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

Electric vehicle finance company Muffin said on Wednesday it has raised USD 7 million (approximately Rs 58 crore) worth of green bonds Symbiotics Investments. With the issuance of this green bond, the company plans to bolster its retail EV portfolio for two- and three-wheelers (mainly electric rickshaws and electric tricycles) across the country, Mufin said in a statement Wednesday.

The bond is part of the USD 75 million green basket bond program established by Symbiotics Investments in partnership with British international investment (BI).

Mufin said it aims to reach 5,000 consumers initially and then expand its reach to more than 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 funds raised, we aim to remove the barriers for e-rickshaw drivers, sellers and dealers to transition to electric vehicles, said Kapil Gargfounder of Mufin Green Finance.

This is Symbiotics’ first investment targeting the EV finance segment in India and highlights the growing need for the company’s funds to focus on SDG 7, it said Prashant BhardwajRegional Manager for South Asia AT Symbiotics Investments.

“This green bond confirms Symbiotics Investments’ strategy to make sustainable, social and green bonds accessible to smaller issues in emerging and frontier markets,” he said.

A publicly traded NBFC with a 100 percent focus on EV financing Mufin Green Finance has a capital base of USD 18 million. The company has financed more than USD 36 million in EV assets, according to the statement, and has a market share of 8 percent of total e-rickshaw financing in India.