Mufin Green Finance Raises ₹125 Crore Through NCD Placement

Why It Matters

The capital raise enhances Mufin’s ability to scale green and consumer‑focused credit products, positioning it for market share gains in fast‑growing sectors. It also signals confidence from institutional investors in the company’s risk‑adjusted returns and sustainability agenda.

Key Takeaways

• ₹125 crore NCDs placed with LC Capital India
• Funds target electric‑vehicle and solar loan portfolios
• Expands financing into mediclaim premium and wage‑access
• Strengthens capital base for diversified retail, institutional lending
• Supports NBFC statutory funding requirements and growth strategy

Pulse Analysis

India’s non‑banking financial companies (NBFCs) are increasingly turning to non‑convertible debentures to diversify funding sources and meet regulatory capital norms. NCD placements offer investors a secured, rated instrument with predictable yields, while providing issuers with long‑term, low‑cost capital. In a market where traditional bank credit is tightening, NBFCs like Mufin Green Finance leverage NCDs to bridge the funding gap, especially for niche, high‑growth segments such as renewable energy and consumer finance.

Mufin’s ₹125 crore NCD issuance aligns with its strategic push into green and health‑related lending. By allocating capital to electric‑vehicle financing, rooftop solar projects, and mediclaim premium advances, the firm taps into India’s accelerating shift toward sustainable consumption and digitised health services. The early‑wage‑access products further diversify its portfolio, targeting the gig economy and salaried workforce seeking short‑term liquidity. This multi‑vertical approach not only spreads credit risk but also positions Mufin to capture higher margins in underserved markets.

For investors, the deal underscores confidence in Mufin’s risk management and growth outlook. The NCDs are rated and listed, offering transparency and liquidity in secondary markets, which can attract both domestic and foreign institutional capital. As ESG considerations gain prominence, Mufin’s focus on renewable‑energy financing enhances its appeal to sustainability‑focused funds. The successful placement may prompt peer NBFCs to pursue similar funding structures, potentially reshaping the capital landscape for green finance in India.

Mufin Green Finance raises ₹125 crore through NCD placement

The company said the capital raise forms part of its strategy to strengthen its capital base and expand its diversified lending portfolio across retail and institutional segments · Updated · February 09, 2026 at 04:35 PM

Mufin Green Finance Ltd has allotted ₹125 crore worth of secured, rated and listed non‑convertible debentures (NCDs) through a private placement to LC Capital India Private Ltd. The New Delhi‑based non‑banking financial company announced the allotment on Monday, with issuance scheduled for Tuesday.

The funds will be deployed across multiple lending verticals including mediclaim premium financing, electric‑vehicle loans, rooftop and commercial solar financing, corporate lending and early‑wage‑access programs. The company said the capital raise forms part of its strategy to strengthen its capital base and expand its diversified lending portfolio across retail and institutional segments.

Gunjan Jain, Chief Financial Officer at Mufin Green Finance, said the issuance strengthens the company’s funding base to participate in growing opportunities across healthcare financing, electric mobility, renewable energy, corporate credit and earned‑wage‑access segments. He cited sustained demand driven by changing consumption patterns and increased formalisation.

The company has been expanding its presence in electric‑mobility financing, charging and clean‑energy solutions, insurance and healthcare premium funding, working‑capital support and short‑tenure salary‑linked products. The NCD issuance aligns with the company’s broader funding strategy and statutory requirements for listed NBFCs.

Published on February 9, 2026