New Delhi, Jan. 20 -- Non-bank lender Mufin Green Finance Ltd, which is backed by Belgium-based impact investor Incofin, is raising up to $12 million (about Rs 109 crore) from Finnish development finance institution Finnfund.
The company will use the capital, being raised as a term loan, for onward lending, the non-bank lender said in a stock-exchange filing.
Established in 2016 by chartered accountant Kapil Garg, Mufin Green Finance focuses on financing electric vehicles (EVs), charging infrastructure, and swappable batteries to support sustainable mobility. Apart from green financing, the company also provides mediclaim premium financing.
Mufin Green Finance is majority owned by Hindon Mercantile Ltd, which is separately backed by Lighthouse Canton Venture Debt Fund.
The green financier's assets under management rose to Rs 836 crore as on March 31, 2025, from around Rs 600 crore a year earlier. The company's consolidated net profit rose to nearly Rs 20 crore in FY25 from Rs 16.1 crore the year before, due to growth in its assets under management.
In a May 2025 interaction with VCCircle, Mufin chief financial officer Gunjan Jain had disclosed that the company planned to raise equity capital to supplement growth and keep its debt-to-equity ratio under check. The firm aimed to hit an AUM of Rs 1,500 crore ahead of the equity raise.
Last year, the company raised Rs 54.4 crore by issuing non-convertible debentures to impact investing firm Developing World Markets. The company also raised Rs 50 crore by issuing NCDs to InCred Capital.
Published by HT Digital Content Services with permission from VC Circle.