Mufin Group rebrands EV lending arm as Mufin Green Finance, Auto News, ET Auto

Mufin Green Finance Senior leadership with logo

New Delhi: Mufin Group, a leading NBFC-ND, has renamed its subsidiary APM Finvest to Mufin Green Finance Limited to redefine its new avatar in Green Financing and become India’s first listed NBFC dedicated to EV Financing.

The Indian EV market is recognized for its huge growth potential with projections to reach USD 160 billion by 2030, at 90% CAGR. According to the company, Mufin Green Finance has undertaken the initiative to reduce the inequalities in providing loans to underserved segments in rural or semi-urban areas.

Kapil Garg, co-founder and MD, Mufin Group, said, “Electric Vehicles and green financing are going to be the future of automobile industry and Mufin Finance has already mastered the art of EV financing. Furthermore, multiple products under one roof in Mufin Finance created a diversified approach or focus that led to the formation of Mufin Green Finance, a listed entity, 100% focused on EV and green financing.”

To bring its 100% focus on green financing, Mufin Green Finance expanded its horizon of financing Electric Vehicles to the financing of the EV ecosystem. It has also added new products including financing and leasing of swappable and non-swappable batteries, EV chargers and battery top-up loans for its customers.

Mufin Green kick-started by disbursing more than INR 100 crore in electric vehicles within 150 days of acquisition by Mufin Group. As EV is a booming sector with massive growth potential, Mufin Green intends to grow at a fast pace, with its focus on electric vehicles, charging infrastructure and swappable batteries.

According to Pankaj Gupta, CEO, Mufin Green Finance, the company has added a full buffet of solutions to its offerings to drive our initiative of EV penetration for a greener and cleaner India.

“These solutions are well thought of and designed to ease the ownership experience of EV’s by individual & fleet operators. Going forward we wish to drive penetration of other clean technology products by easing the process of their ownership like solar, hydrogen or any environment friendly technologies over the next few years,” Gupta added.

The Mufin Group is recognized as India’s Leading E-rickshaw financier, fueling the EV ecosystem in India with its phygital approach of combining the strengths of NBFC and Fintech. The platform is instrumental in bringing EV’s worth over INR 150 crore on roads of India, which includes 12500+ E-rickshaws and 2000+ Two Wheelers. It has also grown to a team of 130+ members across 9 states with a current disbursement rate of 20+ Cr month on month.

“Various lenders fear financing the EV Segment due to its high delinquency. In spite of this, with our experience of 6 years in the EV segment as a Group, we have been able to keep our net NPAs as less as 1.92% despite the pandemic ,” Rajat Goyal, co-founder and Chief Risk Officer, Mufin Group.

Currently, Mufin Green Finance is growing at a rate of 20% Month on Month. In June 2022, the company disbursed over 2100 EVs and plans to reach a monthly disbursement rate of 4000+ EVs by the year-end.

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