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Mufin Green Secures $18M US Debt to Expand EV Financing for MSMEs

Mufin Green Finance Ltd., a publicly listed Indian NBFC specializing in electric mobility, has secured USD 18 million in debt funding from a US-based institutional lender. The 10-year loan will be disbursed in two tranches—USD 10 million initially and the remaining USD 8 million within 12 months. This capital infusion will be used to expand Mufin’s financing and leasing of electric two-, three-, and four-wheelers, as well as related infrastructure.

A key focus of the funding is to improve credit access for micro, small, and medium enterprises (MSMEs), especially in underserved and rural areas. Mufin has already disbursed over USD 175 million and manages a portfolio worth USD 100 million across 26 states in India. Notably, 84% of its retail customers had never accessed formal credit before, underlining its impact in financial inclusion.

Kapil Garg, Founder and MD of Mufin Green, emphasized that the investment will help support drivers, fleet operators, and small business owners—critical players in India's EV transition, particularly in tier-2 and tier-3 cities. The company views accessible financing as vital to accelerating EV adoption and building a more inclusive ecosystem.

With this latest round of funding, and Dexter Capital as the exclusive advisor, Mufin Green is strategically positioned to scale its operations and make electric mobility more affordable and accessible nationwide.