Greaves Retail and Usha Financial Services to transform electric three-wheeler financing in India
In a game-changing move for the burgeoning electric three-wheeler market in India, Greaves Retail, the retail division of Greaves Cotton Ltd, has joined forces with Usha Financial Services Ltd. The partnership is designed to make customer financing for electric three-wheelers more accessible and efficient across the country. Utilizing Usha Financial’s unique dealer delivery model, the alliance aims to revolutionize local financing solutions for customers.
Tapping into the fast-growing three-wheeler segment, which saw an astounding 75% annual growth rate in June, Greaves Retail and Usha Financial aim to fill a significant gap in customer financing. Narasimha Jayakumar, CEO of Greaves Retail, lauded the collaboration: “The expertise of Usha Financial in lending to ‘livelihood earners’ enhances our ability to serve our customers across our extensive network of retail outlets nationwide.”
The joint venture brings together Usha Financial’s strength in capital allocation and Greaves Retail’s robust sales network. Rajesh Gupta, Group MD of Usha Financial Services, emphasized the synergy between the two organizations: “We view this as a tremendous opportunity for growth, aiming to expand our overall portfolio to 10,000 vehicles.”
Not just a theoretical collaboration, the initiative has already been road-tested with a pilot program in Bihar, demonstrating its effectiveness in multiple dealerships across the nation. The model serves as a tool to help dealers identify suitable customers and provides a centralized point for addressing loan repayment challenges and collection processes.
Greaves Retail, which operates across the last-mile transportation lifecycle, aims to empower millions of people, small businesses, and livelihoods through this partnership. With a colossal retail network that includes 8,000 retail stores, 200 distributors, 20,000 mechanics, and 5 million customers, Greaves Retail is poised to make a significant impact in making electric three-wheeler financing more accessible.
This collaboration not only offers the benefits of convenient and localized financing but also propels the entire electric three-wheeler industry towards new heights of growth and accessibility. It adds to Greaves Retail’s rapidly expanding portfolio, including its comprehensive 3S (sales, service, and spares) facilities, setting the stage for more customer-centric initiatives in the future.