Mufin Green Finance Raises USD 6.5mn To Boost EV, Clean Energy Financing

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Mufin Green Finance, an Indian Non-Banking Financial Company (NBFC) focused on electric mobility and green energy, has raised Rs 54.4 crore (USD 6.5 million) through a private placement of secured non-convertible debentures (NCDs). The funding was raised from US-based impact investor Developing World Markets (DWM).

The capital, raised in two tranches with a maturity period of 36 months, will be used to expand Mufin’s loan and lease portfolio with a focus on financing electric vehicles (EVs) for productive-use businesses. It will also support the company’s initiatives in battery financing, EV charging infrastructure, and residential and commercial solar segments.

The transaction aligns with DWM’s impact thesis centred on financial inclusion, economic development, and climate action. DWM, with over two decades of experience in emerging markets, is making its first investment in India’s clean mobility and renewable energy sector under its climate finance and renewables private credit strategy.

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India’s energy transition faces urgent climate and development challenges, with increasing demand for financing clean technologies, particularly in underserved regions. Mufin said the funds will enable the company to scale its presence across Tier 2 and Tier 3 markets, and make green mobility and energy solutions more affordable and accessible.

“We are delighted to receive continued support from a global impact investor like DWM,” said Kapil Garg, Managing Director of Mufin Green Finance. “This infusion strengthens our lending capacity and validates our commitment to driving sustainable transformation in India’s mobility and energy landscape.”

Gunjan Jain, Chief Financial Officer at Mufin, said the funding comes at a strategic juncture as the company expands into high-impact sectors such as EV charging and solar energy. “With this tranche, our focus sharpens on expanding our asset portfolio and amplifying our impact across underserved markets,” she said.

Robert Constantino, Head of Private Credit at DWM, said the investment is a significant step in the firm’s growing focus on climate finance in emerging markets. Edward Marshall, Co-Managing Partner at DWM, added: “Mufin Green Finance demonstrates that combining financial inclusion with e-mobility can achieve both social and environmental impact goals.”

About Mufin Green Finance
A subsidiary of Hindon Mercantile Limited, Mufin Green Finance was established in 2016 and is India’s first listed pure-play EV financing company. The company focuses on electric vehicle loans, charging infrastructure, and swappable battery financing, with a mission to promote financial inclusion and environmental sustainability.

About Developing World Markets (DWM)
Founded in 1994, DWM is a US-based impact investment firm with more than $2.2 billion deployed across 70 countries through private debt and equity in inclusive and sustainable enterprises. DWM has been exclusively focused on impact investing since 2007.