Electric vehicle financing startup Mufin Green Finance has raised a US$7 million Green Bond from Symbiotics Investments.
The bond forms part of the USD 75 million green basket bond program structured by Symbiotics Investments in partnership with British International Investment “BII”: the United Kingdom development finance institution.
Mufin plans to use the funds to strengthen its retail EV portfolio for two- and three-wheelers (mainly electric rickshaw and electric three-wheeler vehicles) across the country.
The company 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.
Kapil Garg, the founder of Mufin Green Finance, said: “As we cater to underserved and low-income segments, it becomes imperative to expand our reach and product offerings for better customer acquisition. We are delighted to have received green bonds from Symbiotics Investments that will help us achieve our green financing goals while making a social impact in the country. With the acquired funds, we strive to remove the roadblocks for E-rickshaw drivers, sellers and dealers to shift to electric vehicles that are more sustainable and efficient as compared to conventional engines. Our go-to solution for this population will help them avail financial services while adding additional income avenues to uphold their livelihoods.”.
Prashant Bhardwaj, Symbiotics Investments Regional Manager for South Asia “Symbiotics Investments is delighted to partner with Mufin Green Finance, one of our first investments to target the EV financing segment in India and highlights the growing needs from our funds to target SDG7. This green bond confirms Symbiotics Investments’ strategy to make Sustainability, Social and Green Bonds accessible for smaller issuances in emerging and frontier markets. We are excited to nurture and grow this segment of the green bond market even further.”