NBFC firm Mufin Green Finance partners with EV cab aggregator; stock gains

Non-banking financial company (NBFC) Mufin Green Finance has partnered with Snap-E Cabs, a ride-hailing service provider. The company will provide a fleet of 1,000 electric four-wheelers to the battery-operated aggregator.

Snap-E Cabs is a ride-hailing service provider in Kolkata with a 100 per cent electric vehicle fleet. The company is looking to expand its fleet in a bid to increase its market share.

"Mufin Green Finance has collaborated with Snap-E Cabs, an app-based fleet of 100 per cent Electric Vehicles (EV) based in Kolkata," it said in a statement.

After the 5-year lease term, it added that Snap-E Cab can buy back these vehicles from Mufin Green Finance.

Apart from Mufin Green, it has also entered into partnerships with Mahindra & Mahindra Finance, ICICI Bank, and HDFC Bank.

BSE-listed Mufin Finance Green is a non-banking financing company (NBFC). It is focused on financing every element of the EV ecosystem, including two-wheelers, three-wheelers, four-wheelers, fast chargers and swappable batteries. The company has a presence in 14 states in north India.

Meanwhile, Mufin Green Finance shares gained around 3.50 per cent to hit an intraday high of Rs 87.10. It is less than 5 per cent away from a 52-week high of Rs 90.80. Its shares have delivered a multibagger return of 101 per cent in the last six months.