Mufin Green Finance

What Mufin Green Finance does

Mufin Green Finance Limited is a Reserve Bank of India-registered, BSE-listed non-banking financial company (scrip code 542774, formerly APM Finvest Limited) headquartered in New Delhi and incorporated in 2016. The company specializes in financing the electric-vehicle ecosystem in India, offering loans for electric two-wheelers, three-wheelers (including e-rickshaws), four-wheelers, EV batteries, battery swapping infrastructure, and charging stations. It complements its core EV book with solar financing, mediclaim/insurance-premium financing, government employee loans, and corporate financing, with stated operations across 26 Indian states and a strategic focus on Tier 2/3 markets and first-time borrowers (84% of the EV book).

The lending platform is delivered through a phygital model: digital onboarding and real-time credit curation checks sit on top of an in-house sales and collection team, centralized underwriting, and cloud-hosted business applications with mirrored redundancies. Credit decisions on thin-file borrowers rely on telematics and psychometric profiling rather than bureau history. Distribution combines direct sales with dealer/OEM partnerships (AltiGreen, Omega, Euler, Wardwizard) and a network of more than ten lending service providers and co-lenders (NFCPL, Supergrowth, Kosh, LoanTap, Pointo, OTO, Vidyut, Care.fi, Finsall, BimaPay, Urja Mobility, InstaPe). Pricing is per-product unit-based: E4W loans carry 18-20% IRR, E2W and battery/charger financing 20-24% IRR, E-auto 22-24% IRR, and E-rickshaws 26-30% IRR, with processing fees of 2-4% and foreclosure charges of 3-4%.

Revenue is generated primarily through interest income on the loan book (₹1,541 crore AUM at FY26) supplemented by processing and foreclosure fees. The company is funded through a mix of bank debt (SBI, IREDA, ICICI, AU Small Finance, Kotak), development finance institution debt (Finnfund, US DFC, BlueOrchard, DWM, Shell Foundation), and equity from Incofin (Series A), undisclosed Series B investors, a March 2026 ₹324 crore preferential allotment, and a Tata Mutual Fund bulk stake acquisition. Capital is also raised via a new PTC/securitization channel with Aditya Birla Capital. The FY26 loan book grew 83.8% YoY, PAT nearly tripled to ₹28.21 crore, gross NPA fell to 1.94%, and Acuite upgraded the credit rating to A-.

Name

Mufin Green Finance

Legal name

Mufin Green Finance Limited

Website

https://mufingreenfinance.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

251–500 employees

Short description

Mufin Green Finance is an RBI-registered, BSE-listed Indian NBFC that finances electric two-, three- and four-wheelers, EV batteries and charging infrastructure, and also provides solar, mediclaim and government employee loans, primarily serving first-time borrowers, gig workers and fleet operators across 26 Indian states.

Ownership category

akta.pro rank

Product category

Specialty Green Asset Financing (NBFC)

NAICS

Sales Financing (522220)

SIC

Personal Credit Institutions (6141), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Microloans & Working Capital Loans (FSAKAGAA)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• EV loan products
• Solar project financing
• NBFC lending services
• Fleet vehicle finance
• Green energy financing

Headquarters

HQ city

Delhi

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. EV Financing Interest Income: Interest income from financing electric two-wheelers, three-wheelers, four-wheelers, and EV charging infrastructure; borrowers become debt-free within 15-18 months
2. Solar Financing: Financing solutions for residential, commercial, and distributed solar projects
3. Mediclaim Financing: Personal loans for insurance premium payments facilitated through partner lenders including BimaPay Finsure
4. Loans to Government Employees: Quick and reliable loan solutions tailored for government professionals
5. Corporate Financing: Structured financing solutions for business growth and expansion including dealer inventory financing
6. Battery and Charging Infrastructure Financing: Financing for EV batteries, battery swapping infrastructure, and charging point operators

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Mufin Green Finance is an RBI-registered non-banking financial company (NBFC) that provides financing solutions for electric vehicles (two-wheelers, three-wheelers, four-wheelers, batteries, and charging infrastructure), solar projects, mediclaim/insurance premium financing, government employees, and corporate borrowers. The company underwrites and disburses loans directly and through co-lending and lending service provider partnerships, serving both individual consumers (B2C) and businesses such as fleet operators, dealers, and OEMs (B2B).

Product overview

Mufin Green Finance is a non-banking financial company (NBFC) registered with RBI, offering a diversified portfolio of financing solutions centered around green and sustainable finance. The company operates as a single integrated platform with five core product lines: Mediclaim Financing (healthcare and insurance premium financing), Loans to Government Employees, Corporate Financing, Solar Financing, and Electric Vehicle Financing. The EV Financing segment is the most prominent, offering comprehensive solutions across B2B (hypothecated loans, fleet financing, battery/charging infrastructure) and B2C (two-wheeler, three-wheeler, four-wheeler loans) channels. Additional products include insurance premium financing and various sub-products like battery leasing, charging infrastructure, and EV insurance. The company also provides digital tools including a loan EMI calculator and maintains partnerships with lending service providers and co-lending partners for distribution.

Differentiator

Problem solved

Functional benefit

Products and services

• Electric Vehicle Financing Flexible and scalable financing solutions for electric vehicles including electric two-wheelers, three-wheelers (e-rickshaws), four-wheelers (passenger and commercial), EV batteries, battery swapping infrastructure, and EV charging stations. Targets both B2C individual borrowers (delivery partners, gig workers, commuters) and B2B fleet operators, dealers, and OEMs across 26 Indian states.

