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Tata Power and Kolkata Airport Join Hands to Set Up EV Charging Points

Tata Power and Kolkata Airport Join Hands to Set Up EV Charging Points

Tata Power and Kolkata Airport Join Hands to Set Up EV Charging Points Tata Power is a company that makes electricity. They have a group company called TPEVCSL that makes places where you can charge your electric car. They have made four such places at the Kolkata Airport. They opened them on Tuesday. You can charge any electric car in India at these places. Virendra Goyal, Head of Business Development (EV Charging), at Tata Power, said, “Our collaboration with Kolkata Airport places us at the forefront of building a robust EV charging network in the city and the nearby areas. This underscores our unwavering dedication to sustainable mobility, with the ultimate aim of empowering individuals to embrace electric mobility confidently, ensuring a seamless and hassle-free experience for everyone involved.”  C Pattabhi, Airport Director, Kolkata, said, “The installation of EV charging infrastructure in public parking areas not only enhances convenience for electric vehicle users but also signifies a steadfast commitment to environmental conservation. We are delighted to partner with Tata Power, as their vision harmoniously aligns with our aim of metamorphosing Kolkata into a cleaner and more environmentally conscious city, thus securing a sustainable future and bolstering the state’s aspiration to spearhead the EV revolution in India.” The location of these charging stations was carefully considered, with a focus on accessibility and convenience for EV users traveling to the airport or neighboring areas. This considerate strategy guarantees a smooth charging procedure inside the airport’s boundaries as well. These chargers are ideally situated to provide unrivaled convenience to the public, successfully alleviating problems linked to EV range anxiety, the business claimed in a media release. This is because of the airport’s prominent position as one of the city’s busy centers. Tata Power has already made significant progress, installing more than 50 public and semi-public charging stations throughout Kolkata. Tata Power is the biggest company in India that makes places where you can charge your electric car. They have more than half of the market. They have many places where you can charge your car at home, in public, or on the bus. They have these places in more than 400 cities and they are making more, the release said. For more EV News Click here Join the All India EV Community on LinkedIn [wpforms id=”1683″ Content Credit: ET Auto

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EvolveX Invests Undisclosed Amount in Pre-Seed Round of EV Startup NIKOL EV

