Greaves Finance Limited, a non-banking financial company (NBFC) and subsidiary of Greaves Cotton Ltd., has announced a groundbreaking partnership with Muthoot Capital Services Limited (MCSL), a rapidly growing NBFC and part of the Muthoot Pappachan Group. Together, they are launching a co-lending arrangement with a total deal size of up to INR 150 crores ($18 million USD) to expand the availability of electric two-wheeler financing solutions across India.
With the rising demand for electric vehicles (EVs) in India, this collaboration reflects both companies’ commitment to accelerating the adoption of sustainable transportation options. Leveraging evfin’s expertise in customized automotive financing and Muthoot Capital’s established presence in the financial sector, this partnership aims to offer affordable, tailored, and convenient financing options for customers interested in purchasing electric two-wheelers.
Sandeep Divakaran, CEO of Greaves Finance Ltd., expressed excitement about the transformative co-lending partnership, highlighting its dedication to promoting sustainable mobility solutions and providing innovative financing options to meet evolving customer needs.
Mathews Markose, CEO of Muthoot Capital Services Limited (MCSL), expressed optimism about the partnership’s potential to enhance financial well-being and accessibility, particularly for the lower middle-income segment, which often seeks two-wheelers. He emphasized the partnership’s significance in fulfilling their mission of transforming lives through financial inclusion.
The collaboration aims to support various renowned electric two-wheeler manufacturers, including OLA Electric, Ather Energy, Ampere, Hero MotoCorp, and TVS Motor, fostering innovation in the electric vehicle sector. By offering comprehensive financing solutions for electric two-wheelers, Greaves Finance and Muthoot Capital are poised to play a pivotal role in shaping the future of mobility in India.
