Greaves Finance partners with Muthoot Capital to fuel electric two-wheeler financing in India
Greaves Finance Limited, a leading non-banking financial company (NBFC) and a wholly-owned subsidiary of Greaves Cotton Ltd., in collaboration with Muthoot Capital Services Limited (MCSL), has unveiled a pioneering co-lending partnership through its ev-focused lending platform, evfin, to revolutionize electric two-wheeler financing across India. The partnership, embodying a total deal size of up to INR 150 crores ($18 million USD), underscores the ambitious goal of both companies to catalyze the adoption of electric vehicles (EVs) nationwide.
This strategic alliance is set against the backdrop of a rapidly growing demand for electric vehicles in India, positioning both Greaves Finance and Muthoot Capital at the forefront of the sustainable transportation movement. By combining evfin’s specialized automotive financing expertise with Muthoot Capital’s strong financial sector presence, the partnership is poised to offer accessible, tailored, and convenient financing solutions to customers aspiring to own electric two-wheelers.
Sandeep Divakaran, CEO of Greaves Finance Ltd., expressed his enthusiasm about the collaboration, stating it as a testament to their commitment to promoting sustainable mobility solutions and providing innovative financing options that meet the dynamic needs of customers. Likewise, Mathews Markose, CEO of Muthoot Capital Services Limited, shared his excitement for venturing into the electric two-wheeler sector alongside Greaves Finance, emphasizing the partnership’s potential to advance financial well-being and accessibility for the common man in India.
The collaboration is expected to support a diverse range of renowned electric two-wheeler manufacturers, including OLA Electric, Ather Energy, Ampere, Hero MotoCorp, and TVS Motor.
By working closely with leading OEMs, the initiative aims to enrich customer choice and spur innovation within the electric vehicle sector, thereby contributing significantly to the shaping of India’s mobility future.
The collaboration between Greaves Finance Limited and Muthoot Capital Services Limited marks a significant milestone in the quest for sustainable transportation solutions in India. By facilitating easier access to financing for electric two-wheelers, this partnership not only accelerates the transition towards greener mobility but also showcases a viable model for corporate collaboration in support of environmental goals. As India continues to navigate the challenges of pollution and climate change, initiatives like these are crucial for promoting widespread adoption of electric vehicles, ultimately contributing to a cleaner, greener, and more sustainable future for the nation.