Greaves Electric Mobility Private Limited (GEMPL), a division of Greaves Cotton Limited focused on e-mobility, has partnered with Bike Bazaar Finance, an RBI-registered non-banking finance company specializing in retail financing for new and pre-owned vehicles. The collaboration aims to provide flexible financing options for GEMPL’s ELE-branded L3 electric vehicles. Initially, the financing services will be available in Uttar Pradesh and Bihar, with plans for expansion across the nation in the future. This strategic alliance marks Bike Bazaar Finance’s first partnership with an electric three-wheeler company.
The partnership between GEMPL and Bike Bazaar Finance is set to benefit both parties as well as customers, and it represents a significant step forward in India’s growing e-mobility sector. By offering to finance up to 85% of the on-road price, Bike Bazaar Finance will enable more customers to access GEMPL’s ELE L3 electric vehicles. This collaboration expands GEMPL’s reach and reinforces its commitment to providing innovative and sustainable mobility solutions across India.
Sanjay Behl, CEO & Executive Director of Greaves Electric Mobility Private Ltd, expressed excitement about the partnership, emphasizing its role in accelerating the adoption of electric three-wheelers and driving India towards a sustainable and emission-free future. The agreement aims to simplify the purchasing process, reduce barriers to adopting electric three-wheelers, and provide customers with hassle-free and easy financing options.
Karunakaran V, Joint Managing Director & Co-Founder of Bike Bazaar Finance, praised Greaves Electric Mobility’s commitment to promoting clean energy through electric vehicles. The partnership aligns with Bike Bazaar’s dedication to positively impacting the environmental, social, and governance (ESG) space. Both companies share a common vision for a sustainable world and are optimistic about the milestones their collaboration will achieve in the three-wheeler industry, furthering the cause of clean energy in India.
GEMPL is focused on revolutionizing last-mile mobility in India by promoting sustainability. Recently, at the Auto Expo, GEMPL unveiled its vision for a sustainable future by introducing three-wheelers for passenger and cargo mobility. Greaves Cotton Limited, the parent company, has been actively involved in the EV space and is committed to developing a complete mobility ecosystem in India. According to Vahan Data, electric three-wheeler sales have already reached 3.53 lakh units as of YTD FY’23 (as of March 6, 2023), indicating a growing demand for clean mobility solutions in the market.
