Mufin Green Secures $1 Million in Funding from Shell Foundation to Expand EV Financing

Mufin Green Finance Limited, previously known as APM Finvest Ltd., a New Delhi based Non-Banking Financial Company (NBFC), has successfully raised INR 80,000,000 (approximately USD 1 million) from Shell Foundation, a UK registered charity, according to a report by Economic Times.

As an NBFC, Mufin Green Finance focuses on providing Electric Vehicle (EV) loans for income generation purposes. The funds secured from Shell Foundation will be utilized to create a joint de-risking pool worth $2 million, known as First Loan Default Guarantee (FLDG). This move is expected to unlock commercial capital for financing 2-wheeler and 3-wheeler EVs for low-income transporters in India on a large scale, with the collaboration of prominent financial institutions such as IREDA and SBI. The goal is to promote the wider adoption of clean mobility solutions in the country.

According to the Economic Times report, this funding is projected to enable Mufin Green Finance to finance approximately 42,000 EVs, providing over 210 million rides to low-income groups and resulting in the reduction of around 0.37 million tons of CO2 emissions over the course of five years.

Established in 2016, Mufin Green Finance holds the distinction of being India’s first listed NBFC with a sole focus on EV financing. With a capital base of 150 Cr and a disbursement history of 250Cr for EV vehicles, Mufin has financed EV assets worth more than 300Cr in the past couple of years. The company proudly claims a 7-8% market share in the financing of electric rickshaws (Erickshaws) within its operating territory, which spans across 14 states.

Mufin Green Finance operates as a subsidiary of Hindon Mercantile Limited and is backed by Incofin India Progress Fund, a Belgium-based impact investor, as equity partners. The company’s debt partners include State Bank of India, IREDA (India’s most trusted financial institution for renewable energy), and Symbiotic, a global impact fund that has entered into a partnership in the form of green bonds with Mufin Green Finance.

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