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					</table><p><a href="https://mufingreenfinance.com/" target="_blank" rel="noopener">Mufin Green Finance</a>, a listed Non-Banking Financial Company (NBFC) dedicated to electric vehicle (EV) financing, has secured ₹80 million (~$972,585) in funding from <a href="https://shellfoundation.org/" target="_blank" rel="noopener">Shell Foundation</a>, a UK-registered charity.</p>
<p>The collaboration aims to create a joint de-risking pool worth $2 million in the form of First Loan Default Guarantee (FLDG). The infusion of funds is expected to unlock commercial capital for financing 2-wheeler and 3-wheeler EVs for low-income transporters in India on a large scale, paving the way for wider adoption of clean mobility solutions.</p>
<p>The funding received from Shell Foundation will help Mufin Green Finance to leverage approximately $40-60 million in commercial debt over five years through recycling of the de-risking pool.</p>
<p>The fund raised will enable Mufin to provide financing for around 42,000 EVs, offering over 210 million rides to low-income groups and reducing 0.37 million tons of CO2 emissions over a five-year period.</p>
<p>The company said that by extending support to Mufin, Shell Foundation aims to contribute to the sustainable growth of the EV ecosystem in India and drive positive environmental impact.</p>
<p>Shell Foundation, since its inception in 2000, has been working to empower underserved communities in Sub-Saharan Africa and India by providing access to clean and renewable energy.</p>
<p>The foundation&#8217;s efforts have led to reduced CO2 emissions, job creation, and increased incomes and opportunities for over 229 million individuals.</p>
<p>Founded in 2016, Mufin Green Finance has financed EVs worth over ₹3.5 billion (~$42.5 million), indirectly reducing 38,000 tons of carbon emissions.</p>
<p>Kapil Garg, Managing Director of Mufin Green Finance, emphasized the company&#8217;s commitment to bringing new-age EV financing solutions to uplift low-income communities in India. With the trust and support of the Shell Foundation, Mufin Green Finance aims to disrupt the EV space during the ongoing fiscal year.</p>
<p>Mufin envisions expanding its operations to cover all parts of India, offering a financial solution for the underserved population, and venturing into other green financing products, such as solar panel financing, by the end of 2024.</p>
<p>Last year, <a href="https://www.mufinfinance.com/mufin-green-finance/" target="_blank" rel="noopener">Mufin Green Finance</a> and other investors <a href="https://www.mercomindia.com/daily-news-wrap-up-amplus-solar" target="_blank" rel="noopener">launched</a> the Electric Mobility Financiers Association of India which will act as a platform for institutions financing EVs and other products and services relevant to the ecosystem.</p>
<p>EV sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-q2-2023" target="_blank" rel="noopener">reached</a> 371,340 units in the second quarter of 2023, a year-over-year increase of 66% compared to 223,293 units sold in the same period last year.</p>


Mufin Green Raises ₹80 Million from Shell Foundation to Finance EVs in India

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