Mufin Green Finance Raises INR 50 Crore to Strengthen EV and Clean Energy Financing
Mufin Green Finance has raised INR 50 Crore through its first listed Non-Convertible Debenture (NCD) issue on the BSE EBP Platform. The issue, subscribed by InCred Capital Wealth Portfolio Managers, carries a 15-month tenure with an 11 percent coupon rate.
September 18, 2025. By News Bureau
The primary objective of the fundraise is to expand Mufin’s loan portfolio across both consumer and clean energy segments. Around 90 percent of the proceeds will be directed towards financing medical premium, while 10 percent will be deployed for EV loans, battery financing and solar panel installations for individuals and small businesses.
Commenting on the development, Kapil Garg, Managing Director of Mufin Green Finance, said, “We have always focused on identifying financing gaps and creating innovative solutions that empower individuals and businesses. The launch of our first listed NCD is a crucial milestone, as it gives us access to a wider pool of investors and adds depth to our funding base. With this INR 50 Crore raise, we are aiming not just at expanding lending volumes, but also at creating a balance between consumer finance and sustainable energy adoption. Our objective is to bridge these financing gaps with practical, accessible and impact-driven solutions. As an organisation, we see this fundraise as a way to build long-term resilience and support India’s larger sustainability goals, while also addressing everyday financial needs of individuals. This dual focus will help us grow inclusively and responsibly, while also positioning Mufin as a unique player that can balance health and green financing in one portfolio.”
By allocating funds to EV and clean energy adoption, Mufin aims to strengthen its role in India’s sustainable mobility ecosystem, supporting individuals and small businesses with practical and accessible green financing solutions.
Speaking on the announcement, Gunjan Jain, Chief Financial Officer at Mufin Green Finance, said, “This listed NCD issue demonstrates our intent to diversify funding sources and build stronger access to capital markets. By bringing in listed instruments, we are broadening participation and creating new ways for investors to engage with our growth story. This NCD helps us in three ways: diversifying our portfolio, balancing Mediclaim premium financing and green financing, and expanding to underserved geographies. Our long-term plan is to build a mix of equity, debt and listed instruments that gives us financial strength and stability. With this raise, Mufin is entering a new phase of growth where healthcare and sustainability will both play equally critical roles in shaping our journey.”
Previously, Mufin Green Finance had raised INR 54.4 Crore (USD 6.5 Million) through a private placement of secured, unrated, unlisted, redeemable, taxable and transferable NCD from Developing World Markets (DWM). The funds, disbursed in two tranches with a 36-month maturity, were directed towards expanding EV loans, battery financing, charging infrastructure and solar panel deployments, further strengthening Mufin’s role in India’s clean mobility and green energy transition.
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