SIDBI and Okaya EV Join Forces to Accelerate Electric Vehicle Adoption in India


Okaya EV, a prominent player in the electric vehicle sector, is excited to unveil its strategic collaboration with the Small Industries Development Bank of India (SIDBI) as part of the groundbreaking “Mission 50K-EV4ECO” initiative. This alliance represents a major milestone in advancing the uptake of electric vehicles (EVs) in India, with a special focus on empowering micro, small, and medium enterprises (MSMEs).

Established in 1990, the Small Industries Development Bank of India (SIDBI) has emerged as a cornerstone of financial support for India’s dynamic small industries sector. Through its unwavering commitment to nurturing growth and development among micro, small, and medium enterprises (MSMEs), SIDBI has earned a well-deserved reputation as a trusted financial partner over the years.

Aligned with its national mission, SIDBI recognizes the pivotal role of electric vehicles (EVs) in shaping India’s sustainable future. The introduction of the Mission 50K-EV4ECO pilot scheme underscores SIDBI’s steadfast dedication to promoting EV adoption nationwide. This pioneering initiative is strategically designed to enable the rapid replication and scalability of EVs, bolstered by multilateral support. It lays the foundation for the forthcoming EVOLVE scheme, a collaborative venture between SIDBI and the World Bank, poised to provide enhanced financing terms and innovative solutions to address the evolving challenges within India’s burgeoning EV ecosystem.

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“Through our strategic partnership with SIDBI, Okaya EV is set to revolutionize sustainable mobility in India. Our commitment to deploying 25,000 electric vehicle units, representing half of the SIDBI ‘Mission 50K-EV4ECO’ initiative, demonstrates our unwavering dedication. As an eligible OEM for the EVOLVE-RSP/EV4W scheme, we possess the capacity and infrastructure needed to make this vision a reality. With SIDBI’s invaluable support, we aim to leave a significant impact on the B2B and fleet sectors, ushering in a greener, more sustainable future for India.” said Dr. Anshul Gupta, Managing Director, Okaya Electric Vehicle.

In this groundbreaking collaboration, Okaya EV proudly includes several scooter models—FAAST F2B, F2T, F4, and F3—within the Mission 50K-EV4ECO scheme. This strategic move significantly enhances the accessibility and affordability of electric mobility options, offering a gateway for individuals seeking to join the electric vehicle revolution.

The primary objective of this partnership is to streamline the financing process for electric vehicles, simplifying access to capital for dealers, authorized partners, small businesses, and micro, small, and medium enterprises (MSMEs). Through an innovative indirect program specifically targeting Non-Banking Financial Companies (NBFCs), with a focus on smaller, unrated, specialized, and emerging entities involved in EV financing, this partnership seeks to extend the benefits of the initiative to the “last mile” of operations. This approach aims to reach those who can have a transformative impact on the electric vehicle landscape in India.

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The partnership between Okaya EV and SIDBI epitomizes a shared vision for a greener and more sustainable India. By extending advantages to dealers, authorized partners, and small businesses, this initiative empowers them to harness the benefits offered by the Mission 50K-EV4ECO scheme. In doing so, it not only enhances the accessibility of electric vehicles but also sets the stage for a substantial transition toward sustainable transportation choices, aligning seamlessly with India’s broader environmental objectives.

As Okaya EV and SIDBI embark on this collaborative journey, their unwavering commitment is to drive positive change, champion cleaner transportation, and catalyze economic growth through the widespread adoption of electric vehicles.

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