Two-wheeler EV player, Wardwizard Innovations & Mobility has signed a MoU with Mangalam Industrial Finance, an RBI-registered NBFC.
Both companies have joined hands to support EV buyers with quick finance to make purchases easier.
Under this arrangement, Mangalam will provide auto loans for the high and low-speed electric two-wheelers of Wardwizard.
Commenting on the association, Venkata Ramana Revuru, Chairman & Managing Director of Mangalam Industrial Finance said, “Electric vehicle is a sun-rising industry and carries the huge business potential for the finance sector as well. We need to believe in them and extend our support so that we can grow simultaneously by adding to our own top line and making a presence in the market.”
He further mentioned, “At Mangalam, we are committed to being a part of the nation-building journey and looking forward to many such alliances with other EV manufacturers.”
Yatin Gupte, Chairman and Managing Director of WardWizard Innovations & Mobility Ltd, said, “Based on the feedback received from our more than 500 touchpoints across the country, we have analyzed that there is a need for quick finance support for the buyers of low-speed vehicles so that they can start their life without any hindrance.”
He added, “I am grateful to the management of Mangalam to come forward and support our customers and dealers by extending such financing. Since its inception, WardWizard has not left any stone unturned in promoting a culture of electric vehicles across the nation and this initiative will change the perspective altogether.”
According to WardWizard, low-speed vehicles comprise a huge market share in the Indian EV sector, and it mainly caters to the working segment such as delivery persons, students, etc.
This initiative is aimed to empower the segment and decrease the carbon footprint in the environment.
The company has recently also announced to open of its first global R&D Center in Singapore in association with Sunkonnect.