EV Mechanica

Subscribe to EV Mechanica's Current Newsletter & never miss an update!

    Close Menu
      Facebook X (Twitter) Instagram
      EVMechanicaEVMechanica
      EVMechanicaEVMechanica
      • Home
      • News
        • E-Mobility
        • EV Battery
      • Charging Stations
      • Policy
      • Research
      • Interview
      • Jobs
      • Events
      • E-Mag
      • Subscription
      Facebook YouTube LinkedIn WhatsApp
      EVMechanicaEVMechanica
      Home » Omega Seiki Mobility Signs EV Financing Deal with PNB

      Omega Seiki Mobility Signs EV Financing Deal with PNB

      Aishwarya SaxenaBy Aishwarya SaxenaAugust 25, 2023 News 2 Mins Read
      Share
      Facebook Twitter LinkedIn WhatsApp

      Omega Seiki Mobility (OSM) has recently signed a Rs 300 crore EV financing agreement with Punjab National Bank, to finance nearly 2,500 electric three-wheelers in the passenger and cargo segments annually over the next three years.

      OSM With the PNB partnership, Uday Narang, the Founder of Omega Seiki Mobility stated that OSM intends to prioritize access to electric vehicles and localized charging infrastructure to provide cleaner and more efficient transportation options to rural communities.

      “Our collaboration goes beyond numbers. It seeks to broaden the horizons of electric vehicle ownership by leveraging PNB’s extensive retail distribution network to transition individuals, families, and communities to own cargo and passenger electric vehicles for positive social change, socioeconomic development, and carbon reduction,” he explained.

      Amitabh Rai, DGM-MSME at Punjab National Bank, stated that the bank has signed an MOU with OSM that will cover “all kinds of electric 3-wheelers, including cargo loaders,” which will play a critical role in supporting the nation’s sustainable development agenda.

      The PNB official further stated that the bank will absorb the shared values to advance the nation’s commitment to technology innovation and financial inclusiveness, paving the way for a more eco-friendly, wealthy, and inclusive India.

      Talking about business plans, the way forward and investment strategies, Omega Seiki Mobility said that it has also outlined plans to raise over US$ 100 million over the next six months to a year. This will be done through a 50:50 debt-to-equity ratio, and DC Advisory has been appointed as investment advisor. Narang also explained that the company aims to more than double its market share annually, and they will be looking to ramp up production and add more capacities.

      Omega Seiki Mobility currently has a 5 percent share and stands as the Number 3 electric three-wheeler player in the country. Mahindra is the market leader of 41%. is followed by Piaggio netting a 26 percent market share, as per Vahaan data.

      He further explained that the aims to touch an annual turnover of more than Rs 300 crore, over the next three years and turn Ebitda-positive in FY25, discounting uncertainties over government EV subsidy policies. “Stability and continuity in policies is the key for industry to see exponential growth, as only then, investor confidence will get boosted to invest with clarity in the regulatory framework, Narang further added.

      electric three-wheeler electric vehicle ownership EV subsidy policies financial inclusiveness Omega Seiki Mobility Punjab National Bank
      Share. Facebook Twitter LinkedIn WhatsApp
      Aishwarya Saxena

      More article from Aishwarya Saxena

      Keep Reading

      Kia Unveils Affordable EV4 Fastback With 380-Mile Range

      Tesla Set to Launch Model 3+ With 800km Range

      Honda Super EV Concept Debuts at Goodwood Festival

      Leave A Reply Cancel Reply

      two + 17 =

      E-MOBILITY

      Kia Unveils Affordable EV4 Fastback With 380-Mile Range

      July 18, 2025

      Tesla Set to Launch Model 3+ With 800km Range

      July 18, 2025

      Honda Super EV Concept Debuts at Goodwood Festival

      July 18, 2025

      Youdha EPOD EV Three-Wheeler Eyes ₹1,000 Crore by 2030

      July 18, 2025

      Articles

      Turn Land Into Revenue with EV Charging Station Franchises

      In 2025, electric vehicle (EV) industry in India is rapidly growing, with rising adoption of…

      EV Subsidies in India: Who Truly Benefits from the Green Push?

      India is advancing rapidly in electric mobility mainly due to strong government backing to EV…

      Delhi’s Fuel Ban Flip-Flop: A Policy Failure in Motion

      Introduction: A Capital Confusion Delhi government took a U-turn on its decision to implement the…

      © 2025 EVMechanica.com.
      • Home
      • About Us
      • Contact Us
      • Subscription

      Type above and press Enter to search. Press Esc to cancel.