Greaves Finance, Muthoot Capital Sign Co-Lending Deal To Finance EVs

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Greaves Finance Limited an ev-focused lending platform partnered with Muthoot Capital Services Limited (MCSL) a non-banking financial company (NBFCs) to enter a co-lending arrangement. This arrangement has been made to increase the availability of electric two-wheeler financing solutions across India.

Greaves Finance Limited is a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd., and Evfin is a 100% EV-focused lending platform of Greaves Finance Limited. They recently announced their partnership with Muthoot Capital Services Limited (MCSL), an India-based NBFC and a publicly traded entity of the Muthoot Pappachan Group. Their co-lending arrangement aims to increase the availability of electric two-wheeler financing solutions across India.

Their collaboration entails a total deal size of up to INR 150 crores (USD 18 million), 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 customized automotive financing based on asset lifecycle management and Muthoot Capital’s established presence in the financial sector, this partnership aims to facilitate affordable, customized, and convenient financing options for customers purchasing electric two-wheelers.

Speaking on the collaboration, Sandeep Divakaran, Chief Executive Officer (CEO), of 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., 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, of 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 various options while fostering innovation in the electric vehicle sector. By providing comprehensive financing solutions.