Mufin Green Finance is a listed Delhi-based NBFC, formerly APM Finvest, that finances electric vehicles, charging infrastructure, swappable batteries and solar assets.

This Startup Deep Dive explains what Mufin Green Finance does, how it makes money, who backs it, how it compares with rivals and what could go wrong, using publicly available information. It is educational and not investment advice. Last updated: October 2026.

Mufin Green Finance in Brief

• What it is: Mufin Green Finance is an Indian EV financing NBFC company based in New Delhi (Pitampura).
• Who it serves: consumers, merchants, banks, lenders and enterprises.
• Mufin finances electric two-, three- and four-wheelers, chargers, swappable batteries and battery top-up loans.
• It also lends for solar financing, mediclaim financing, corporate financing and loans to government employees (company site).
• Reported use of funds includes EV loans and leases, batteries, charging infrastructure and solar projects in underserved markets.
• Funding: Reported: Series B equity of Rs 140 crore (February 2024) plus Rs 530 crore of debt in FY24 and an $18 million US DFC loan (January 2025).

Mufin Green Finance Quick Facts

Figures marked “reported” come from published reports and may differ between sources; “Not disclosed” means no reliable public figure was found.

What Is Mufin Green Finance?

Mufin Green Finance operates in the EV financing NBFC space in India. Understanding a company like this starts with three questions: who is the customer, what painful problem is being solved, and why the solution is better than the alternatives. The sections below apply that lens to Mufin Green Finance.

• Mufin finances electric two-, three- and four-wheelers, chargers, swappable batteries and battery top-up loans.
• It also lends for solar financing, mediclaim financing, corporate financing and loans to government employees (company site).
• Reported use of funds includes EV loans and leases, batteries, charging infrastructure and solar projects in underserved markets.
• Company site: Rs 400+ crore AUM in the EV segment.

The Origin Story of Mufin Green Finance

Every company starts from a noticed gap and a team willing to commit to closing it. Strong origin stories are specific: a clear problem, a founding team with relevant skills, and an early product that real customers could test. Founder-market fit, meaning the team’s lived experience or technical depth in the domain, tends to predict how fast a young company learns.

• Founders: Kapil Garg, Rajat Goyal.
• The company was incorporated in 2016 as APM Finvest Limited and later renamed Mufin Green Finance; Kapil Garg and Rajat Goyal are listed as founders.
• Garg, a chartered accountant and Australian CPA, is co-founder and managing director.
• It started by financing e-rickshaws in the Delhi-NCR region, and one report describes it as a subsidiary of Hindon Mercantile Limited.
• It is listed on the BSE.

Key Milestones and Challenges

No startup grows in a straight line. Early years usually involve slow adoption, product rewrites, hiring mistakes and funding gaps. In the EV financing NBFC sector the common turning points are a first paying customer, a regulatory approval, a successful product demonstration or a funding round that lets the team invest ahead of demand. How a team responds to setbacks says more about resilience than any single headline.

• May 2016: incorporated as APM Finvest.
• February 2024: raised Rs 140 crore Series B equity from family offices, plus Rs 530 crore of debt from 30+ lenders in FY24.
• March 2024: $5 million debt led by BlueOrchard; AUM Rs 502 crore as of December 2023.
• January 2025: 10-year US$18 million loan from the US International Development Finance Corporation, with USD 10 million disbursed immediately.
• July 2025: $6.5 million from Developing World Markets via secured unlisted NCDs.

Mufin Green Finance Funding and Investors

Funding history shows how much outside confidence a company has attracted and how long it can operate before needing more capital. Figures below are reported and may differ between sources; valuation figures are estimates unless the company has confirmed them.

• Reported: $5.7 million Series A.
• Reported: Rs 140 crore Series B equity (February 2024) from family offices; Incofin India Progress Fund reported as an equity partner.
• Reported: US$18 million 10-year debt from the US DFC (January 2025).
• Reported: debt from SBI, IREDA, Symbiotics, Northern Arc, AU Small Finance Bank, ICICI Bank and Kotak Mahindra Investments.

How Does Mufin Green Finance Make Money? (Business Model)

A business model describes who pays, how often and how much it costs to serve them. Strong models show repeat usage, improving margins with scale and acquisition channels that do not depend only on paid spend. Weak models show one-off sales, rising costs and growth that stops when spending stops. For companies selling to consumers, merchants, banks, lenders and enterprises, sales cycles and contract size matter as much as headline growth.

