Mufin Finance on Wednesday mentioned it has acquired APM Finvest, a BSE-listed NBFC, for over Rs 76 crore in a bid to create India’s first financing ecosystem for the fast-growing electrical autos (EVs) market.
This comes after Mufin Finance acquired Rupee Circle, a P2P (peer-to-peer) non-banking monetary firm, in June 2021.
“As part of the deal, the core team of APM Finvest will join Mufin Finance. The deal is worth more than Rs 76 crore,” it mentioned in a launch.
Citing a research by CEEW-Centre for Energy Finance (CEEW-CEF), it mentioned the EV market in India is estimated to achieve USD 206 billion by 2030 if the nation maintains regular progress to fulfill its formidable goal of 100 per cent electrification by 2030.
Mufin Finance is concentrating on Rs 100 crore disbursements within the subsequent 3 months and goals to disburse Rs 500 crore within the subsequent 12-15 months to seize almost 30 per cent of the current addressable market within the nation, it added.
According to a report by the India Energy Storage Alliance (IESA), the Indian EV market will develop at a CAGR of 36 per cent by 2026.
In addition, the EV battery market is projected to develop at a compound annual progress price (CAGR) of 30 per cent throughout the identical interval.
“We envision to promote faster adoption and manufacturing of electric vehicles in India by creating the nation’s first holistic EV financing ecosystem that will include financing options not just for electric vehicles but also for creating charging infrastructure and battery financing,” mentioned Kapil Garg, co-founder, Mufin Finance.
The sale of electrical autos, starting from scooters, e-rickshaws, SUVs and electrical buses by each car giants in addition to startups in India, is anticipated to the touch one million models in 2022, virtually 5 instances the extent in 2021.
“There is no doubt that growth in the EV industry is on an upward tick, but it has much ground to cover in order to meet India’s ambitious target of maximum electrification by 2030, and we believe that a dedicated financing ecosystem for the Indian populace will be a strong push for the same,” Garg added.
Source: www.financialexpress.com”