About Mufin Green Finance Limited

Mufin Green Finance Limited (formerly APM Finvest Limited) is a Non-Public Deposit Accepting Non-Banking Finance Company registered under Section 45-IA of the Reserve Bank of India Act, 1934. Its registered office is in Rajasthan, with a corporate office in New Delhi. The company’s equity shares are listed on BSE since August 02, 2019 and on NSE since November 06, 2023. Mufin provides loans supporting businesses and SMEs, including vehicle, solar product, and insurance financing, with a focus on financial inclusion through E-vehicle loans.

As of FY 2024–25, Mufin served over 21,108 EV customers across 19 states and more than 57,141 customers across 28 states and union territories across its broader lending portfolio, with a major presence in Uttar Pradesh, Delhi, and Bihar. The portfolio is largely focused on vehicle and EV infrastructure loans. The company reported an AUM of Rs 838.44 crore, Capital Adequacy Ratio of 30.88%, Gross NPA of 2.48%, and Net NPA of 2.11%. As on March 31, 2025, it had 536 employees.

The group comprises the parent and two subsidiaries (unlisted). Key milestones include transition to stock exchange listings on BSE and NSE, and a credit rating upgrade during FY 2024–25, reflecting its progress in green and inclusive finance.

Key Milestones of Mufin Green Finance Limited

• Transition to stock exchange listings on BSE and NSE.
• Credit rating upgraded to A- | Stable by Acuite Ratings & Research during FY 2024-25.
• Significant issuance of Non-Convertible Debentures in 2024.
• Increase in paid-up equity shares following warrant conversions.
• Implementation of an ESOP scheme with auditing compliance.

Mufin Green Finance Limited Business Segment 

Mufin focuses on vehicle loans, EV infrastructure, solar and allied products. It operates solely within India, with service spanning 19 states for EV customers and broader product presence across 28 states and union territories. The group’s focus is on fostering financial inclusion via asset financing for underserved markets.

A Non-Public Deposit Accepting NBFC offering vehicle and business loans, solar product financing, and insurance services. The company delivers loans primarily for income generation through its EV financing model, supported by a digital ecosystem targeting unbanked and underserved customers.

Mufin Green Finance Limited Key Management

• Kapil Garg — Managing Director
• Manoj Kumar Bhatt — Chairman & Independent Director
• Gunjan Jain — Chief Financial Officer
• Mayank Pratap Singh — Company Secretary and Compliance Officer

Latest Updates on Mufin Green Finance Limited

• Credit rating improved to A- | Stable, upgrading from BBB+ | Stable during FY 2024-25.
• Issued multiple tranches of Non-Convertible Debentures amounting to over Rs 193 crore.
• Paid-up equity shares increased after share warrant conversions.
• Employee stock option plan (ESOP) granted over 20 lakh stock options, compliant with auditors’ reports.
• Operating exclusively in India across 19 states for EV financing and 28 states for broader loan products.