Quantifiable outcome

• Loan book grew 83.8% to ₹1,541 crore in FY26
• +6 more outcomes

Named customers2 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

15 partnerships are on record, tiered major and minor.

• Aditya Birla CapitalmajorStrategic or Co-development Partner · 2 April 2026PTC transaction of ₹25 crore backed by Aditya Birla Capital for mediclaim financing portfolio, rated A+ by CRISIL
• BatteryPoolminorStrategic or Co-development Partner · 14 January 2026Deeptech-fintech platform partnership for sachetized EV battery financing with daily, weekly, and prepaid EMI options; deploying INR 1-2 crore monthly credit lines
• Wardwizard Innovations & Mobility Ltd.minorStrategic or Co-development Partner · 18 December 2024Financing partnership providing financial solutions for customers purchasing electric three-wheelers; aims to increase EV adoption and support fleet operations
• NFCPLminorChannel Partner/ Reseller/ DistributorCo-lending partner; new-age technology-enabled NBFC working towards financial inclusion with contrarian approach to credit-worthy individuals
• SupergrowthminorChannel Partner/ Reseller/ DistributorCo-lending partner providing innovative financial solutions combining industry knowledge with cutting-edge technology
• KoshminorChannel Partner/ Reseller/ DistributorLending service provider offering joint liability loans ranging from INR 75,000 to INR 150,000 for India's blue-collar workforce
• InstaPeminorChannel Partner/ Reseller/ DistributorLending service provider enabling early earnings access for employees to prevent debt traps
• BimaPay (BimaPay Finsure Private Limited)minorChannel Partner/ Reseller/ DistributorLending service provider facilitating personal loans for insurance premium payments through partner lenders
• Care.fiminorChannel Partner/ Reseller/ DistributorHealthcare-focused lending service provider solving critical challenges in India's healthcare sector through finance and commerce integration
• FinsallminorChannel Partner/ Reseller/ DistributorInsurance ecosystem partner enabling premium financing integrated within insured's purchase flow through API integration
• LoanTapminorChannel Partner/ Reseller/ DistributorFinTech partner offering two-wheeler loans at competitive EMIs; fastest-growing trusted platform in the industry
• Urja MobilityminorChannel Partner/ Reseller/ DistributorBattery leasing solution provider for 2-wheeler and 3-wheeler EVs enabling affordable access through flexible leasing model
• PointominorChannel Partner/ Reseller/ DistributorBattery distribution and service network offering affordable, leaseable, and finance-ready lithium-ion batteries to e-rickshaw drivers and fleets
• OTO CapitalminorChannel Partner/ Reseller/ DistributorPlatform for discovering, researching, and buying bikes online; facilitates two-wheeler loans at competitive rates
• Vidyut Green Labs Private LimitedminorChannel Partner/ Reseller/ DistributorLoan service provider specializing in electric three-wheeler financing; partners with NBFCs and banks to source borrowers and facilitate loan processing

Scale indicators18 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Bajaj Finance: India's largest retail-focused NBFC with a diversified vehicle, consumer, and SME lending portfolio including two/three-wheeler financing. Comparable as a scaled Indian NBFC lending to similar consumer and small-business segments, though significantly larger and broader than Mufin.
• Cholamandalam Investment and Finance: Major Indian NBFC specializing in vehicle finance (used and new cars, two-wheelers, tractors, commercial vehicles) and SME lending. Directly comparable as a vehicle financing NBFC serving similar customer segments, but at much larger scale and broader product mix.
• Shriram Finance: India's largest NBFC focused on commercial vehicle, two-wheeler, and used vehicle financing with strong presence in semi-urban and rural markets. Comparable for its vehicle financing focus and Tier 2/3 market orientation overlapping with Mufin's distribution strategy.
• Mahindra & Mahindra Financial Services: Vehicle-focused NBFC serving rural and semi-urban India with financing for autos, tractors, and commercial vehicles. Comparable for its focus on underserved borrowers and rural/semi-urban dealer-network financing model.
• L&T Finance Holdings: Diversified Indian NBFC with vehicle finance, farm equipment, and rural lending. Comparable for the vehicle finance overlap and rural/semi-urban distribution focus.

Direct peers

• Hero FinCorp: NBFC primarily engaged in two-wheeler financing including EVs, with deep dealer network across India. Directly comparable in the EV two-wheeler financing segment where Mufin also has significant exposure.
• Revfin: EV-focused fintech-NBFC providing financing for electric three-wheelers, commercial vehicles, and last-mile mobility. Direct competitor in the EV commercial vehicle and fleet financing space where Mufin has built a significant book.
• OTO Capital: Two-wheeler financing platform with focus on EVs, partnering with dealers and OEMs for retail loan origination. Direct competitor as a channel partner/distributor relationship for Mufin and in the same EV two-wheeler segment.
• Turno: Commercial EV financing platform focused on three-wheeler and small commercial vehicle financing for fleet operators. Direct competitor in EV fleet financing with overlapping customer profile of small fleet operators and gig workers.

Emerging players

• Vidyut Green Labs: Loan service provider specializing in electric three-wheeler financing that partners with NBFCs and banks to source borrowers. Both competitor and channel partner for Mufin in the EV three-wheeler financing ecosystem.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mufin-green-finance

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds10 records

Investors16 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mufin Green Finance