Greaves Retail and Usha Financial Services Partner to Revolutionize Electric Three-Wheeler Financing

Partnership to Help Reduce Pollution and Improve Air Quality

Greaves Retail, the retail unit of Greaves Cotton Ltd. has partnered with Usha Financial Services Ltd. to revolutionize customer financing within the electric three-wheeler segment.

The partnership will leverage Usha Financial’s distinctive dealer delivery model to bring the benefits of convenient and localized financing solutions to customers across the country.

The model will help dealers identify suitable customers, aid in the collection process, and serve as the primary point of contact to address loan repayment challenges.

“India’s three-wheeler segment witnessed 75 per cent growth in June on an annual basis, which is phenomenal,” said Narasimha Jayakumar, CEO, Greaves Retail. “The partnership with Usha Financial is a major step to enable financing for our e-rickshaw customers in key markets. Usha Financal’s expertise in lending to ‘livelihood earners’ will enhance Greaves Retail’s capabilities to facilitate the sales and service of these vehicles through our pan-India footprint of retail outlets.”

“We at Usha Financial Services understand the value of multi-brand retail businesses,” said Rajesh Gupta, Group MD, Usha Financial Services Limited. “As financiers, we rely heavily on Dealers as the business anchor and address the lending process through Technology, Guarantors, and Co-Applicants. Our strength is enabling capital to reach end users, and Greaves Retail’s strength in selling vehicles creates a great partnership opportunity. We look at funding more and more vehicles and intend to grow the overall portfolio to 10,000 vehicles.”

The partnership is expected to make it easier for customers to finance electric three-wheelers, which could help to boost the adoption of these vehicles in India. Electric three-wheelers are seen as a key part of the country’s efforts to reduce pollution and improve air quality.

The partnership is also a sign of the growing importance of the electric vehicle market in India. The government has set a target of 30% electric vehicles by 2030, and the partnership between Greaves Retail and Usha Financial Services is a step towards achieving this goal.