EvolveX Invests Undisclosed Amount in Pre-Seed Round of EV Startup NIKOL EV

EvolveX Invests Undisclosed Amount in Pre-Seed Round of EV Startup NIKOL EV  Pune, 26 September 2023: EvolveX, an early-stage program founded by We Founder Circle, that has been providing high-impact acceleration to early-revenue startups, has announced its recent investment in NIKOL EV. Emerging as a standout startup from EvolveX’s Cohort 3, NIKOL EV launched in August 2021 and is set to revolutionize India’s Electric Vehicle (EV) industry with its innovative approach to EV Charging Infrastructure. The Pre-Seed funding round saw participation from notable investors including Vikas Aggarwal, Neeraj Tyagi, and Bhawna Bhatnagar. With this funding, NIKOL EV plans to strengthen its team with experienced professionals and establish a robust backend support system to facilitate business scaling. Additionally, the company aims to develop a hybrid charger capable of charging 2-wheelers, 3-wheelers, and 4-wheelers simultaneously, with a portion of the funds allocated for testing and certification. Founded by Arjun D Pawar, NIKOL EV is determined to bridge the gap between the surging demand for electric vehicles and the current EV charging infrastructure in India. Presently, over 70% of chargers in the country remain non-operational due to a lack of support and maintenance, and the functional ones often lack basic civil infrastructure for customers to spend their leisure time during the charging process. In response, NIKOL EV is establishing India’s largest and most operational EV charging infrastructure. By developing their own chargers and setting up Fast EV charging stations with an impressive uptime of over 95% (compared to the industry average of 60%), NIKOL EV is committed to enhancing the EV charging experience. The startup’s mobile application boasts a comprehensive network of over 3,000 chargers, enabling EV owners to easily locate, book, review, and make secure payments for their charging needs. In addition, NIKOL EV has gained support from Science & Technology Park, University of Pune under the NIDHI Prayas program, adding further credibility to their mission. Commenting on the investment, Bhawna Bhatnagar, Co-Founder of EvolveX, stated, “Insufficient charging infrastructure continues to pose a major barrier to achieving widespread adoption of electric vehicles (EVs). The scarcity of charging stations and the persistent issue of range anxiety discourage potential buyers from fully embracing the transition to electric vehicles. At EvolveX, we are committed to addressing this challenge by investing in startups like NIKOL EV. With their commitment to enhancing accessibility and uptime of EV charging stations, NIKOL EV emerges as a key driver of mass-scale EV adoption, contributing to a cleaner, sustainable transportation landscape.” Founder and CEO of NIKOL EV, Arjun D Pawar, brings a wealth of experience in the EV industry, having worked in multiple domains before becoming a leading voice in the electric vehicle space. Under his guidance, NIKOL EV is aiming to install an impressive 1 Lakh EV charging stations in India by 2030. Alongside NIKOL EV, Arjun is also the visionary behind EV Duniya, an online platform committed to providing the latest news, articles, and informative videos related to the EV industry. Expressing gratitude to EvolveX, Arjun D Pawar, Founder & CEO, NIKOL EV affirmed, “We want to thank EvolveX & We Founder Circle for showing their trust in us and our vision. We are turning EV owner’s experience of non-availability and non-functionality of chargers into a pleasant charging experience and with the support of our investors we will be able to create a healthy ecosystem for EV stakeholders and scale faster towards adoption of Electric Vehicles in India.” EvolveX stands at the forefront of fostering innovation and providing steadfast support to promising startups embarking on their journey to success. The accelerator’s investment in NIKOL EV serves as a resolute reaffirmation of its dedication to nurturing groundbreaking ideas capable of transforming industries and addressing critical challenges head-on. About EvolveX  EvolveX is an early-stage program founded by We Founder Circle, that has been providing high-impact acceleration to early-revenue startups from various sectors since its inception in 2021. With a mission to take startups to the next level, EvolveX offers its extensive network of seasoned mentors and successful entrepreneurs to guide startups on their journey to success. The program offers a range of benefits, including one-on-one mentorship sessions with handpicked angel investors and industry experts, upfront funding of $30K, and $200K worth of credits. EvolveX is committed to providing a continuous opportunity for startups, and applications are accepted on a rolling basis. To know more, visit: https://www.evolvexaccelerator.com/  About Nikol EV NIKOL EV is building one of the largest and operational EV charging Infrastructure in India with a focus on providing innovative and sustainable solutions and a customer-centric approach in their service for a seamless and pleasant charging experience. For more EV News Click here Join the All India EV Community on LinkedIn [wpforms id=”1683″

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IIT Kharagpur Partners with Universe Mobility: Full Details Inside

