Manba Finance and Piaggio Vehicles join forces to propel India’s EV growth

In a strategic move set to redefine the three-wheeler vehicle financing landscape, Manba Finance Limited, a leading non-banking financial company, has partnered with Piaggio Vehicles Pvt Ltd, a wholly-owned subsidiary of the globally recognised Piaggio Group. The collaboration aims to deliver innovative, customer-centric financing solutions to accelerate India’s adoption of sustainable mobility options.

Through this agreement, customers can now benefit from flexible loan tenures of up to four years, competitive interest rates, and reduced down payment requirements. The partnership is designed to cater to both internal combustion engine (ICE) models and electric three-wheelers (EVs), reflecting the growing demand for eco-friendly transport solutions.

India’s Three-Wheeler Market on the Rise

This collaboration comes at a critical juncture as the three-wheeler segment experiences unprecedented growth. October 2024 saw a record-breaking sale of 65,700 electric three-wheelers, propelled by festive season demand and the increasing shift towards environmentally sustainable alternatives. With annual sales projected to surpass 600,000 units this year, the partnership between Manba Finance and Piaggio Vehicles could significantly influence market trends.

Focused on Financial Inclusion and Digital Accessibility

The alliance highlights a shared commitment to inclusivity, particularly for women entrepreneurs, who are set to benefit from tailored financial products under this initiative. By leveraging a streamlined digital onboarding process, the collaboration ensures a seamless and efficient experience for borrowers, demonstrating Manba Finance’s dedication to accessibility and customer convenience.

A dedicated coordination team will oversee the partnership’s implementation, focusing on product structuring, optimising interest rates, resource allocation, and ensuring robust training and communication.

Expert Insights on the Partnership

Monil Shah, Chief Business Officer at Manba Finance, emphasised that the collaboration with Piaggio Vehicles represents a significant milestone in their efforts to support aspiring entrepreneurs and India’s transition to sustainable mobility. He stated that this partnership would strengthen their footprint in the three-wheeler segment while enhancing access to cutting-edge digital lending solutions.

Empowering Entrepreneurship and Sustainable Growth

By extending its services to ICE and electric variants, the partnership reflects a comprehensive approach to supporting entrepreneurs and small business owners in India. The initiative also aligns with national goals of reducing carbon emissions and promoting renewable energy adoption in the transport sector.

About Manba Finance

Manba Finance is a pioneering NBFC with an asset under management (AUM) exceeding ₹1,106 crore as of September 2024. Operating across six Indian states, the company is known for its swift loan approvals and its extensive dealer network, which includes over 190 electric vehicle dealerships.

About Piaggio Vehicles Pvt Ltd

As a leader in the light transportation segment, Piaggio Vehicles Pvt Ltd has been instrumental in shaping the Indian three-wheeler market. From its inception in 1999, Piaggio has consistently innovated across diesel, petrol, CNG, LPG, and electric variants, catering to over three million customers and exporting to 50 countries.