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Evfin Partners with Muthoot Capital to Expand Electric Two-Wheeler Financing

In Automobile, Business, News
March 13, 2024

KOCHI: Greaves Finance Limited, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd., through its 100% ev-focused lending platform evfin, today announced a partnership with Muthoot Capital Services Limited (MCSL), one of India’s fastest-growing NBFCs and a publicly traded entity of the Muthoot Pappachan Group, to launch a pioneering co-lending arrangement to increase the availability of electric two-wheeler financing solutions across India. The collaboration entails a total deal size of up to INR 150 crores ($18 million USD), highlighting the scale and ambition of the initiative to drive widespread adoption of electric vehicles in India.

As the demand for electric vehicles (EVs) continues to surge in India, this collaboration underscores both companies’ commitment to accelerating the adoption of sustainable transportation alternatives. Leveraging evfin’s expertise in customised automotive financing based on asset lifecycle management and Muthoot Capital’s established presence in the financial sector, this partnership aims to facilitate affordable, customised, and convenient financing options for customers looking to purchase electric two-wheelers.

Speaking on the collaboration, Sandeep Divakaran, CEO, Greaves Finance Ltd., said, “We are thrilled to collaborate with Muthoot Capital to introduce this transformative co-lending partnership. This partnership not only underscores our dedication to promoting sustainable mobility solutions but also reaffirms our commitment to providing innovative financing options that cater to the evolving needs of our customers.”

“We are happy to announce our first venture into an electric two-wheeler partnership, and we are excited to associate with Greaves Finance Ltd., who is a pioneer in this field. I am sure this partnership will be fruitful in driving our purpose of transforming the lives of the common by ensuring their financial well-being. A two-wheeler is one of the most sought-after vehicles among Indian families, I believe, especially the lower middle-income segment, and partnerships such as these will help us move closer to our customers,” said Mathews Markose, CEO, Muthoot Capital Services Limited (MCSL).

Both companies are committed to supporting a diverse range of renowned electric two-wheeler manufacturers, including OLA Electric, Ather Energy, Ampere, Hero MotoCorp, and TVS Motor. By collaborating with leading OEMs, the initiative aims to provide customers with a wide array of options while fostering innovation in the electric vehicle sector. By providing comprehensive financing solutions for electric two-wheelers, the two companies are poised to play a pivotal role in shaping the future of mobility in India.