Mufin Green Signs USD 18-Mn Loan Agreement With US DFC

Mufin Green Finance Limited, a prominent climate financing Non-Banking Financial Company (NBFC) has successfully entered into a loan agreement with US DFC for an amount of $18 million. The loan is expected to strengthen the lending business of Mufin Green as per the regulatory filing made. The agreement with the United States of America's development finance agency was completed on November 29, 2024.

This achievement comes immediately after Mufin Green entered into a business collaboration agreement with Wardwizard Innovations & Mobility Limited (WIML) which is in the business of manufacturing electric vehicles under the Joy e-bike and Joy e-rik brand. The partnership aims to develop specific financing solutions for the purchase of Wardwizard's L3 Passenger and L5 Cargo electric three-wheelers that will enable more consumers throughout India to access and purchase them.

This partnership MOU was signed by Mr. Akhtar Khatri, Sales & Strategy Director, Wardwizard Innovations & Mobility Limited, Mr. Dhiraj Agrawal, CBO, Mufin Green Finance Limited and other staff members from both organizations. Mufin Green Finance will provide easy financing to the buyers of Wardwizard's electric three-wheelers through its network of authorized dealers.

Furthermore, the Board of Directors of Mufin Green has sanctioned the issuance of unlisted, rated, redeemable and secured senior, convertible nondeductible debentures based on private placement of about 15 crores. This resolution has been taken based on its overall plan of broadening its lending activities, it only seeks regulatory endorsement.
Thereafter, this aspect of providing vehicle financing to the underbanked population of India assists in overcoming some of the social and climatic issues that the country faces. This not only helps with sustainability but also promotes EV usage and drives financial inclusion by cutting down on EV adoption restraints. As expressed in its strong financial performance, the company's market capitalization stands at Rs 1,957 crore and the profits have a compounded growth rate of 180% over a three-year interest span.

Mufin Green is one of the leaders in providing climate financing and is actively participating in EV finance where loans are extended for electric vehicles, charging infrastructure, and swappable batteries, machinery and properties. The company is regulated under the Reserve Bank of India and has lent out more than Rs 1,250 crore worth of loans and has made a huge environmental and social contribution. Such initiatives are cutting down on carbon emissions, creating economic activities and boosting women's empowerment.

Mufin Green became part of India's transition to a greener future. The company's initiatives are in consonance with its vision of contributing towards environmental metamorphosis, financial inclusiveness and social development. By promoting clean technologies and supporting sustainable mobility, Mufin Green is enhancing its role as one of the providers of green finance in Singapore.