As an effort towards encouraging Electric Vehicle (EV) adoption in the country, Omega Seiki Mobility, an Anglian Omega Group Company, and Mufin Green Finance, a listed non-banking financial company (NBFC), today announced a strategic partnership for providing lease financing solutions to B2B customers and retail financing to B2C customers of Omega Seiki Mobility. Under the partnership, Mufin Green Finance will finance 3500 units of cargo electric three-wheelers for OSM B2B customers by 2023 and 4000 Cargo and Passenger electric vehicles for B2C Retail customers by 2024. Mufin Green Finance will finance over 300 Crore worth of Omega Seiki Mobility electric vehicles. Financing will be available across Omega Seiki Mobility’s existing 140+ dealer touch points and all new dealerships to be opened in 2023.
Owing to the low total cost of ownership and robust quality vehicles, the demand for leasing commercial electric vehicles is very robust which is further fuelled by ambitious electrification targets by large e-commerce companies amid the need for lower emission have led to an upsurge in demand of electric vehicles. In addition, financing of commercial electric vehicles is significantly beneficial to entire stakeholders. OSM’s wide range of product offerings across cargo and passenger use allows customers to select vehicle suiting their requirements. The EV market is projected to grow multi-fold over the next 5 years.
Commenting on the partnership, Mr. Uday Narang, Founder, and Chairman, of Omega Seiki Mobility said, “Indian Automotive market has shown a rising demand for electric vehicles, and providing EV financing options would be a great way to accelerate India’s transition to an electric future. We have an existing order book of over 35,000 electric cargo and passenger vehicles. We are happy to partner with Mufin Green Finance to assist our authorized passenger electric vehicle dealer and B2B partners with an exclusive financing program. We are confident that through this tie-up with Mufin, we will make EVs more affordable and accessible to OSM customers at large. This reflects our continued participation in India’s journey towards a sustainable future.”
“OSM continues to work with multiple financiers to make EVs more affordable and will be adding more financiers for a much wider EV adoption.” Added Mr. Narang
Mr. Kapil Garg, Chairman of Mufin Green Finance said, EV is a fast-evolving market and there’s strong push from various stakeholders. The Partnership with OSM is a solid validation on our climate-focused financing mission. We are focused on catering to the underserved or low-income segment and create a meaningful social and climate impact.”
“Mufin Green Finance is already one of the leading platforms which is helping India to join the change of emission-free mobility and reduce the carbon footprint. Omega Seiki Mobility believes the only way to be successful in the Electric Vehicle market is through associations hence, Omega Seiki Mobility has been inking multiple partnerships to make EVs more accessible and affordable and further its green drives.” Further added Mr. Narang
Omega Seiki Mobility has been growing its product lineup and manufacturing footprint rapidly in India. OSM has set up large-scale manufacturing facilities in Delhi NCR and Pune. The company is also one of the leading last-mile service providers under its brand “UnoXpress”. Omega Seiki Mobility is currently running its fleet in 20 cities, doing more than 20 lacs Km per month. The company is also in the process of investing INR 800 Crores to Set up two New Green Field Manufacturing Facilities for
Manufacturing of EVs and its Components.
Founded in 2016, Mufin Green Finance is a Bombay Stock Exchange (BSE) listed NBFC company that is among the few organised financiers in the EV space. It was started with a mission to fuel the EV ecosystem of India and in a short span, the company has reportedly financed EVs worth over Rs 245 crore. To promote a green environment, the company has reduced 1.93 million tons of carbon emissions indirectly through its clientele in over five years.
Mufin Green Finance operates at a market share of more than 7 percent across various territories in the northern and eastern Indian regions. Mufin has last year raised its Series A round of funding and has become more aggressive in EV financing since then. Standing at a net worth of $20 million, the company plans to multiply its portfolio by at least 10X in the next three years, tapping new territories and products to drive green penetration in India. The company intends to expand to all parts of India by December 2023 and also plans to venture into other green financing products, such as solar panel financing, by 2023.
Omega Seiki Mobility believes in creating sustainable mobility solutions with an integrated approach of connecting Automobiles and Society. The brand’s focus is to eventually create a clean ecosystem with eco-friendly, safe, and congestion-free mobility. OSM is one of India’s leading clean energy incubators and has become synonymous with India’s sustainability success. The electric vehicle manufacturing company aims to fast-track future mobility, with green energy at its core, by implementing data-driven, smart engineering.