Mufin Group rebrands EV lending arm, to fuel electric vehicle ecosystem in India

Mufin Group with an intention to expand its core EV financing product to new horizons, have renamed the listed entity APM Finvest Ltd to Mufin Green Finance Limited with a focus to provide income-generating loans to increase the penetration of green vehicles in the country. With this, Mufin Group becomes India’s first listed NBFC dedicated to EV financing.

The Indian EV market is recognised for its huge growth potential with projections to reach USD 160 Bn by 2030, at a 90% CAGR. Considering the government’s push to nurture the EV ecosystem and desire to reduce environmental pollution, Mufin Green Finance Limited has undertaken the initiative to reduce the inequalities in providing loans to underserved segments in rural/semi-urban areas.

“Electric Vehicles and green financing is going to be the future of automobile industry and Mufin Finance has already mastered the art of EV financing. Furthermore, multiple products under one roof in Mufin Finance creates a diversified approach or focus that led to the formation of Mufin Green Finance, a listed entity, 100% focused on EV and green financing,” Kapil Garg, co-founder & MD of Mufin Group, said.

To bring its 100% focus on green financing, Mufin Green Finance expanded its horizon of financing Electric Vehicles to the financing of the Electric Vehicles ecosystem. As a result, it led to the addition of new products including financing and leasing of swappable and non-swappable batteries, EV chargers and battery top-up loans for existing customers.

Talking about new business plans, Pankaj Gupta, CEO- Mufin Green Finance, said that Mufin Green Finance has plans to drive penetration of other clean technology products by easing the process of their ownership like solar, hydrogen or any environment friendly technologies over the next few years.

All these initiatives will have an immense impact on the environment and make livelihood better for the unserved segment.