GSS Bonds

Symbiotics Investments launched a USD 7 million Green Bond with Mufin Green Finance, India

March 10, 2023
E-rickshaw drivers in India financed by Mufin Green Finance

India’s leading Electric Vehicle financing “NBFC” has recently raised USD 7 million (INR 581 million) green bond arranged by Symbiotics Investments. Part of the bond was subscribed by the USD 75 million green basket bond program structured by Symbiotics Investments in partnership with British International Investment “BII”, the United Kingdom’s development finance institution and impact investor. The remainder was subscribed by various funds managed or advised by Symbiotics Asset Management. This bond is listed at the Luxembourg Stock Exchange, at the Securities Official List segment, and displayed at the Luxembourg Green Exchange. 

With the issuance of this green bond, Mufin Green Finance “Mufin” plans to strengthen its retail Electric Vehicle “EV” portfolio for two and three-wheeler (mainly electric-rickshaw and electric-three wheeler vehicles) across the country. The company has set a goal to initially connect with 5,000 consumers at first, and then increase its reach to surpass 100,000 by expanding this partnership. Furthermore, through the proceeds of this bond, the company reinforces its climate-focused financing mission as it caters to underserved or low-income segment and create a meaningful social and climate impact.

Mufin Green Finance is a leading green financing company in India, fueling the EV ecosystem with its “phygital” approach of combining the strengths of NBFC and Fintech. It impacts society on social and environmental grounds while uplifting the livelihood of the underserved population. 

Kapil Garg, the founder of Mufin Green Finance, said: “As we cater to underserved and low-income segments, it becomes imperative to expand our reach and product offerings for better customer acquisition. We are delighted to have received green funding 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 strive to remove the roadblocks for E-rickshaw drivers, sellers and dealers to shift to electric vehicles that are more sustainable and efficient as compared to conventional engines. Our go-to solution for this population will help them avail financial services while adding additional income avenues to uphold their livelihoods.”.

“Symbiotics Investments is delighted to partner with Mufin Green Finance, one of our first investments to target the EV financing segment in India and highlights the growing needs from our funds to target SDG7. This green bond confirms Symbiotics Investments’ strategy to make Sustainability, Social and Green Bonds accessible for smaller issuances in emerging and frontier markets. We are excited to nurture and grow this segment of the green bond market even further.”, said Prashant Bhardwaj, Symbiotics Investments Regional Manager for South Asia.

The following SDG is promoted with this green bond issuance:

This green bond is issued via Symbiotics Investments sponsored bond issuance platform (Micro, Small & Medium Enterprises Bonds S.A.) under its Sustainable Bond Framework, certified in December 2019 and November 2021 by DNV GL. The bond is listed on the Securities Official List of the Luxembourg Stock Exchange and displayed in the Green Bond section on the Luxembourg Green Exchange.

Link to the Sustainable Bond Framework for Symbiotics


About Symbiotics Investments
Symbiotics is the leading market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The group offers investment, asset management and capacity-building services. Since 2005, Symbiotics Investments has originated over 7,100 investments representing more than USD 8.5 billion for 561 companies in 94 countries.

About Mufin Green Finance
Mufin Green Finance is India’s first listed NBFC with a 100% focus on EV financing and has a capital base of INR 1.5 billion (USD 18M), with a disbursement history of INR 2.5 billion (USD 30M). Since its inception in 2021, it has financed over INR 3 billion (USD 36M) worth of EV assets and holds an 8% market share of E-rickshaw financing in India. The company has recorded a 7X growth in FY 22-23.


For more information, contact:
Samy Derradji, Corporate Communication Manager, Symbiotics

Gurpreet Kaur, PR & Digital lead, Mufin Green Finance