Electric Rickshaw Revolution Gains Momentum in India as Financiers Join Forces

Landmark Meeting Paves the Way for Sustainable Growth and Wider Adoption

The Electric Mobility Financiers Association of India (EMFAI) is taking a significant step towards accelerating the growth of electric rickshaws in the country. In a landmark meeting held in Delhi, EMFAI brought together key players from the industry, including representatives from the Electric Vehicles Manufacturer’s Society (EVMS) and over 30 financiers.

This convergence marks a pivotal moment in shaping the future of electric mobility financing in India. The associations deliberated on best practices, challenges, and opportunities to make the e-rickshaw industry more scalable and sustainable.

India has emerged as the global leader in the electric three-wheeler market, with sales exceeding 580,000 units in 2023, according to the International Energy Agency’s latest Global Electric Vehicle Outlook 2024. These electric vehicles, used for both passenger and cargo transportation, are playing a vital role in revolutionizing India’s last-mile connectivity. They offer a sustainable, economical, and eco-friendly mode of travel, contributing to reduced pollution, lower carbon emissions, and job creation.

This collaborative effort by EMFAI, EVMS, and financiers is expected to identify key opportunities and strategies to ensure the long-term success of the industry. The partnership is expected to significantly accelerate the nationwide reach and penetration of electric vehicles in India.

Expressing the enthusiasm of EMFAI members, Sameer Aggarwal, President of EMFAI, said, “The electric rickshaw sector has positively impacted the lives of over 30 million individuals in India, while also promoting clean last-mile transportation for countless others. This meeting represents a significant stride in our journey towards a cleaner, greener future for India.”

Mr. Ashwani Sehgal, President of EVMS, echoed this sentiment, stating, “This collaboration between electric vehicle manufacturers and financiers represents a significant step toward promoting the widespread adoption of electric three-wheelers. Together, we can pave the way for India’s sustainable and prosperous future.”