funding from a U.S. based institution.
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Funds will be used to scale EV mobility financing and leasing solutions for the MSME sector.
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The 10-year loan includes an initial $10 million disbursement, with the balance of $8 million expected within 12 months.
India – Mufin Green Finance Limited, a publicly listed Indian non-deposit-taking, non-banking financial company (NBFC), has raised $18 million in debt funding from a U.S. based institution. The 10-year loan includes an initial $10 million disbursement, with the balance of $8 million expected within 12 months.
The capital will support Mufin’s financing and leasing of electric two-, three-, and four-wheel vehicles and related infrastructure. A significant portion of the funding is expected to expand credit access for micro, small, and medium enterprises (MSMEs), particularly in underserved areas. Dexter Capital served as the exclusive advisor on the deal.
Mufin has disbursed over $175 million to date and currently manages a $100 million portfolio across 26 Indian states. The company reports that 84% of its retail borrowers had not previously accessed formal credit, and the EV sector is seen as a key opportunity for boosting income among MSME drivers.
Kapil Garg, Founder and MD of Mufin Green, said, “This funding is a major step forward for us. It aligns perfectly with our mission to bridge the financing gap for electric vehicles in the MSME sector. As the EV market grows, especially in tier-2 and tier-3 cities, the need for accessible financing will rise sharply. Our aim is to support drivers, fleet owners, and small entrepreneurs who need funding to shift to electric mobility. With this capital, we can reach more of these underserved communities, provide better support, and strengthen the overall EV ecosystem. We believe that financing is a key part of making EV adoption faster and more inclusive.”
With this funding and improved financial standing, Mufin Green is well-positioned to accelerate its mission of making electric mobility more affordable and accessible across India, especially for the millions of small businesses and individuals who are key to driving the green transition.
About Mufin Green Finance
Mufin Green Finance, a subsidiary of Hindon Mercantile Limited, is a pioneer in green financing in India. Established in 2016, the company focuses on financing electric vehicles (EVs), charging infrastructure, and swappable batteries to support sustainable mobility. It is also the first listed pure-play EV financing company in India. With a presence in 14 states and over 150 cities, Mufin has disbursed loans worth ₹350 crores to support EV adoption and foster income generation. The company’s mission centers on promoting financial inclusion and environmental sustainability, targeting underserved communities to drive economic and social impact.
