With the issuance of this green bond, the company plans to strengthen its retail EV portfolio for two-wheelers and three-wheelers (mainly electric-rickshaws and electric three-wheelers) across the country.
New Delhi: Electric vehicle financing NBFC Mufin Green Finance (Mufin) recently raised a green bond of $7 million (INR 58.1 crore) from Symbiotics Investments.
The bond is part of a $75 million green basket bond program arranged by Symbiotics Investments in association with British International Investments (BII), a UK development finance institution, the company said in a statement.
With the issuance of this green bond, the company plans to strengthen its retail EV portfolio for two-wheelers and three-wheelers (mainly electric-rickshaws and electric three-wheelers) across the country.
Muffin said that it initially aims to engage with 5,000 consumers and then expand this partnership to increase its reach to over 1,00,000.
In addition, through the proceeds of this bond, the company strengthens its climate-focused financing mission as it caters to underserved or low-income groups and creates a meaningful social and climate impact.
“We are delighted to have secured a green bond from Symbiotics Investments that will help us achieve our green financing goals while making a social impact in the country. With the acquired funds, we endeavor to remove those barriers for e-rickshaw drivers, sellers and dealers that are more sustainable and efficient than conventional engines,” said Kapil Garg, founder of Muffin Green Finance.
“Symbiotics Investments is delighted to partner with Muffin Green Finance, one of our first investments to target the EV financing segment in India and highlights the growing need for our fund to target the SDG7. This green bond confirms Symbiotics Investments' strategy to make sustainability, social and green bonds accessible to smaller issuances in emerging and leading markets. We are excited to further nurture and grow this segment of the green bond market,” said Prashant Bhardwaj, Symbiotics Investments Regional Manager for South Asia.
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