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Mufin Green Finance Raises INR 50 Crore via NCD from InCred Capital

Mufin Green Finance has raised INR 50 crore through its second listed NCD issuance on BSE’s EBP platform, with InCred Capital as the investor, aimed at expanding its loan portfolio across consumer and clean energy segments.

November 05, 2025. By Mrinmoy Dey

Mufin Green Finance, an NBFC focused on electric mobility and clean energy financing, has announced the raise of its second listed non-convertible debenture (NCD) on the EBP Platform of BSE for an issue worth INR 50 crore.

The NCD carries a coupon rate of 11 percent with a maturity of 15 months. This helps in broadening access to listed instruments and diversifying funding channels to strengthen its lending capacity, the company said in a statement.

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 premiums, a fast-growing consumer financing product, while 10 percent will be deployed for EV loans, battery financing, and solar panel installations for individuals and small businesses. This balanced allocation will help Mufin Green to diversify its portfolio while continuing to strengthen its clean energy and health focus.

Commenting on the development, Kapil Garg, Managing Director of Mufin Green Finance, said, “Our focus has always been on identifying financing gaps and designing innovative solutions that empower individuals and businesses alike. The launch of our first listed NCD marks a key milestone in this journey, enabling us to access a wider investor base and strengthen our funding foundation.”

He further added, “With this INR 50 crore raise, we aim to go beyond expanding our lending volumes; our objective is to create a balanced portfolio that supports both consumer finance and the adoption of sustainable energy solutions. We remain committed to offering accessible and impact-driven financial products that address real needs while contributing to long-term resilience. This fundraise represents more than capital; it reflects our commitment to India’s sustainability goals and to financial inclusion at every level. By integrating health and green financing under one platform, Mufin is shaping a more inclusive, responsible, and future-ready financial ecosystem.”

Speaking on the announcement, Gunjan Jain, Chief Financial Officer at Mufin Green Finance, said, “This listed NCD issuance reflects our commitment to diversifying funding avenues and strengthening our access to capital markets. By introducing listed instruments, we are opening new channels for investor participation and fostering greater engagement with our growth trajectory. The NCD supports our strategy in three key ways: diversifying our portfolio, maintaining a balance between Mediclaim premium financing and green financing, and extending our reach to underserved regions.”

She further added, “Over the long term, our goal is to create a well-rounded capital structure that combines equity, debt, and listed instruments, ensuring financial resilience and sustainability. This fundraise marks the beginning of a new chapter for Mufin, where healthcare and sustainability will stand as twin pillars driving our future growth.”

Previously, Mufin Green Finance had raised INR 54.4 crore through a private placement of secured, unrated, unlisted, redeemable, taxable, and transferable non-convertible debentures (NCDs) 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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