Mufin Green Finance Has Partnered With Snap E Cab To Offer 100 Tata Tigor Cars

An app-based fleet of 100% electrical vehicles (EV) located in Kolkata, Snap-E Cabs, and Mufin Green Finance have partnered. 100 Tata Tigor cars will be available through Mufin Green Finance on a five-year lease. The fleet of Snap E Cab will now consist of 600 cars, up from the previous 400, when these vehicles are put to use as cabs in Kolkata. Mufin Green Finance will let Snap E Cab return these cars to them after the five-year lease period.

Mufin has already teamed with numerous other EV Ecosystem drivers, including BluSmart, Battery Smart, Piaggio, Yatri, Mayuri, Saarthi, Citylife, Arzoo, Alt Mobility, OHM, and Alti Green. In order to deploy electric cars in the nation for both retail and fleet operators, Mufin Finance Green is an NBFC that focuses on financing every component of the EV ecosystem, including two- and three-wheelers, four-wheelers, fast chargers, swappable batteries, and similar products. In the next two years, the company has set a goal to quadruple its asset base which is 400 crores or more in assets currently.

Snap-E Cabs has the option to repurchase the cars from Mufin Green Finance at the end of the five-year lease period. Using an app, Snap-E Cabs offers 100% electric automobiles on demand. The company also collaborated with ICICI and HDFC Finance, which delivered another batch of 50 Tata Tigor cars, and Mahindra & Mahindra Finance, which leased 50 vehicles for three years. The fleet size of Snap-E Cabs will double in FY '24, and the company plans to enter additional markets like Bhubaneswar and Raipur.

The firm has announced plans to raise funds up to Rs 140 crore by issuing 2,55,00,000 warrants, each of which is convertible into or exchangeable for one equity share within a period of 18 months. This announcement was made on Thursday, September 28, 2023. At a price of Rs 55 per equity share, the warrants were made available.

On Friday, the shares of Mufin Green Finance were available on the BSE to trade at Rs 86 apiece. The scrip made a 52-week-high of Rs 90.80 on (05/10/2023) and a 52-week-low of Rs 29.83 on (17/10/2022).