Partnership aims to boost affordable EV adoption across India, backed by INR 150 crores deal size.
Greaves Finance Limited, a subsidiary of Greaves Cotton Ltd., has joined forces with Muthoot Capital Services Limited (MCSL) to introduce a groundbreaking co-lending arrangement aimed at enhancing access to electric two-wheeler financing solutions across India. With a total deal size of up to INR 150 crores ($18 million USD), this partnership underscores a significant commitment to promoting sustainable transportation alternatives in the country.
As the demand for electric vehicles (EVs) continues to soar, the collaboration leverages Greaves Finance’s expertise in customized automotive financing and Muthoot Capital’s established presence in the financial sector to provide affordable and convenient financing options for customers seeking electric two-wheelers.
Sandeep Divakaran, CEO of Greaves Finance Ltd., expressed excitement about the collaboration, highlighting the company’s dedication to sustainable mobility solutions and innovative financing options tailored to evolving customer needs. Mathews Markose, CEO of MCSL, emphasized the transformative impact of the partnership on enhancing the financial well-being of customers, particularly in the lower middle-income segment.
The initiative will support various renowned electric two-wheeler manufacturers, including OLA Electric, Ather Energy, Ampere, Hero MotoCorp, and TVS Motor, offering customers a diverse range of options and fostering innovation in the electric vehicle sector. Through comprehensive financing solutions, Greaves Finance Ltd. and Muthoot Capital Services Limited are poised to play a pivotal role in shaping the future of mobility in India.