EV financing firm Mufin raises $7 million in green bond from Symbiotics Investments

Electric vehicle financing firm Mufin said on Wednesday it has raised USD 7 million (around Rs 58 crore) in green bond from Symbiotics Investments. With the issuance of this green bond, the company plans to strengthen its retail EV portfolio for two- and three-wheelers (mainly electric-rickshaw and electric three-wheeler vehicles) across the country, Mufin said in a statement on Wednesday.

The bond forms part of the USD 75-million green basket bond programme structured by Symbiotics Investments in partnership with British International Investment (BII).

Mufin said it has set a goal to initially connect with 5,000 consumers and then increase its reach to surpass 1,00,000 by expanding this partnership.

"Mufin has received green bonds from Symbiotics Investments that will help us achieve our green financing goals. With the acquired funds, we strive to remove the roadblocks for e-rickshaw drivers, sellers and dealers to shift to electric vehicles," said Kapil Garg, founder of Mufin Green Finance.

This is Symbiotics' first investment to target the EV financing segment in India and highlights the growing needs from the company's funds to target SDG 7, said Prashant Bhardwaj, Regional Manager for South Asia AT Symbiotics Investments.

"This green bond confirms Symbiotics Investments' strategy to make sustainability, social and green bonds accessible for smaller issuances in emerging and frontier markets," he stated.

A listed NBFC with a 100 per cent focus on EV financing Mufin Green Finance has a capital base of USD 18 million. The company has financed over USD 36 million worth of EV assets and holds an 8 per cent market share of total e-rickshaw financing in India, according to the statement.