Greaves Retail, a division of Greaves Cotton Ltd. and a prominent provider of versatile mobility solutions, has formed a strategic partnership with Usha Financial Services Ltd. to redefine the landscape of customer financing within the electric three-wheeler sector. This collaboration represents Greaves Retail’s determination to broaden its influence, rendering end-customer financing more accessible and seamless on a national scale.
By leveraging Usha Financial’s unique dealer delivery approach, the collaboration aims to bring the convenience of localized and hassle-free financing solutions to customers across India.This innovative model will empower dealers to pinpoint potential customers, streamline the collection process, and act as the central touchpoint for addressing loan repayment concerns. After a successful pilot run in Bihar, this model has been effectively rolled out to numerous dealerships throughout the country. Greaves Retail’s ambition is to facilitate financing solutions for its distinct clientele of electric three-wheeler enthusiasts across India.
“India’s three-wheeler segment witnessed 75 per cent growth in June on an annual basis, which is phenomenal. The partnership with Usha Financial is a major step to enable financing for our e-rickshaw customers in key markets. Usha Financal’s expertise in lending to “livelihood earners” will enhance Greaves Retail’s capabilities to facilitate the sales and service of these vehicles through our pan-India footprint of retail outlets,” said Narasimha Jayakumar, CEO, Greaves Retail.
“We at Usha Financial Services understand the value of multi-brand retail businesses. As financiers, we rely heavily on Dealers as the business anchor and address the lending process through Technology, Guarantors, and Co-Applicants. Our strength is enabling capital to reach end users, and Greaves Retail’s strength in selling vehicles creates a great partnership opportunity. We look at funding more and more vehicles and intend to grow the overall portfolio to 10,000 vehicles,” said Rajesh Gupta, Group MD, Usha Financial Services Limited.
Spanning the entirety of the last-mile transportation journey, Greaves Retail champions clean mobility and energy solutions, enriching the lives of countless individuals, small enterprises, and livelihoods. Boasting integrated 3S facilities—encompassing sales, service, and spare parts—all conveniently consolidated under one roof, Greaves Retail’s growth trajectory has been nothing short of remarkable, with numerous milestones achieved in swift succession. With an expansive retail network, it proudly claims a monumental presence, boasting 8,000 retail outlets, 200 distributors, a skilled workforce of 20,000 mechanics, and a dedicated customer base of 5 million individuals.