• Interest income from EV loans and leases, funded mostly by debt from banks, DFIs and impact lenders.
• It targets small EV fleet operators and rooftop solar developers, often borrowers with little formal credit history.

The Numbers: Mufin Green Finance Financials

Financial figures show whether growth is turning into a self-sustaining business. Small and private companies often disclose little, so any number below is included only if it was found in public reporting.

• FY25 revenue from operations Rs 181.38 crore vs Rs 97.80 crore in FY24; net profit Rs 19.24 crore vs Rs 16.06 crore (other sources show Rs 19.61 to 20.28 crore, so reports differ).
• FY25 profit before tax Rs 25.93 crore; finance costs Rs 89.47 crore (more than double FY24).
• AUM: Rs 502 crore (December 2023); one source puts FY25 AUM at Rs 838 crore (Rs 624 crore in FY24).
• Reported Q4 FY26: net profit about Rs 11.1 crore (up 184.6%) and revenue Rs 63.9 crore (up 59%).

Market Opportunity for Mufin Green Finance

Market size is easy to exaggerate, so a useful approach separates the total market from the portion a company can realistically reach with its current product and distribution. The main forces behind demand in this sector are the scale of UPI, rising digital lending, growing participation in investing and insurance, and the digitisation of small merchants. Each of these widens the opportunity, but capital efficiency and execution decide who captures it.

• Reported: portfolio of about USD 100 million across 26 states; 84% of retail borrowers reportedly had no prior formal credit.
• In March 2024 it had financed EVs worth over Rs 350 crore across 16 states.

Technology and Product at Mufin Green Finance

Technology is rarely the whole moat, but it drives speed, cost and customer experience. A practical way to assess it is to separate the capability the company controls from the commodity infrastructure it rents. In this sector the important factors are uptime, security, fraud controls, integrations with banks and the speed of onboarding customers.

• It credits a tech-enabled credit risk approach and digital platforms for scaling into urban and rural markets.

Team and Culture at Mufin Green Finance

Teams are the most important and least measurable asset of a young company. Look at how complementary the founders’ skills are, how deep the second layer of leadership is, and how the company hires and retains specialists. Culture shows up in small repeated behaviours: how quickly bad news travels upward and whether commitments to customers are kept.

• Kapil Garg is co-founder and managing director; Rajat Goyal is the other listed founder.

Mufin Green Finance Competitors: Competitive Landscape

A fair competitive analysis names direct rivals, adjacent players who could move into the space, and the customer’s default alternative. Durable advantages include proprietary data or technology, licences and approvals, brand trust, switching costs and cost leadership.

Risks and Challenges for Mufin Green Finance

• Finance costs more than doubled in FY25, so margins depend on cheap debt access.
• Lends to small fleet operators and first-time borrowers, which raises credit risk.
• EV resale values and battery technology change are uncertain.
• Regulatory risk: rules from the RBI, SEBI, IRDAI or NPCI can change economics or business scope quickly.
• Concentration risk: dependence on a few partners, banks or payment rails can create single points of failure.

Risk is not a reason to avoid a company; it is a reason to price it correctly and to monitor the right indicators over time. Regulation in this sector is shaped by the RBI, SEBI, IRDAI and NPCI.

Mufin Green Finance Growth Outlook: What to Watch

• It plans to grow in underserved clean energy and mobility markets through loans to small EV fleet operators and rooftop solar developers.
• It plans to expand in urban and rural areas through partnerships and digital platforms.
• Key indicators: transaction value, take rate, active users, credit quality and cost of acquiring each customer.
• Funding position: Whether Mufin Green Finance can reach its next milestone before needing new capital.
• Regulation: Changes from the RBI, SEBI, IRDAI and NPCI.

Industry Context: Where Mufin Green Finance Fits

India's financial technology sector has been shaped by public digital infrastructure, especially UPI, along with Aadhaar-based identity, the account aggregator framework and regulation from the RBI, SEBI and IRDAI. These rails let startups reach customers and merchants at very low cost, but also expose them to fast-changing rules on licensing, data and lending conduct.

As payments become a low-margin commodity, fintech companies increasingly compete on distribution, merchant services, credit, wealth and insurance products. Sustainable profit usually depends on compliance strength, cost control and the quality of customer relationships rather than transaction volume alone.

For readers new to this field, a useful habit is to separate announcements from evidence. A plan, a partnership or a funding headline describes intent, while a delivered product, a paying customer or an audited financial statement describes results. Comparing the two over time shows how reliably a company turns promises into outcomes.

