New Delhi, Apr 13 (PTI) Mufin Finance on Wednesday said 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 electric vehicles(EVs) market.

This comes after Mufin Finance acquired Rupee Circle, a P2P (peer-to-peer) non-banking financial company, in June 2021.

Also Read | Oppo A57 5G With Android 12 OS Debuts in China; Check Price, Features & Specifications Here.

"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 said in a release.

Citing a study by CEEW-Centre for Energy Finance (CEEW-CEF), it said the EV market in India is estimated to reach USD 206 billion by 2030 if the country maintains steady progress to meet its ambitious target of 100 per cent electrification by 2030.

Also Read | Hyundai To Invest $300 Million in US Plant for Producing Environment-Friendly Vehicles.

Mufin Finance is targeting Rs 100 crore disbursements in the next 3 months and aims to disburse Rs 500 crore in the next 12-15 months to capture nearly 30 per cent of the present addressable market in the country, it added.

According to a report by the India Energy Storage Alliance (IESA), the Indian EV market will grow at a CAGR of 36 per cent by 2026.

In addition, the EV battery market is projected to grow at a compound annual growth rate (CAGR) of 30 per cent during the same period.

"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," said Kapil Garg, co-founder, Mufin Finance.

The sale of electric vehicles, ranging from scooters, e-rickshaws, SUVs and electric buses by both automobile giants as well as startups in India, is expected to touch a million units in 2022, almost five times the level 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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)