Mufin Green Finance To Double Loan Book In Remainder Of FY24, Says CEO Pankaj Gupta
The company believes opening up of South Indian market will double its funding opportunities.
(Source: Company)
Mufin Green Finance Pvt Ltd., an NBFC focused on electric vehicle (EV) financing, plans to increase its assets under management to Rs 800 crore in the remainder of the current financial year from around Rs 400 crore currently.
The company is present in 14 states in North India, with financing options for EVs across two-, three-, and four-wheelers. It believes plans to reach states in South India will help it achieve its target.
"We believe it is the right time for people to transition to greener vehicles at all commercial operations having a fleet of conventional internal combustion engine (ICE) vehicles," Pankaj Gupta, CEO of Mufin Green Finance told BQ Prime in an interview.
The NBFC is currently focused on financing every element of the EV ecosystem, including two- and three-wheelers, four-wheelers, fast chargers, swappable batteries and similar products to mobilise electric vehicles in the country for both retail and fleet operators.
Mufin has partnered with companies like BluSmart, Battery Smart, Alt Mobility, OHM, Alti Green, Piaggio, Yatri, Mayuri, Saarthi, Citylife, Arzoo and many more drivers of EV Ecosystem, the CEO said.
“We hope to increase the funding for three-wheeler auto’s as well as four-wheelers in a massive way once the cost of borrowing gets into single digits,” he added.
The company is also planning to expand four-wheeler leasing, but borrowing costs in this segment are elevated at around 11%.
"Competing with large banks at this pricing is the biggest challenge for NBFC like us," he said.
Mufin Green has been backed by Incofin and currently holds sanctions of over Rs 350 crore in debts from credible financing institutions such as State Bank of India, and Indian Renewable Energy Development Agency (IREDA), Northern Arc, Symbiotics, ESAF, among others. The net worth of the company is Rs 158 crore.
Shares of the company have risen sharply in recent times, even hitting an upper circuit on Friday. The price of Mufin Green Finance shares have gained more than 50% over the past month.
