uFin Green Finance, one of India’s top non-bank lenders for clean mobility and energy, raised $6.5 million from Developing World Markets (DWM). The funds came through a private sale of secured, non-convertible debentures. The money was raised in two parts via unsecured, unlisted NCDs with a 36-month life. This is DWM’s first investment in India’s e-mobility and clean energy sectors. “This deal is just the start of many investments we hope to make in India’s growing clean mobility and renewable energy industries,” said Robert Constantino, Head of Private Credit at DWM. “It shows our commitment to climate finance and private lending in renewables.” Mufin plans to use the funds to expand loans and leases for electric vehicles (EVs) used in production, battery finance, charging stations, and solar projects, both residential and commercial. The company wants to make clean energy and mobility options available to underserved Tier II and III markets.
“We are happy to continue working with DWM, a global impact investor,” said Kapil Garg, Managing Director of Mufin Green Finance. “This support boosts our ability to lend and confirms our dedication to shaping a sustainable future for India’s mobility and energy sectors.” Founded in 2016, Mufin owns India’s first listed company solely focused on EV financing. It’s a subsidiary of Hindon Mercantile and has grown steadily in green finance, especially in low-income and semi-urban areas.
“This fundraising happens at a key moment as we expand our work and enter sectors like EV charging stations and solar energy,” said Gunjan Jain, CFO of Mufin. “These funds will help bridge the gap in clean energy and electric mobility finance, while also allowing us to create more inclusive products.”
DWM, based in Stamford, Connecticut, has invested over $2.2 billion across 70 markets. It has done more than 900 private debt and equity deals.