Bull Case and Bear Case for Mufin Green Finance

An investment thesis is a short, testable statement of why a company could become far more valuable, together with what evidence would prove it wrong. The points below are general to this sector and are not forecasts for Mufin Green Finance.

Bull case

• Digital payments and credit continue to grow, widening the market.
• Strong compliance and distribution create durable advantages.
• Cross-selling to existing customers can lift revenue per user.

Bear case

• Regulatory shifts can change economics overnight.
• Free or low-fee products make profit hard to reach.
• Fraud, outages and partner dependence can hurt trust.

Lessons Founders and Investors Can Take from Mufin Green Finance

Studying a company in the EV financing NBFC space offers lessons that go beyond any single firm. The points below are general lessons for the sector and are not claims about Mufin Green Finance.

• Compliance is a growth enabler in financial services, not just a cost, because licences decide what a company is allowed to sell.
• Distribution and customer trust often matter more than the underlying payment or lending technology.
• Products that earn from services and credit tend to be steadier than ones that depend on free transactions.
• Dependence on a single bank partner or rail creates risk that should be managed early.
• Fraud prevention and uptime are core product features, not back-office tasks.

How to Evaluate Mufin Green Finance as a Startup

• Customer clarity: Can Mufin Green Finance name its customer and the problem it solves in one sentence?
• Evidence of demand: Look for repeat customers, signed contracts or measurable usage rather than announcements alone.
• Economics: Check whether margins improve as volume grows.
• Execution: Compare announced timelines with what has actually been delivered.
• Funding runway: Estimate how long current capital lasts at the present spending rate.
• Regulatory standing: Confirm required approvals are in place.
• Customer concentration: Check whether a few customers account for most of the revenue.
• Management depth: Look for experienced leaders beyond the founders and a stable core team.

The Takeaway

Mufin Green Finance is part of India’s growing EV financing NBFC ecosystem. The useful lesson from studying it is the discipline of asking structured questions about customers, economics, advantage and resilience. Companies that answer them well, repeatedly and under pressure are the ones that endure. Readers should treat any single report, ranking or funding headline as one input among many, and should re-check key facts against recent company announcements. Because public information on young companies is often limited, patience in verifying claims is part of good analysis. Public sources can also describe the same company in different ways, so it is worth checking dates, definitions and whether a figure refers to revenue, total income or transaction value, and whether it covers one entity or a wider group, before drawing conclusions. Small differences in rounding, currency conversion or reporting periods can also change how a figure reads. Comparing the same figure across several recent reports helps show whether it is stable or has changed over time. This article is educational and is not investment advice.

• Clear customers and repeat demand matter more than announcements.
• Regulation and capital needs shape how fast a startup in this sector can grow.
• Track a few leading indicators over time rather than one headline metric.

Mufin Green Finance FAQs: Frequently Asked Questions

What is Mufin Green Finance?

Mufin Green Finance is a listed Delhi-based NBFC, formerly APM Finvest, that finances electric vehicles, charging infrastructure, swappable batteries and solar assets. It is profiled in the Startup Deep Dive series, which explains business model, funding, competitors and risks.

Who founded Mufin Green Finance?

Mufin Green Finance was founded by Kapil Garg, Rajat Goyal, and the company reports a founding year of 2016 (incorporated 13 May 2016).

How much funding has Mufin Green Finance raised?

Reported: Series B equity of Rs 140 crore (February 2024) plus Rs 530 crore of debt in FY24 and an $18 million US DFC loan (January 2025). Funding figures are reported and may differ between sources, so readers should check the latest company announcements.

How does Mufin Green Finance make money?

Mufin Green Finance earns revenue from its EV financing NBFC products and services sold to consumers, merchants, banks, lenders and enterprises. The exact revenue mix is described in the business model section and is not fully disclosed publicly.

Who are the competitors of Mufin Green Finance?

Reported rivals include Revfin, Finayo, Vidyut, OTO. See the competitor comparison above for how they differ.

What are the main risks for Mufin Green Finance?

Main risks include rules from the rbi, sebi, irdai or npci can change economics or business scope quickly, funding and capital needs, competition and regulation by the RBI, SEBI, IRDAI and NPCI. This is educational content, not investment advice.

Related Startup Deep Dives: Ummeed Housing Finance — Housing lender for informal-income families, backed by BII debt | Healthians — Healthians: at-home diagnostics nearing profitability. Browse the full Startup Deep Dive series.

Source

Source: Publicly available data, published reports, industry research, and other credible sources.