Tata Mutual Fund Acquires Stake Worth ₹37 Crore in Mufin Green Finance, an EV Focused NBFC

Tata Mutual Fund acquired shares worth about ₹37.37 crore in Mufin Green Finance on 22 April 2026. The purchase involved 33,00,000 equity shares at ₹113.23 each, executed through a bulk deal on the stock exchange.  

The transaction was carried out in the secondary market and did not result in fresh capital inflow for the company. 

Lending Operations 

Mufin Green Finance is a listed non-banking financial company (NBFC) focused on financing electric mobility. Its lending book covers electric 2-wheelers, 3-wheelers and 4-wheelers, along with charging infrastructure.  

The company’s borrowers include retail customers, fleet operators and small businesses. Its presence is largely in Tier 2 and Tier 3 locations. The company has financed EV assets of over ₹350 crore to date, indicating a gradual scale-up in its core business. 

Insurance Financing Book 

The company has also expanded into insurance premium financing. This includes Mediclaim funding for individuals and group insurance for small and medium enterprises. 

Disbursements under this segment are reported at around ₹970 crore. The company has outlined a plan to grow this portfolio to about ₹2,800 crore by FY29 through instalment-based premium payment structures. 

Preferential Issue 

Separately, Mufin Green Finance raised approximately ₹324 crore through a preferential allotment. It issued 2,49,30,765 equity shares at ₹98 each and 76,53,061 warrants at the same price. The warrants are convertible into equity shares at a later stage, subject to applicable regulations. 

Investors in the issue included institutional participants, high-net-worth individuals and promoter-linked entities such as Hindon Mercantile. Other participants included Sageone Capital, Sandeep Kapadia, DS Group and the MMG family office. The company’s paid-up equity capital increased from ₹17.32 crore to ₹19.82 crore after the allotment. 

Management Remarks 

Managing Director Kapil Garg said the funds would be used to support expansion and improve disbursement levels.  

He also referred to operating performance and demand conditions as factors expected to influence earnings. 

Read More: Mutual Funds Increase Investments in Smallcap Stocks: Aavas Financiers, Mastek, Wakefit, and CE Info Systems! 

Conclusion 

The bulk deal and recent fundraise indicate continued capital activity around Mufin Green Finance as it expands lending across EV and insurance segments. 

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