IIT Kharagpur Partners with Universe Mobility: Full Details Inside

IIT Kharagpur Partners with Universe Mobility: Full Details Inside Universe Mobility Pvt Ltd, a company from Kolkata, has signed a key Memorandum of Understanding (MoU) with the esteemed Indian Institute of Technology Kharagpur (IIT Kharagpur) to commercialize and advance the Sodium Ion technology. IIT Kharagpur’s Department of Physics has been at the forefront of the study and creation of sodium-ion-based energy solutions under the direction of Prof. Amreesh Chandra. The Department of Science and Technology’s “Materials for Energy Storage” program made them among the first researchers in India to receive funding. Their knowledge ranges from the development of materials through the integration of devices, recycling, and determining the process’ overall carbon footprint. Benefits of employing this technology include: 1. Sodium-ion batteries will cost 30–40% less than lithium-ion ones. 2. Everything needed to make them is found locally, so no imports are needed. 3. They’re eco-friendly with a small carbon footprint. 4. They don’t rely on mining-specific materials for their parts. 5. They’re safer, with almost no fire risk, unlike lithium batteries. Plus, the technology is ready for large-scale use. “In comparison to Lithium-ion batteries, the sodium-ion batteries will be up to 40% cheaper, much safer and have a lower carbon footprint. Sodium-ion batteries address the concerns of geopolitical and supply-chain issues, which are associated with Lithium-ion batteries. The materials, which will be used in such Sodium-ion batteries, have been fabricated in house. Hence, the batteries would be a live example of ‘Make in India’ and ‘Make for India’. Many of the Ministries of the Government of India have already started discussions and feasibility studies on the possibility of Sodium-ion based energy storage landscape and the future thus looks promising and exciting”, said Prof. Amreesh Chandra, Department of Physics, IIT Kharagpur.  “India’s current EV sector is characterized by dependency on subsidies, import dependent supply chain & lack of a core indigenous battery technology. For electric mobility to be truly a champion of sustainability, we need the building blocks to be also sustainable. Universe is a passionate attempt to create such indigenous building blocks for a sustainable future of e-mobility and clean energy. Universe, thus starts its journey by addressing the core of clean energy and e-mobility, that is, Battery Technology.To achieve this grand purpose, we have entered an exclusive MoU with IIT Kharagpur where indigenously developed sodium ion technology, which will have a portfolio of multiple form factors of cells, will be made available for Indian market. The developed technology will find application in not only electric vehicles but also in Drones, Consumer Electronics and Energy Storage. Globally, only a handful of companies have made progress in this technology. Therefore,we are quite upbeat about putting India at the forefront of this game-changing battery technology”, said Mr Manohar Bethapudi, Founder & CEO, Universal Mobility Pvt. Ltd.  “We will be launching the first set of products manufactured out of West Bengal in the next quarter of the current fiscal. We are looking at a pan India market for our product range and are currently in talks with various channel partners for marketing and product distribution”, said Ms Kamalika Guha, Co-Founder and CMO, Uneverse Mobility Pvt Ltd. For more EV News Click here Join the All India EV Community on LinkedIn [wpforms id=”1683″ Content Credit: edugraph

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LOHUM partners with Nepal to supply EV battery materials

LOHUM partners with Nepal to supply EV battery materials

LOHUM partners with Nepal to supply EV battery materials New Delhi, an Indian manufacturer of battery materials, has partnered with several organizations in Nepal’s electric vehicle (EV) ecosystem that are connected to the MG, Stellantis, and Tata EV brands. The expanded partnership will include other brands, including Mahindra EVs, Suzuki, VW, and Renault. With the recycling of almost 200,000 batteries and the subsequent production of battery materials from the EV brands affiliated with these partners over the next five years, this cooperation seeks to assist Nepal in becoming energy self-sufficient. LOHUM has a substantial market share in the battery recycling industry in India and has helped lower emissions in several other countries, including the US, Europe, the Middle East, Asia, and Africa. Through this partnership, LOHUM will oversee end-of-life batteries for the majority of EV manufacturers doing business in Nepal. Nepal is taking steps to diversify its sources of raw materials for sustainable energy by joining into this collaboration. By supporting Nepal’s efforts for energy independence, India is also providing an alternative to the economic effects of other large nations. This action is in line with India’s larger objective of supporting a global energy transition that is inclusive and supports the Sustainable Development Goals (SDGs). The Aarthik Vidheyak policy, which Nepal will introduce in FY 2023 and which addresses the management of end-of-life battery waste, provides a compliance option for Nepali EV stakeholders. Senior V.P. of LOHUM, Mr. Chetan Jain, commented on the partnership, “Nepal is on the cusp of an EV revolution, and its government is taking forward actions for responsible end-of-life material disposal. LOHUM is taking a lead in fulfilling these requirements and ensuring Nepal’s energy self-reliance.” The agreement is anticipated to affect the CO2 reduction for the majority of EVs in Nepal, and by recycling these materials, Nepal’s battery ecosystem can benefit from a continuous loop. For more EV News Click here Join All India EV Community on LinkedIn [wpforms id=”1683″ Content Credit:ET Auto

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US Ambassador Eric Garcetti: Electric buses are the key to a livable future for the planet

US Ambassador Eric Garcetti: Electric buses are the key to a livable future for the planet

