Evfin and Muthoot Capital Join Forces to Boost Financing for Electric Two-Wheelers in India
Greaves Finance Limited, a subsidiary of Greaves Cotton Ltd. specializing in non-banking financial activities, and its 100% electric vehicle (EV) financing arm, evfin, have joined forces with Muthoot Capital Services Limited (MCSL), a rapidly growing NBFC and part of the Muthoot Pappachan Group.
This partnership aims to launch a ground-breaking co-lending model to enhance the accessibility of financing options for electric two-wheelers throughout India. The initiative boasts a significant deal size of up to INR 150 crores (approximately $18 million USD), reflecting the ambitious scope of the project to promote the widespread adoption of EVs in the country.
This collaboration is set against the backdrop of increasing demand for electric vehicles in India, highlighting both organizations’ dedication to fostering the uptake of eco-friendly transportation solutions. With evfin’s specialized knowledge in tailored automotive financing and Muthoot Capital’s solid foothold in the financial landscape, the partnership is designed to offer affordable, personalized, and convenient financing solutions to consumers interested in purchasing electric two-wheelers.
“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.”
Speaking on the collaboration, Sandeep Divakaran, CEO, Greaves Finance Ltd., said.
Similarly, “We are happy to announce our first venture into an electric two-wheeler partnership, and we are excited to associate with Greaves Finance Ltd., 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,”
saidMathews Markose, CEO, Muthoot Capital Services Limited (MCSL).
The collaboration also supports a diverse portfolio of leading electric two-wheeler manufacturers, such as OLA Electric, Ather Energy, Ampere, Hero MotoCorp, and TVS Motor, aiming to offer consumers a broad selection of options and encourage innovation within the EV market. Through comprehensive financing solutions for electric two-wheelers, both companies aim to significantly influence the evolution of mobility in India, steering it towards a more sustainable future.
