EV manufacturing company, Omega Seiki Mobility has teamed up with Mufin Green Finance, a listed NBFC, for providing lease financing solutions to B2B customers and retail financing to B2C customers of Omega Seiki Mobility.
As per the understanding, Mufin Green Finance will finance 3,500 cargo electric three-wheelers for OSM B2B customers by 2023 and 4,000 cargo and passenger EVs for B2C Retail customers by 2024.
Muffin will finance over Rs 300 crore worth Omega Seiki Mobility electric vehicles, which will be available across Omega Seiki Mobility’s network of over 140 dealer touchpoints and all new dealerships to be opened in 2023.
The OEM says owing to the low total cost of ownership and robust quality vehicles, the demand for leasing commercial electric vehicles is very robust which is further fuelled by ambitious electrification targets by large e-commerce companies amid the need for lower emission have led to an upsurge in demand. In addition, financing of commercial electric vehicles is significantly beneficial to entire stakeholders.
Uday Narang, Founder and Chairman, Omega Seiki Mobility said, “Indian automotive market has shown a rising demand for electric vehicles, and providing EV financing options would be a great way to accelerate India’s transition to an electric future. We have an existing order book of over 35,000 electric cargo and passenger vehicles. We are happy to partner with Mufin Green Finance to assist our authorised passenger electric vehicle dealer and B2B partners with an exclusive financing program.
Kapil Garg, Chairman, Mufin Green Finance said, “EV is a fast-evolving market and there’s a strong push from various stakeholders. The partnership with OSM is a solid validation on our climate-focused financing mission. We are focused on catering to the underserved or low-income segment and creating a meaningful social and climate impact.”
Omega Seiki Mobility has been growing its product lineup and manufacturing footprint rapidly in India. It has set up large scale manufacturing facilities in Delhi NCR and Pune. It also provides last-mile services under its ‘UnoXpress’ brand.
The company is currently running its fleet in 20 cities, clocking more than 20 lakh kilometres per month.
It recently announced its ambition to invest Rs 800 crore towards setting-up two New greenfield manufacturing facilities for electric vehicles and components.