US Ambassador Eric Garcetti: Electric buses are the key to a livable future for the planet US Ambassador to India, Eric Garcetti, believes electric buses can make the world better and help keep our planet safe. He rode an Indian electric bus to a meeting about increasing the use of these buses in India. He said it was fun to ride the bus, and such buses are quiet, clean, and good for the environment. “It is one of the reasons the United States government is working with our friends in the Government of India to get more electric buses on the streets of Indian cities. So, we have launched an initiative to have 10,000 electric buses on Indian streets,” he said. To realize a collaborative vision initially declared during Prime Minister Narendra Modi’s formal state visit to the White House, the US, and India have established a mechanism that would enable the deployment of 10,000 made-in-India electric buses in cities all across the nation. “Every day we see the impact of the climate crisis at a global level. We must respond now or jeopardize the future of our planet and our people. The partnership announced today will mobilize financing for a fleet of 10,000 electric buses throughout India, expanding options for electric public transportation in India, creating cleaner cities and healthier communities,” the ambassador said. The ambassador rode in an electric bus operated by the Delhi Transport Corporation (DTC), according to Minister of Transport for Delhi Kailash Gahlot. “‘Electric buses can change the world!’ – Perfectly put by USAmbIndia, Eric Garcetti after taking a ride in our zero-noise, zero-emission, 100% electric bus. Glad that Delhi, under CM Arvind Kejriwal, is leading the way in the fight for a more livable, greener, shared future!” Gahlot said in a post on X. “Thank you for your DTC bus experience and your support of our unwavering commitment to green and sustainable transportation. Delhi’s electric buses are more than just vehicles; they’re a step towards a cleaner, quieter, and greener future,” he said in a post on X. The PM e-Bus Sewa scheme, which aims to purchase 10,000 electric buses for cities without adequate public transportation, will receive a boost thanks to India and the United States joint support for a payment security mechanism for expanding electric mobility in India, according to a joint statement released earlier this month. According to a statement about their meeting, US President Joe Biden and Prime Minister Modi discussed the need to “decarbonize the transport sector.”  Before the opening of the G20 Leaders’ Conference, Modi and Biden had a meeting at the prime minister’s house. The goal of India’s National Electric Bus Programme (NEBP), which was introduced in June of last year, is to gradually deploy 50,000 new electric buses around the nation by the year 2027. “This new initiative between the governments of India and the United States shows how public and private partners can work together to lower emissions and promote electric mobility. Through this new partnership, the US government, including the US Agency for International Development (USAID) and the office of the US Special Presidential Envoy for Climate, will partner with public and private-sector entities to accelerate electric bus financing,” a statement by the US Embassy in New Delhi said. “A key component of this project will be a new payment security mechanism (PSM) that will accelerate new and more sustainable investments by lowering financial risks. By mitigating risk for lenders, the PSM leads to improved loan terms and reduced financing costs, facilitating smoother project implementation. Ultimately, this partnership sets a new model for international cooperation in the field of electric mobility,” it added. For more EV News Click here Join the All India EV Community on LinkedIn [wpforms id=”1683″

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JSW and LG Energy Solution could make EV batteries in India, sources reveal

