Greaves Finance, through its 100% EV-focused lending platform evfin has announced a partnership with Muthoot Capital Services, one of India’s fastest-growing NBFCs and a publicly traded entity of the Muthoot Pappachan Group.
The collaboration will start a co-lending agreement to expand the availability of electric two-wheeler financing alternatives throughout India. The cooperation has a total contract value of up to Rs 150 crore ($18 million), which the partners say demonstrates the magnitude and ambition of the project to foster wider adoption of electric vehicles in India.
As demand for EVs grows in India, this partnership demonstrates both firms’ commitment to accelerate the adoption of sustainable transportation choices. This partnership aims to provide affordable, customised, and convenient financing options for customers looking to purchase electric two-wheelers by leveraging evfin’s expertise in customised automotive financing based on asset lifecycle management and Muthoot Capital’s established financial sector presence.
Sandeep Divakaran, CEO, Greaves Finance said, “We are thrilled to collaborate with Muthoot Capital to introduce this transformative co-lending partnership. This partnership not only underscores our dedication to promoting sustainable mobility solutions but also reaffirms our commitment to providing innovative financing options that cater to the evolving needs of our customers.”
Mathews Markose, CEO, Muthoot Capital Services said, “We are happy to announce our first venture into an electric two-wheeler partnership, and we are excited to associate with Greaves Finance, who is a pioneer in this field. I am sure this partnership will be fruitful in driving our purpose of transforming the lives of the common by ensuring their financial well-being. A two-wheeler is one of the most sought-after vehicles among Indian families, I believe, especially the lower middle-income segment, and partnerships such as these will help us move closer to our customers.”
The partnership will support a diverse range of electric two-wheeler manufacturers, including OLA Electric, Ather Energy, Ampere, Hero MotoCorp, and TVS Motor. By collaborating with leading OEMs, the initiative aims to provide customers with a wide array of options while fostering innovation in the electric vehicle sector. By providing comprehensive financing solutions for electric two-wheelers, the two companies are poised to play a pivotal role in shaping the future of mobility in India.
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