Vivriti Capital Partners with Axis Bank for a Rs 250 Crore Eco-Friendly Loan Advancing Green Mobility
Axis Bank recently disclosed its latest financial move, extending a substantial three-year loan of Rs 250 crore to Vivriti Capital.
This financing collaboration, involving GuarantCo from the Private Infrastructure Development Group (PIDG), intends to fortify electric mobility in India. Notably, GuarantCo is providing a 50% on-demand credit guarantee to Axis Bank for this specific transaction. This injection of funds is poised to significantly impact the electric vehicle and charging station infrastructure, aligning with India’s sustainable development objectives and aiming to curtail CO2 emissions.
The synergy between Axis Bank and GuarantCo foresees the mobilization of funds ranging from USD 300-400 million to nurture the burgeoning e-mobility ecosystem in India. This effort operates under a broader USD 200 million framework guarantee agreement. Anticipated outcomes of this collaboration include the creation of approximately 665 jobs, with a dedicated 30% allocation for women, further emphasizing a commitment to fostering inclusivity.
Rajiv Anand, Deputy Managing Director at Axis Bank, emphasized the pivotal role of this partnership in bolstering Vivriti Capital’s strides within the e-mobility sector. He underscored the shared commitment towards positive environmental impact and community empowerment as integral facets of this alliance.
Vineet Sukumar, Founder and Managing Director of Vivriti Capital Ltd, expressed pride in the collaboration, emphasizing its role in fostering economic growth and sustainability.
GuarantCo CEO Layth Al-Falaki expressed satisfaction in concluding the first deal under the framework agreement, foreseeing a revolution in the industry and more funding for India’s e-mobility ecosystem.
GuarantCo plans to address climate change in India by enhancing climate adaptation and mitigation measures in line with the PIDG 2030 policy by leveraging the climate mitigation guarantee with Axis Bank.
About Vivriti Capital
Vivriti Capital is a fintech NBFC that provides debt finance to mid-market enterprises in India. It offers a range of customized products, such as term loans, working capital loans, NCDs, securitization, and co-lending. It also operates a digital platform called CredAvenue, which connects borrowers and lenders in the debt market.