Mufin Green Finance

Mufin Green Finance, a subsidiary of Hindon Mercantile Limited, operates as a non-banking financial company (NBFC) in India, with a sharp focus on green financing. Founded in 2016 by Kapil Garg and Rajat Goyal, the company initiated its journey by financing e-rickshaws in the Delhi-NCR region. Kapil Garg, a qualified Chartered Accountant and CPA from Australia, brings extensive experience in finance and auditing to his role as Co-Founder and Managing Director. This background in financial compliance and management has been instrumental in shaping the company's process-driven approach.

The company's core business revolves around providing financing for the electric vehicle (EV) ecosystem. Its product suite includes loans for electric two-wheelers, three-wheelers, and four-wheelers, as well as financing for ancillary components like charging infrastructure and swappable battery systems. In a strategic expansion, Mufin Green Finance has also ventured into solar financing, aiming to fund both residential and commercial projects. Revenue is primarily generated through interest income from its loan portfolio. The business model caters to a diverse clientele, including individual retail buyers, commercial fleet operators, and Micro, Small, and Medium Enterprises (MSMEs), with a significant emphasis on reaching underserved and rural populations. A key aspect of its social impact mission is to provide financial inclusion; a notable 84% of its retail borrowers are first-time users of formal credit.

Mufin Green Finance employs a 'phygital' strategy, which combines digital processes for loan application and credit checks with a physical presence through an in-house sales and collection team and partnerships with EV dealers and OEMs. This approach allows for efficient scaling while maintaining quality control and customer service. The company has established partnerships with numerous EV manufacturers and fleet operators, including Hero Electric, Piaggio, Zypp Electric, and BluSmart Mobility. Significant milestones include financing tens of thousands of EVs, substantial growth in its Assets Under Management (AUM), and securing considerable debt and equity funding from prominent institutions like the State Bank of India, Shell Foundation, and the U.S. International Development Finance Corporation (DFC).

Keywords: EV financing, green finance, NBFC, electric vehicle loans, solar financing, financial inclusion, sustainable finance, e-rickshaw finance, asset financing, climate finance, MSME lending, vehicle leasing, charging infrastructure finance, battery swapping finance, retail lending, commercial vehicle loans, rural financing, impact investing, sustainable transportation, green energy loans