Montra Electric and Ecofy Forge Partnership to Transform Electric Vehicle Financing for Three-Wheelers in India


In a significant move towards promoting eco-friendly transportation solutions in India, Montra Electric, the distinguished electric vehicle brand under the renowned 123-year-old Murugappa Group, has teamed up with Ecofy, India’s leading green-only Non-Banking Financial Company (NBFC). This strategic alliance aims to provide accessible financing options for electric three-wheelers, addressing a crucial need in the market.

Ecofy, dedicated to bridging the climate finance gap in the Indian retail sector, will extend financial support to both cargo and passenger electric three-wheelers.

With a mission to facilitate a sustainable, net-zero emissions future, Ecofy’s Co-founder, MD & CEO, Rajashree Nambiar, emphasized the company’s commitment. She stated, “Ecofy aims to play a pivotal role in promoting a sustainable, net-zero emissions future by providing financial support to individuals and small businesses making eco-conscious choices. Through this strategic tie-up with Montra Electric, we intend to offer tailored products and a seamless experience that aligns with the specific needs of customers dedicated to creating a greener future.”

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Sushant Jena, Head of Montra Electric’s 3W Division, expressed enthusiasm about the collaboration, highlighting its potential impact on India’s transportation landscape. He stated, “We are thrilled to work with Ecofy in our quest to revolutionize transportation in India. Financing has often been a significant barrier to the adoption of commercial three-wheelers and passenger vehicles. Together with Ecofy, we aim to overcome this challenge and support the government’s efforts to promote widespread electric mobility in the country.”

India has witnessed remarkable growth in the electric three-wheeler market, with a 58% Year-on-Year increase in electric passenger vehicles and an astounding 114% Year-on-Year growth in electric cargo vehicles. This partnership between Ecofy and Montra Electric is poised to empower individuals and businesses, encouraging them to embrace a cleaner and more sustainable mode of transportation. As the nation moves towards a greener future, this collaboration stands as a beacon of change, paving the way for a cleaner, eco-conscious tomorrow.

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