JSW and LG Energy Solution could make EV batteries in India, sources reveal

JSW and LG Energy Solution could make EV batteries in India, sources reveal NEW DELHI, September 21: Sources told Reuters that the Korean company LG Energy Solution is talking with the Indian company JSW about making batteries together in India. This is part of their plan to make electric vehicles in the country. One of the sources with firsthand knowledge of the conversations claimed that JSW met with senior LGES officials in Korea earlier this month and proposed a collaboration to produce battery cells for EVs and energy storage in India. Both LGES and JSW declined to comment on any conversations. According to the second individual who is knowledgeable about JSW’s EV intentions, the Indian company is also in talks with other battery players like China’s CATL (300750. SZ), Japan’s Panasonic (6752.T), and Toshiba (6502.T), as it tries to establish a local supply chain for EVs. “Due diligence JSW is talking to a lot of people because it needs an ecosystem for an EV. It is looking at storage, motors, battery management,” the person added. According to the first source, LGES, which provides battery cells to major automakers like Tesla (TSLA.O) and General Motors (GM.N), has asked JSW to reveal specifics of its needs for EVs and energy storage. The company hopes to set up a plant to create 20-gigawatt hours (GWh) of battery capacity in phases by the end of this decade, starting with 8 Gwh in the first phase, according to a third source briefed on JSW’s EV ambitions. A stake in China’s MG Motor is being discussed, and JSW’s billionaire chairman Sajjan Jindal has openly expressed his ambition to manufacture electric vehicles (600104. SS). According to sources who spoke to Reuters last month, talks with MG Motor have been put on hold, while JSW is in talks to license technology to construct electric vehicles in India under its brand with Chinese automaker Leapmotor (9863. HK), sources said. Panasonic chose not to respond. Toshiba stated that it is unable to confirm “at this time” whether it is in discussions for a partnership with JSW to produce battery cells. An inquiry for comments from CATL was not answered. Because the discussions are still ongoing and no decision has been taken, all three sources declined to be named. BATTERY INCENTIVES Small but expanding, India’s EV market is dominated by domestic manufacturer Tata Motors (TAMO.NS). The administration of Prime Minister Narendra Modi plans to increase the percentage of electric vehicles to 30% by 2030, from less than 2% of all vehicles sold in 2017. In addition to developing a new policy for EVs that offers a lower import tax in exchange for investments in local manufacture, it is providing businesses with billions of dollars in incentives to create batteries and other EV components domestically. Also, Tesla is interested in India and is negotiating with the government to produce EVs and batteries there. According to a government document, JSW is in talks with LGES as it seeks to expand its footprint in the third-largest auto market in the world, where it launched an office in New Delhi earlier this year to expand its automotive, mobility, and energy storage businesses. One of the sources noted that LGES is in discussions with additional businesses. Ola Electric, which is sponsored by the SoftBank group, and TVS Motor, a domestic rival, both receive imported battery cells from LGES. For more EV News Click here Join All India EV Community on LinkedIn [wpforms id=”1683″ Content Credit: Reuters

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Mantra and Exponent’s Innovation in 15-Minute Charging for Electric Three-Wheelers

Mantra and Exponent’s Innovation in 15-Minute Charging for Electric Three-Wheelers

  Mantra and Exponent’s Innovation in 15-Minute Charging for Electric Three-Wheelers Electric three-wheelers (E3Ws) are one of the most promising segments for electric mobility in India, as they offer a clean, affordable, and convenient mode of transportation for both passengers and goods. However, one of the major challenges faced by E3W drivers and operators is the long charging time and limited range of the batteries, which affect their productivity and profitability. To address this challenge, Montra Electric, the EV brand of Murugappa Group, and Exponent Energy, an energy-tech startup, have announced a partnership to develop rapid-charging electric vehicles in the three-wheeler segment. Mantra Electric will launch a rapid charging 3W variant that will be equipped with Exponent’s 8.8 kWh e^pack and will achieve a 0 to 100% charge in 15 minutes at Exponent’s e^pump charging network, while also having the ability to be slow charged at home. Exponent’s 15-minute charging solution solves two key challenges associated with rapid charging: Lithium plating and extreme heat. Lithium plating is a phenomenon where metallic lithium deposits on the anode of the battery during fast charging, reducing its capacity and lifespan. Extreme heat is generated during rapid charging, which can damage the battery cells and cause safety hazards. Through the application of their specialized Battery Management System (BMS) and charging algorithms, Exponent ensures minimal Lithium plating, leading to an extended lifespan for the e^pack. Additionally, the company has introduced a “water-based” offboard thermal management system, incorporating an advanced HVAC system in the e^pump to manage extreme heat effectively. Exponent’s e^pack is backed by a 3000-cycle life warranty even with 100% rapid charging, a technology that has been independently validated by TUV India (TUV Nord Group, Germany). The report indicated only 13% degradation after 3000 cycles of rapid charging. This means that the e^pack can last for more than eight years with daily usage, significantly reducing the total cost of ownership for E3W drivers and operators. The partnership between Montra Electric and Exponent Energy is expected to create a paradigm shift in the E3W market, as it will offer zero-compromise EVs that can match or exceed the performance, convenience, and economics of conventional ICE vehicles. The rapid charging E3Ws will also enable higher utilization and faster return on investment for fleet owners and aggregators. Moreover, the rapid charging network will create new employment opportunities for local entrepreneurs and service providers. Montra Electric and Exponent Energy are confident that their collaboration will accelerate the adoption of electric mobility in India and contribute to the government’s vision of making India a global leader in EV manufacturing and innovation. The companies plan to launch their rapid charging E3Ws by early 2024, catering to both individual and institutional customers. For more EV News Click here Join All India EV Community on LinkedIn [wpforms id=”1683″

