Mufin Green Finance

Sector: Non Banking Financial Company - EV Finance  |  HQ: New Delhi, India  |  Founded: 2016  |  Employees: unknown

Listed as: NSE / BSE listed (MUFIN)  |  NSE / BSE  |  Ticker: MUFIN.NS

Company overview

Mufin Green Finance Limited is a New Delhi based non banking financial company focused on financing electric vehicles and other green and sustainable mobility products in India. The company was incorporated in 2016 and is registered with the Reserve Bank of India as a Non Banking Financial Company under the RBI Act. Mufin Green Finance has positioned itself as one of India's first specialised electric vehicle financing platforms, providing loans to commercial vehicle operators, last mile delivery riders, fleet aggregators and individual buyers for the purchase of electric two wheelers, three wheelers, four wheelers and selected commercial vehicles. The company is listed on the BSE in India following its listing in 2023 through a smaller issue. The loan portfolio is concentrated in commercial electric vehicles where the use case is most economically attractive given the lower running cost of EVs compared with internal combustion engine alternatives. Customers include individual commercial drivers, small fleet operators in last mile delivery, ride hailing fleet operators, and selected institutional buyers including state road transport corporations and corporate fleets. Mufin has built underwriting capabilities specific to electric vehicle financing including assessment of battery health, residual value of EVs and the cash flow patterns of commercial EV operators.

12-month price trajectory

Monthly closes over the last 12 months. Source: Yahoo Finance.

Competitive position

Mufin Green Finance competes in India's electric vehicle financing segment with a growing set of specialised EV financiers and the EV financing units of broader NBFCs and banks. Specialised competitors include Revfin, Vidyut Tech, Three Wheels United, EarthBank and others focused on commercial EV financing. Broader NBFC competitors include the auto finance units of Bajaj Finance, Mahindra Finance, Cholamandalam Investment and Finance, Shriram Finance and L&T Finance which have entered EV financing as the segment has grown. Banks including State Bank of India, HDFC Bank, ICICI Bank and selected public sector banks have also launched EV financing products. Its advantage is the focused specialisation in EV with underwriting capabilities specific to the segment, listed status providing capital access and transparency, and partnerships with major EV OEMs and fleet aggregators. Its disadvantage is sub scale relative to large broad based NBFCs that have entered the segment.

Key risks

Credit risk in commercial EV financing tied to aggregator business models Battery residual value risk as technology evolves Competition from large broad based NBFCs entering segment

