Ecofy, a prominent green-focused Non-Banking Financial Company (NBFC), and Vidyut, an innovative platform specializing in enhancing affordability for electric three-wheeler ownership, have announced a strategic alliance aimed at advancing sustainable transportation solutions. Under this partnership, Ecofy will provide financing while Vidyut will introduce a subscription-based battery-as-a-service model, ensuring accessible electric vehicle (EV) solutions.
By implementing a hybrid financing approach that reduces acquisition costs and introduces a pay-per-km battery leasing model, Ecofy and Vidyut intend to simplify and de-risk the adoption of EVs, as stated by the companies.
Kailash Rathi, Head of Partnerships & Co-Lending at Ecofy, emphasized the shared commitment to promoting sustainable mobility solutions. He highlighted Ecofy’s previous achievements in the 3W EV sector and expressed confidence in democratizing EV ownership by combining Ecofy’s green financing expertise with Vidyut’s subscription model.
Xitij Kothi, co-founder at Vidyut, echoed the sentiment, expressing enthusiasm for accelerating EV adoption and contributing to a greener future. He emphasized the compatibility of their subscription-based ownership model with Ecofy’s mission, aiming to empower solo entrepreneurs and small businesses in transitioning seamlessly to electric vehicles.
India has witnessed a significant increase in electric vehicle adoption across various segments from 2019 to the present. Passenger cars experienced a robust growth rate of 37%, capturing 3% of the market, while electric three-wheelers dominated the commercial vehicle sector with a 65% market share. Two-wheelers also saw substantial adoption, comprising 7% of total sales during this period.