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After Kashmir’s lithium, Gujarat's coast reveals vanadium, a vital metal for batteries

After Kashmir’s lithium, Gujarat’s coast reveals vanadium, a vital metal for batteries

After Kashmir’s lithium, Gujarat’s coast reveals vanadium, a vital metal for batteries Sediment samples taken from the Gulf of Khambhat, which opens into the Arabian Sea at Alang in Gujarat, contained vanadium, an essential raw element for numerous industrial applications. This discovery is noteworthy because India lacks the war material, which is used to fortify steel and create batteries. India’s lithium What are the implications of the lithium reserves in J&K? Notably, the Geological Survey of India (GSI) discovered 5.9 million tonnes of lithium reserves in Jammu and Kashmir just a few months ago. Ministers and car industry players alike praised this discovery as a major development and celebrated it. These reserves were hailed as a significant motivator for India’s advancement toward reaching net-zero carbon emissions and fostering electric transportation. The prospective new source of vanadium was initially identified by the Geological Survey of India (GSI), which studied the sediments. According to B Gopakumar, a researcher from the Marine and Coastal Survey Division (MCSD) of GSI, Mangalore, in an article that appeared in the magazine “Nature,” “It is the first record of vanadium occurrence in the offshore sediments of India.” Vanadium is a costly metal to produce because it can be found in over 55 distinct minerals but is rarely found in its pure form in nature. It has been discovered in the Gulf of Khambhat in a mineral called titanomagnetite, which is created when molten lava rapidly cools. The vanadiferous titanomagnetite deposits in the Gulf of Khambhat, according to GSI scientists, may have been drained from the Deccan basalts primarily through the Narmada and Tapi rivers. 69 samples were taken by the scientists from the Gulf of Khambhat sediments. Vanadium is a vital raw element for important industries including aerospace and defense. For instance, high-speed airframes and parts for jet engines both use titanium and aluminum alloys that contain vanadium. In addition to these uses, the metal is also employed to create essential electronic components and store energy. It is used to create alloys that are heat-, corrosion-, and wear-resistant. Vanadium redox flow batteries, which hold promise for extensive energy storage, are also made with it. Up until now, Arunachal Pradesh, Karnataka, Odisha, and Maharashtra have all discovered traces of the metal. For more EV News Click here Join All India EV Community on LinkedIn [wpforms id=”1683″

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Acer Enters the EV Market with MUVI-125-4G Electric Scooter

