Mufin Green Finance has secured Rs 54.4 crore (USD 6.5 million) through the issuance of secured, unrated, unlisted, redeemable, taxable, transferable, non-convertible debentures (NCDs) on a private placement basis from the 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.
India faces significant climate challenges, with air pollution, changing weather patterns and a rise in extreme climate events posing risks to vital sectors such as agriculture, infrastructure, and energy. Mobilising climate finance is crucial to support the country’s transition to a low-carbon economy and ensure long-term sustainable growth.
The primary objective of this fundraise is to support 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. This deployment aligns with the company’s vision to bridge financing gaps in underserved regions and make green energy and mobility solutions more accessible and affordable at scale.
Commenting on the development, Kapil Garg, Managing Director, Mufin Green Finance, said, “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. 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. The EV financing sector is at a pivotal point and strategic capital deployment will play a key role in building a future-ready, inclusive green economy.”
Gunjan Jain, Chief Financial Officer, Mufin Green Finance, stated, “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. At Mufin, we see financial innovation as the catalyst for driving green adoption at scale. This infusion of funds will empower us to not only bridge the financing gap in clean energy and electric mobility but also engineer product-specific, inclusive financial solutions that accelerate the shift of small businesses and entrepreneurs towards sustainable alternatives.”
Robert Constantino, Head of Private Credit at DWM commented, “This transaction marks the first of what we hope will be many investments in India’s rapidly evolving clean mobility and renewable energy sectors, as well as an important credential in our growing climate finance & renewables private credit lending strategy.”
Edward Marshall, Co-Managing Partner, DWM, stated, “DWM is proud to support the expansion of Mufin Green Finance’s EV leasing portfolio with this investment.
He added, “Mufin Green Finance demonstrates that combining financial inclusion with e-mobility can achieve both social and environmental impact goals.”
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