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Magenta Mobility Secures Debt Financing from SIDBI for EV Deployment in Delhi NCR

Magenta Mobility, a provider of electric mobility and EV charging solutions has secured debt financing for about 350 EVs under the Green Finance Scheme by the Small Industries Development Bank of India (SIDBI). The loan received from SIDBI will help to scale up deployment of Cargo Electric Vehicles for last mile deliveries across Delhi-NCR region. […]

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First BPCL Petrol Pump in Mangaluru Introduces EV Charging Machine

St Joseph Service Centre has become the first Bharat Petroleum Corporation Limited (BPCL) petrol pump in Mangaluru to introduce an electric vehicle charging machine. The EV charging machine was inaugurated by Territory Manager BPCL, MCI (Retail) Amol Bhosale today. Amol Bhosale addressed the gathering, “Electric charging is the new alternative for fuel in the market. […]

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Power Consumption By EVs Up 216% In Maharashtra

In a sign of things to come across more and more states in India, the sale of power for electric vehicles in the state has increased by 216% in ten months — from 4.56 million units in September 2022 to 14.44 million units in July 2023, Chairman and Managing Director of Maharashtra State Electricity Distribution […]

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Ola Electric Recorded Sales of Rs 373 Cr in Fy22, Even as Losses Rose 4X

Market leader Ola Electric has finally filed its Fy22 numbers a year behind schedule. And the numbers don’t make for pleasant reading, if you are an accountant. However, with it’s leadership in the 2 wheeler segment well entrenched for now, the firm will be expected to report a stronger set of numbers for FY23, as […]

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Eicher & Amazon Join Hands for 1000 Electric Trucks

Eicher Trucks and Buses has joined hands with Amazon for the electrification of Amazon’s delivery network’s middle-mile and last-mile segments. 1,000 zero-emission electric trucks over the next five years will be introduced. Amazon will deploy 50 Eicher EVs (electric vehicles) all over the significant hubs, which will encompass Delhi, Manesar, and Gurugram. Eicher’s electric trucks […]

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EV Financing: Shell Foundation Backs Mufin Green Finance with INR 80 Million

Mufin Green Finance, an electric vehicle (EV) financing company, secured funding of INR 80,000,000 from the UK-registered charity, Shell Foundation. The collaboration aims to establish a joint de-risking pool valued at $2 million, known as First Loan Default Guarantee (FLDG), to catalyze commercial debt. This strategic move is expected to enable Mufin Green Finance to […]

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Row Over Misuse of FAME-II Subsidies Reaches Parliament

The ongoing controversy over the misuse of the Union government’s FAME-II scheme recently reached the corridors of the Indian Parliament. The development comes after the Union government was recently forced to take action against the errant Electric Vehicle (EV) manufacturers who allegedly flouted the scheme norms to claim subsidy. In the latest Monsoon Session of […]

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India Requires 13L Charging Stations By 2030: CII Report

A new report by the Confederation of Indian Industry (CII) on ‘Charging Infrastructure for Electric Vehicles’ claims that India would require around 13 lakh charging stations to cater to the growing electric mobility needs by 2030. It makes a case for the country to install around 4 lakh chargers for EV annually.  The industry association […]

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9 EV Financing Startups in India Accelerating EV adoption

The electric vehicle (EV) revolution in India is gaining momentum, driven by technological advancements, environmental consciousness, and government initiatives. With growing awareness of its benefits, electric vehicles (EVs) are emerging as a promising choice for prospective vehicle buyers. In the first half of CY2023, the EV sales crossed the 100,000-unit mark on average each month, […]

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