Greaves Finance Launches “evfin” Platform to Revolutionize Electric Vehicle Financing

India’s First Dedicated Consumer Finance Technology for Electric Mobility Offers Cost-effective and Seamless Ownership Journey

Greaves Finance Ltd, a subsidiary of Greaves Cotton Ltd, has recently launched its financial platform called “evfin,” aimed at revolutionizing the world of electric vehicle (EV) financing and beyond.

This move comes at a time when the Economic Survey 2023 highlights the crucial role of the automotive industry in the transition to green energy.

According to the Economic Survey, the domestic EV market is expected to witness an impressive compound annual growth rate (CAGR) of 49 percent from 2022 to 2030.

It further predicts that by 2030, the annual sales volume of EVs in India will reach a staggering one crore units.

Recognizing the need to expedite the adoption of electric vehicles and cater to the entire lifecycle journey of EV usage, evfin aims to provide a suite of innovative experiences that enhance the EV ownership experience.

By offering accessible and cost-effective financing options, evfin ensures a superior EV journey for consumers.

Nagesh Basavanahalli, Vice Chairman of Greaves Cotton Ltd, expresses the company’s commitment to sustainability and creating a comprehensive ecosystem for last-mile mobility. “With cutting-edge products and services spanning components, retail, and end-user vehicles, we are pleased to announce the launch of evfin, our sustainable financing platform, reinforcing our commitment to sustainability on World Environment Day,” he states.

Sandeep Divakaran, Executive Director and CEO of Greaves Finance Ltd, highlights the significance of evfin as India’s first consumer finance technology platform dedicated entirely to electric mobility and sustainable solutions. Supported by advanced digital lending capabilities, innovative asset management technology, and nationwide reach, evfin aims to provide an exceptional and tailor-made experience for EV customers.

“Our goal is to democratize access to EV consumers by offering the most cost-effective financing options through our comprehensive range of personalized financing solutions,” Divakaran explains. The evfin platform is specifically designed to deliver an end-to-end lifecycle experience for EV owners, ensuring a seamless ownership journey throughout their usage of electric vehicles.

With the introduction of evfin, Greaves Finance Ltd is poised to play a significant role in shaping the future of electric vehicle financing in India, said the company in a statement.

By providing accessible and innovative financing solutions, the company aims to accelerate the transition towards electric mobility and contribute to the country’s sustainable development goals.


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