Mufin Green Finance Ltd., an NBFC focused on electric vehicle (EV) financing, has announced that its board will meet on July 30 to consider raising of funds by way of private placement of Unlisted, Secured, Non-Convertible Debentures.
Earlier, the company had announced allotment of non-convertible debentures, raising a total of Rs. 22 Cr.
The company is present in 14 states in North India, with financing options for EVs across two, three-, and four-wheelers. It believes plans to reach states in South India will help it achieve its target
“We believe it is the right time for people to transition to greener vehicles at all commercial operations having a fleet of conventional internal combustion engine (ICE) vehicles,” Pankaj Gupta, CEO of Mufin Green Finance Ltd. added.
The company is currently focused on financing every element of the EV ecosystem, including two- and three-wheelers, four-wheelers, fast chargers, swappable batteries and similar products to mobilise electric vehicles in the country for both retail and fleet operators. Mufin has partnered with companies like BluSmart, Battery Smart, Alt Mobility, OHM, Alti Green, Piaggio Yatri, Mayuri, Saarthi, Citylife, Arzoo and many more drivers of EV Ecosystem.
“We hope to increase the funding for three-wheeler auto’s as well as four-wheelers in a massive way once the cost of borrowing gets into single digits,” he added.
The company is also planning to expand four-wheeler leasing, but borrowing costs in this segment are elevated at around 11%. “Competing with large banks at this pricing is the biggest challenge for NBFC like us,” he said.