Mufin Green Finance Secures $18 Million to Boost EV Lending for MSMEs

Mufin Green Finance Secures $18 Million to Boost EV Lending for MSMEs

Mufin Green Finance has raised $18 million in debt funding from a US-based institution to expand electric vehicle (EV) financing and leasing solutions for India’s micro, small and medium enterprises (MSMEs).

The 10-year loan includes an initial disbursement of $10 million, with the remaining $8 million expected within 12 months, the company said in a statement.

A publicly listed non-banking financial company (NBFC), Mufin said the capital will support credit access for electric two-, three- and four-wheelers, along with associated infrastructure, with a focus on underserved regions. Dexter Capital acted as the exclusive advisor on the transaction.

$175 million in EV loans

To date, Mufin has disbursed over $175 million in EV loans and manages a portfolio of $100 million across 26 Indian states. According to the company, 84 percent of its retail borrowers had never accessed formal credit before.

“This funding is a major step forward,” said Kapil Garg, Founder and Managing Director of Mufin Green. “As the EV market expands, especially in tier-2 and tier-3 cities, accessible financing will be critical. We aim to support drivers, fleet operators, and small businesses making the shift to electric mobility.”

Mufin, a subsidiary of Hindon Mercantile Limited, is India’s first listed EV-focused financier. Founded in 2016, the firm operates in 14 states and more than 150 cities. It has disbursed over ₹350 crore to date, targeting financial inclusion and environmental sustainability through EV lending.