Unlocking the Future of Electric Mobility Consumer Finance: A Conversation with Sandeep Divakaran, CEO, Greaves Finance

Sandeep Divakaran, CEO of Greaves Finance Ltd.

1. Can you provide an overview of what evfin is and how it transforms the EV finance landscape?

Evfin, under the umbrella of NBFC, Greaves Finance Ltd, is India’s pioneering consumer finance technology platform dedicated to electric mobility and sustainable solutions. The platform utilises advanced digital lending and innovative asset management technology to transform the EV finance landscape. Our primary goal is to revolutionise the electric vehicle ownership experience for consumers by providing a superior and streamlined financing process. Our core objective is to bridge the gap in electric vehicle ownership by creating a digital platform that simplifies the loan application process, reduces waiting times, and makes electric mobility more accessible to a broader range of consumers. The platform aims to treat every consumer uniquely and enhance their ownership experience. We are committed to being at the forefront of the electric mobility revolution in India and empowering consumers to transition to sustainable transportation easily.

2. What are the key innovative features or services that distinguish evfin from traditional EV financing options?

We stand out from traditional EV financing options through our innovative approach and unique features and services tailored to address consumers’ concerns when considering electric vehicle purchases. To tackle these concerns, we offer “assisted buying,” providing custom recommendations based on individual needs and circumstances. Whether finding the right EV model for your physical dimensions or ride patterns, our personalised guidance helps you make informed choices about your EV purchase.

Our financing options are as diverse as the EV market, catering to various preferences and financial situations. We have options like zip.fin for those of you hunting for the lowest interest rates, eco.fin for those who value eco-friendliness and affordability, smart.fin for the tech-savvy early adopters with assured buyback and upgrade options, ride.fin for the daily commuters looking for lowest EMIs with a buyback, and protect.fin for those who crave assurance and long usage timeframes. These product choices to the auto ev consumers are first in its class and go beyond the run-of-the-mill financing packages, allowing you to select what aligns best with your financial goals and overall peace of mind. 

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Lastly, we understand that resale value is a critical factor in the minds of EV buyers, especially given the edge that traditional internal combustion engine (ICE) vehicles often have in this department. At evfin, we’ve got this concern covered, too. Our protection plans include extended warranties and locked-in resale prices, providing you with the confidence that your EV will retain its value down the road.

3. What types of electric vehicles does evfin support, and are there specific financing plans tailored for different vehicle categories?

While our current focus remains on electric two-wheelers for consumers, our long-term vision involves expanding our support to encompass a range of vehicle categories. We are committed to introducing tailored financing options that cater to the specific needs of customers within these diverse segments.

4. What measures does evfin take to ensure financial accessibility and affordability for a diverse range of consumers interested in electric vehicles?

Our experiential ownership platform is built on three pillars:

  • Digital Lending: We have developed a digital lending stack that can approve loans in under 3 minutes, making the process quick and nearly paperless. 
  • Expert Recommendations: Leveraging our deep understanding of vehicle engineering and battery technology, we can recommend suitable EV models and create specific financing products tailored to individual consumers. This expertise ensures that customers make informed decisions about their choice of EV and their financial options.
  • Lifecycle Services: To provide a comprehensive and hassle-free ownership experience, we offer extended warranties, usage-based insurance, and an EV resale marketplace based on battery underwriting. These services add a layer of security and convenience to the EV ownership journey, ensuring that customers are well-supported throughout their ownership experience.
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Our commitment to enhancing the customer experience goes beyond these pillars. 

5. What role does sustainability play in the mission and practices of evfin, and how does it contribute to a more sustainable EV ecosystem?

Sustainability is not just a buzzword at evfin; it’s our guiding principle. We understand the urgent need to address climate change and environmental degradation, and we have integrated sustainability into our core mission and practices. We are dedicated to advancing a greener future by facilitating the adoption of electric vehicles (EVs). Our financing solutions make EV ownership accessible, affordable, and convenient for individuals and businesses.

6. Are there any partnerships or collaborations that evfin has formed with automakers, dealerships, or other stakeholders to expand its reach and influence in the EV financing space?

We have been actively pursuing strategic collaborations with key stakeholders to bolster our presence and impact within the EV financing arena. We have recently forged a significant partnership with two leading EV manufacturers, Ather Energy and Ampere by Greaves. These strategic alliances have enabled us to offer our customers exclusive access to a wide array of tailored financing solutions meticulously designed to cater to their unique requirements and preferences. Moreover, we are continuously exploring additional collaboration opportunities that will further strengthen our position in this dynamic sector.

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7. What are the future plans and developments for evfin in the electric vehicle financing space?

Our future encompasses extending our services to cater to a broader consumer base, aiming for wider accessibility. Additionally, we are committed to optimising the efficiency of our digital lending procedures, leveraging technology to streamline and enhance the financing experience for our customers. Furthermore, our focus remains steadfast on consistently elevating the overall electric vehicle ownership journey, ensuring our customers receive a superior and seamless experience.

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