Acer Enters the EV Market with MUVI-125-4G Electric Scooter

Acer Enters the EV Market with MUVI-125-4G Electric Scooter Acer, a Taiwan-based multinational technology corporation, has launched its first electric scooter in India, called MUVI-125-4G, at the EV India Expo 2023 in Greater Noida. The scooter is powered by a 125cc liquid-cooled engine and a 4G smart system that offers features like voice control, navigation, and remote diagnostics. The MUVI-125-4G is manufactured in partnership with eBikeGo, an Indian electric mobility platform that provides design and manufacturing services for electric vehicles. The scooter is available in two variants: Standard and Premium. The Standard variant has a top speed of 75 kmph and a range of 80 km on a single charge. The Premium variant has a top speed of 80 kmph and a range of 100 km on a single charge. The scooter has a lightweight chassis that can be easily lifted and transported. It also has 16-inch wheels for smooth movement and swappable batteries that can be charged anywhere using multiple battery-swapping stations across the country. The batteries can be replaced in just a few seconds, making the scooter convenient and affordable for urban commuters. The MUVI-125-4G is also equipped with a 4G smart system that allows users to control various functions of the scooter using voice commands or an app on their smartphones. The system can also provide navigation guidance, traffic updates, battery status, and remote diagnostics. The system can also connect to other smart devices like lights, locks, cameras, etc., through Bluetooth or Wi-Fi. The MUVI-125-4G is priced at ₹1.25 lakh (ex-showroom) for the Standard variant and ₹1.50 lakh (ex-showroom) for the Premium variant. The company plans to launch more electric vehicles under its Acer brand in India in the future, such as e-bikes, e-scooters, and e-trikes. The launch of the MUVI-125-4G marks Acer’s entry into the electric vehicle market in India. The company aims to leverage its expertise in technology and innovation to create futuristic electric mobility solutions for urban customers. The company also hopes to contribute to the government’s vision of achieving net zero emissions by 2070. For more EV News Click here Join All India EV Community on LinkedIn [wpforms id=”1683″

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OTO collaborated with Suryoday Small Finance Bank for E2W financing

OTO collaborated with Suryoday Small Finance Bank for E2W financing Bengaluru, 18th September 2023 – OTO, a pioneering digital two-wheeler commerce platform and a leading player in two-wheeler financing, proudly announces its dynamic collaboration with Suryoday Small Finance Bank, a prominent new-age bank. This strategic alliance is focused on transforming the landscape of two-wheeler financing, particularly for the underserved customer segments. The partnership with Suryoday Bank creates an important milestone by reinforcing OTO’s commitment to leverage technology for providing seamless financial solutions. This collaboration fosters Suryoday Bank’s access to OTO’s young & digital savvy, digital commerce customer base and fortifies its two-wheeler retail portfolio. With a robust target of disbursing over ₹ 1000 crores in the Financial Year 2024 through its lending partners, OTO is hopeful that this partnership with Suryoday Small Finance Bank will contribute immensely for achieving this goal. Mr. Sumit Chhazed, Co-Founder and CEO of OTO, expressed his enthusiasm for this strategic partnership, saying, “Financing plays a pivotal role in the decision-making process for individuals contemplating the purchase of a two-wheeler.” Chhazed continued, “At OTO, our mission has always been to stay attuned to the evolving needs and trends within the two-wheeler market. We have enabled 75000+ customers to get their dream two-wheeler and as we continue scaling 3x y-o-y, partners like Suryoday Bank allow us to cater to the growing needs of our customers through affordable financing options”. Mr. Senthil Kumar, Chief Business Officer-Inclusive Finance & Wheels at Suryoday Small Finance Bank, said, “Inclusion and empowerment lies at the heart of every business decision and strategic initiatives of Suryoday Bank. Through this partnership with OTO, we hope to target and serve the young, digital-savvy, and aspiring customers from Indian households and expand our retail portfolio by providing them with the quality financial services.” This collaboration between OTO and Suryoday Bank not only exemplifies the companies’ commitment to delivering exceptional financial services but also signifies a transformative moment in the two-wheeler financing sector in India. The partnership is poised to benefit countless individuals seeking convenient and accessible financing options for their two-wheeler dreams. About OTO: OTO is a forward-thinking two-wheeler digital commerce platform specializing in two-wheeler financing. With a customer-centric approach and a relentless focus on innovation, OTO is reshaping the landscape of two-wheeler ownership in India. OTO’s mission is to make the dream of owning a two-wheeler a reality for every “Bharatiya”, regardless of their financial backgrounds. About Suryoday Small Finance Bank: Suryoday Small Finance Bank, a new- generation Bank, endeavours to bring the best-in-class, innovative banking solutions and benefits of mainstream banking to the ‘banked’, ‘under-banked’ and the ‘un-banked’ sections of the society. Currently, Suryoday caters to its 2 million+ “smiling customers” with relentless focus on the goal of enriching lives of its customer by offering the finest ‘Customer Experience’. For more EV News Click here Join All India EV Community on LinkedIn [wpforms id=”1683″

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