EV financing NBFC Mufin Green Finance raises Rs 140 crore in Series B funding

EV financing NBFC Mufin Green Finance has raised Rs 140 crore in Series B round of equity funding, on top of Rs 530 crore raised in debt funding, last financial year, the company announced on Tuesday. The debt was raised from financial institutions including State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra while equity investment had substantial support from family offices, the company said without disclosing the names of family offices.

Mufin Green Finance said the capital will be used to “accelerate Mufin’s growth trajectory” and “scale up their business operations in the down west region of the country.”