New Delhi-based Mufin Green Finance partners with equipment manufacturers to provide financing options for electric vehicles, and commercial and household solar assets. Services include leasing options for fleet operators of two and three-wheelers as well as financing for charging infrastructure and battery swapping services that allow clients to generate income without bearing upfront acquisition costs.
Developing World Markets, or DWM, has backed the company with $6.5 million in secured, non-convertible loans. The funding will help Mufin expand its lending base into India’s tier two and three markets.
The company is active in over 14 Indian states, serving nearly 25,000 clients and financing electric vehicles worth 3.5 billion rupees ($40.8 million).
Frontier focus
Connecticut-based DWM provides debt and equity to microfinance institutions, banks and cooperatives in emerging markets, with a focus on those that serve small businesses that lend to women or climate-smart solutions. Its portfolio of 80 clients includes Tanzanian microfinance institution Platinum Credit, and Alliance Finance Company, one of Sri Lanka’s oldest non-bank financial institutions.
DWM’s investment in Mufin marks its first investment in India’s e-mobility sector. DWM’s Robert Constantino said the investment, “is an important credential in our growing climate finance and renewables private credit lending strategy.”
