A strategic agreement between Ecofy and Vidyut has been launched to revolutionise the electric car sector and promote environmentally friendly transportation options. To guarantee reasonably priced EV solutions, Vidyut will provide a subscription-based battery-as-a-service approach, while Ecofy will handle loan financing.
This partnership represents a major change in the direction of EV ownership being as easy and accessible as owning traditional ICE cars. The goal of Ecofy and Vidyut is to make the adoption of EVs stress-free and risk-free by introducing a pay-per-kilometre battery leasing model and a hybrid financing strategy that drastically lowers the cost of purchasing.
Speaking on the partnership, Kailash Rathi, Head of Partnerships & Co-Lending at Ecofy, said, “This collaboration underscores our shared commitment to promoting sustainable mobility solutions. Ecofy has already made meaningful strides in the 3W EV space with its unique product and boasts partnerships with all top OEMs. As a dedicated green financier, we have been pioneering innovative and bespoke solutions to drive green penetration in the country. In line with this, by combining Ecofy’s expertise in green financing and Vidyut’s subscription model, we aim to democratize EV ownership in the country.”
Customers may own a car using our battery subscription-based vehicle ownership model for 30–40% less money than they can with standard ICE vehicle ownership. By removing the need for large down payments and offering flexible payment plans based on consumption, this strategy increases access to electric vehicles and makes EV ownership more affordable for a larger group of people.
Xitij Kothi, Co-founder at Vidyut said, “We are excited to partner with Ecofy to accelerate the adoption of electric vehicles and contribute to a greener future. Our subscription-based holistic ownership model aligns perfectly with Ecofy’s mission to drive positive environmental impact through sustainable financing solutions. Together, we aim to empower solo entrepreneurs and small businesses to make the transition to electric vehicles seamlessly.”
Between 2019 and now, India saw a notable surge in electric vehicle adoption across various segments. Passenger cars experienced a robust growth rate of 37%, capturing 3% of the market. The commercial vehicle sector witnessed even stronger growth, with electric three-wheelers commanding 65% of the market share. Two-wheelers also saw significant adoption, comprising 7% of total sales.
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