Mufin Green Finance Raises ₹50 Crore In Second NCD Issue With InCred Capital To Boost Medical Premium And Green Financing Initiatives

Mufin Green Finance Limited, a leading Non-Banking Financial Company (NBFC) specializing in electric mobility and clean energy financing, has announced the successful raise of its second listed non-convertible debenture (NCD) on the BSE’s Electronic Bidding Platform (EBP) for an issue valued at ₹50 crore. The NCD carries a coupon rate of 11% and a maturity period of 15 months. This marks an important step in broadening Mufin’s access to listed instruments, diversifying its funding base, and strengthening its lending capacity to support growth across key sectors.

The primary objective behind this fundraise is to expand Mufin’s loan portfolio across the consumer and clean energy segments. Notably, 90% of the proceeds will be allocated towards financing medical premiums — a rapidly growing product category within consumer financing — while the remaining 10% will be directed towards electric vehicle (EV) loans, battery financing, and solar panel installations for individuals and small enterprises. This well-balanced fund allocation reflects Mufin Green Finance’s strategic approach to diversifying its portfolio while maintaining a dual focus on sustainable energy and healthcare financing.

Kapil Garg, Managing Director of Mufin Green Finance, emphasized the significance of this development by stating that the company’s mission has always been to identify financing gaps and design solutions that empower both individuals and businesses. He highlighted that the ₹50 crore fundraise through its listed NCD issuance is not just about expanding lending volumes but also about building a balanced portfolio that aligns with India’s sustainability and financial inclusion goals.

Garg added that the company’s vision is to create impact-driven financial products that support real-world needs while driving long-term resilience. According to him, integrating health and green financing under one platform positions Mufin as a pioneer in shaping a more inclusive, responsible, and future-ready financial ecosystem.

Gunjan Jain, Chief Financial Officer of Mufin Green Finance, noted that the introduction of listed NCDs represents the company’s commitment to diversifying its funding avenues and strengthening access to capital markets. She explained that this issuance enhances investor participation and reinforces Mufin’s capital structure.

Jain outlined that the NCD supports Mufin’s strategic goals by diversifying its lending portfolio, balancing Mediclaim premium financing with green financing initiatives, and expanding the company’s reach into underserved regions. Over time, Mufin aims to establish a robust capital framework combining equity, debt, and listed instruments to ensure financial resilience and sustainability.

Earlier, Mufin Green Finance had successfully raised ₹54.4 crore (approximately USD 6.5 million) through a private placement of secured, unrated, unlisted, redeemable, taxable, and transferable NCDs from Developing World Markets (DWM). These funds, released in two tranches with a 36-month maturity, were utilized to advance Mufin’s initiatives in EV loans, battery financing, charging infrastructure, and solar panel deployment. This earlier fundraise, along with the current listed NCD issuance, reinforces Mufin Green Finance’s pivotal role in accelerating India’s transition towards clean mobility and sustainable energy solutions.