JSW MG Motor India Partner Ecofy For EV Financing

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JSW MG Motor India have announced that it partnered with Eversource Capital-backed NBFC Ecofy to provide financing and leasing solutions for its electric vehicles. According to a release, the two businesses have inked a Memorandum of Understanding (MoU) under which Ecofy will offer leasing and financing options for up to 10,000 JSW MG EVs over the course of the following three years.

“By combining our expertise in finance and JSW MG’s cutting-edge electric vehicle technology, we aim to make EVs accessible to a wider audience, empowering individuals and businesses to embrace a greener future without compromising on convenience or affordability,” Ecofy Co-founder, MD & CEO Rajashree Nambiar said.

According to the company, this would include financing choices and lease agreements for retail clients and business-to-business (B2B) operators for JSW MG Motor India’s current and upcoming electric vehicles. Chief Growth Officer of JSW MG Motor India, Gaurav Gupta, stated, “This partnership reflects JSW MG India’s commitment to offer innovative EV ownership solutions to augment the adoption of electric vehicles (EVs) in India.”

Ecofy has now announced its partnership with Luminous Power Technologies, an energy solutions industry. The collaboration with Luminous aims to focus on the financing landscape for renewable energy projects, especially solar power projects.