The bond forms part of the USD 75-million green basket bond programme structured by Symbiotics Investments in partnership with
Mufin said it has set a goal to initially connect with 5,000 consumers and then increase its reach to surpass 1,00,000 by expanding this partnership.
"Mufin has received green bonds from Symbiotics Investments that will help us achieve our green financing goals. With the acquired funds, we strive to remove the roadblocks for e-rickshaw drivers, sellers and dealers to shift to electric vehicles," said
This is Symbiotics' first investment to target the EV financing segment in India and highlights the growing needs from the company's funds to target SDG 7, said
"This green bond confirms Symbiotics Investments' strategy to make sustainability, social and green bonds accessible for smaller issuances in emerging and frontier markets," he stated.
A listed NBFC with a 100 per cent focus on EV financing Mufin Green Finance has a capital base of USD 18 million. The company has financed over USD 36 million worth of EV assets and holds an 8 per cent market share of total e-rickshaw financing in India, according to the statement.