Outlook

Mufin Green Finance was incorporated in 2016 in New Delhi as a non banking financial company focused on retail and commercial financing. The company progressively repositioned itself as a specialised green and sustainable mobility financier from 2019 onwards as the Indian electric vehicle market began to scale, recognising that EV financing required specific underwriting expertise that traditional auto finance lenders did not yet have. The core business is providing loans for the purchase of electric vehicles including electric two wheelers used in last mile delivery and personal mobility, electric three wheelers used as auto rickshaws and goods carriers, electric four wheelers including passenger cars and commercial vehicles, and selected larger commercial vehicles including light commercial trucks and selected electric buses through institutional channels. The loan products are structured with tenures matching the expected useful life of the vehicle and battery, interest rates calibrated to the credit risk of borrowers, and selected hire purchase and operating lease formats for fleet customers. The Indian electric vehicle market has scaled significantly over the past five years. Electric two wheeler sales have grown from negligible levels to over one million units per year in FY 2023-24 driven by brands including Ola Electric, TVS iQube, Bajaj Chetak, Ather Energy, Hero MotoCorp Vida and others. Electric three wheeler sales have similarly scaled with Mahindra, Bajaj, Piaggio, Atul Auto and others active in the segment. Electric four wheeler sales remain at smaller absolute numbers but have grown rapidly under Tata Motors leadership with the Nexon EV, Tigor EV and Punch EV, supplemented by MG Motor, Mahindra and other entrants. The commercial EV use case is particularly attractive for financing because the lower running cost of electricity versus petrol or diesel creates strong cash flow for commercial operators that supports loan servicing. Last mile delivery riders for e commerce platforms, food delivery aggregators and quick commerce operators have been a key customer segment. Three wheeler auto rickshaw operators in cities with progressive EV policies have also been an important segment. Fleet operators in ride hailing, intra city logistics and corporate transport have begun to scale. Mufin's underwriting model incorporates several EV specific factors. Battery health and residual value assessment is critical because the battery is the most expensive component of an EV and degrades over time. The cash flow patterns of commercial EV operators differ from traditional ICE commercial vehicle operators given the lower fuel cost and selected operational differences. Partnerships with EV OEMs provide preferred financier status and access to OEM data on vehicle performance. Selected partnerships with fleet aggregators provide payment intercept arrangements that reduce default risk. The listing on BSE in 2023 provided Mufin with public market access for capital raising and a transparency premium that helps in institutional lending relationships and brand building with EV OEMs and customers. Subsequent equity raises have supported portfolio growth. Financial performance is disclosed under SEBI LODR requirements. The loan portfolio has grown rapidly in recent years albeit from a small base. Net interest margins have been healthy reflecting the higher interest rate charged on the relatively higher risk EV financing portfolio. Credit costs have been managed within targets, although the segment is still relatively young and full credit cycle data is not yet available. The Indian EV financing market has grown alongside EV adoption and is expected to scale significantly over 2025 to 2030. Strategic themes for Mufin from 2025 to 2030 include scaling the loan portfolio across commercial and personal EV segments, deepening partnerships with EV OEMs and fleet aggregators for preferred financier status, expanding into adjacent green financing including charging infrastructure for fleet operators and selected solar mobility products, and building digital underwriting and collections capabilities to manage operational cost. The regulatory environment for non banking financial companies is shaped by the RBI Act 1934 and the Master Direction on Non Banking Financial Company Scale Based Regulation 2023 which applies tiered prudential norms based on NBFC size and systemic importance. Mufin falls into the smaller NBFC category with corresponding capital adequacy and provisioning norms. The Companies Act 2013 and SEBI LODR apply to the listed entity. Specific regulations on consumer credit including the Recovery of Debts Due to Banks and Financial Institutions Act, the SARFAESI Act, the Credit Information Companies Regulation Act, the Fair Practices Code under RBI, and the Digital Personal Data Protection Act 2023 apply. The Faster Adoption and Manufacturing of Electric Vehicles scheme and the recent PM E Drive scheme have provided demand side incentives that benefit financiers. Key risks include credit risk in commercial EV financing where customer cash flows are dependent on aggregator and platform business models that have themselves been volatile, battery residual value risk as battery technology evolves rapidly, liquidity and asset liability management risk that is structural to NBFC operations, regulatory tightening on consumer credit practices, intense competition from larger broad based NBFCs and banks entering the segment, and broader EV adoption trajectory risk if EV sales do not grow at expected rates. Management is led by Kapil Garg as managing director and a senior team across credit, operations, technology and corporate functions. Governance follows SEBI LODR requirements with independent directors, audit committee and risk management committee oversight. ESG is central to the company positioning. The financing of electric vehicles directly contributes to reduction in tailpipe emissions, oil import substitution and the broader transition to sustainable urban mobility. Mufin tracks tonnes of carbon dioxide emissions avoided through the EV portfolio and the social impact of supporting livelihoods of small commercial drivers through accessible EV financing.

KAMRIT point of view

Building or competing with Mufin?

KAMRIT advises promoters, family offices, and global enterprises evaluating greenfield entry into the non banking financial company - ev finance sector. Our Bankable DPR with Cost Model and ROI benchmarks your project economics against the listed-company cost structure of Mufin and peers. The Execution Partnership tier covers everything from incorporation through commissioning. A 20-minute scoping call with our partners is free.

View all 1 related project report → Book a scoping call

Related KAMRIT project reports

These reports use Mufin Green Finance in benchmarking and competitive analysis sections.

Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.