Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra Ltd. (M&M), has announced a strategic partnership with Ecofy, India’s green-only NBFC supported by Eversource Capital, aimed at accelerating the adoption of electric three-wheelers in India. MLMML, recognized as India’s leading electric three-wheeler manufacturer with the broadest range of offerings, aims to leverage Ecofy’s innovative financing solutions to drive the uptake of EV 3Ws.
Suman Mishra, MD & CEO of MLMML, highlighted the significance of the partnership in advancing India’s transition to electric mobility. He emphasized that the collaboration will enable tailored finance solutions for customers, facilitating their entry into micro-entrepreneurship with green mobility options.
Rajashree Nambiar, Co-Founder, MD & CEO of Ecofy, echoed the sentiment, underscoring their joint mission to promote sustainable transportation solutions. Nambiar emphasized that the partnership supports India’s ambitious goal of achieving 30% EV penetration by 2030, positioning Ecofy to meet 85% of industry demand through financing, leasing, and subscription models.
The global market for electric three-wheelers, valued at approximately USD 677 million in 2020, is projected to grow at a CAGR of around 10% from 2021 to 2027. This collaboration, supported by government incentives and subsidies for electric mobility, represents a significant step towards a greener and more sustainable future for India’s transportation sector.
