Ecofy and Vidyut collaborate to offer a subscription-based battery-as-a-service model
Ecofy, India’s premier green-focused Non-Banking Financial Company (NBFC), and Vidyut, an innovative EV ownership platform specializing in enhancing accessibility to electric three-wheelers, have unveiled a strategic alliance aimed at transforming the electric vehicle landscape and promoting sustainable transportation solutions. Under this partnership, Ecofy will provide financing for the loans while Vidyut will introduce a subscription-based battery-as-a-service model to ensure cost-effective EV solutions.
This collaboration signifies a significant shift towards democratizing EV ownership, making it as convenient and affordable as conventional ICE vehicles. By employing a hybrid financing model that substantially reduces acquisition costs and introducing a pay-per-kilometre battery leasing scheme, Ecofy and Vidyut aspire to simplify and de-risk the adoption of EVs.
“This collaboration underscores our shared commitment to promoting sustainable mobility solutions. Ecofy has already made meaningful strides in the 3W EV space with its unique product and boasts partnerships with all top OEMs. As a dedicated green financier, we have been pioneering innovative and bespoke solutions to drive green penetration in the country. In line with this, by combining Ecofy’s expertise in green financing and Vidyut’s subscription model, we aim to democratize EV ownership in the country.”
Commented on the partnership, Kailash Rathi, Head of Partnerships & Co-Lending at Ecofy, said,
The battery subscription-based vehicle ownership model offers customers a significantly cheaper alternative to traditional ICE vehicle ownership, reducing costs by 30-40%. This approach eliminates the need for substantial upfront payments and offers flexible payment options based on usage, thereby widening access to electric vehicles for a broader audience.
Xitij Kothi, Co-founder at Vidyut, echoed the enthusiasm for the partnership, emphasizing their joint mission to accelerate EV adoption and contribute to a greener future. He highlighted the alignment between Vidyut’s holistic ownership model and Ecofy’s commitment to driving positive environmental impact through sustainable financing solutions. Together, they aim to facilitate a seamless transition to electric vehicles for solo entrepreneurs and small businesses.
India has witnessed a notable surge in electric vehicle adoption across various segments since 2019. Passenger cars experienced a robust growth rate of 37%, capturing 3% of the market, while the commercial vehicle sector witnessed even stronger growth, with electric three-wheelers commanding 65% of the market share. Additionally, two-wheelers saw significant adoption, comprising 7% of total sales.
Content Credit: Autoguide India