Greaves Finance Limited, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd., has announced a strategic partnership with ACKO, a tech-first insurer, to facilitate seamless electric vehicle (EV) ownership across India. This collaboration operates under Greaves’ EV-focused lending platform, evfin, enabling consumers to access optimal insurance policies and financing options with ease.
The partnership will allow cross-selling of ACKO’s offerings on the evfin platform, providing customers with specialized financing support and tailored solutions that cater to their specific needs. Additionally, the collaboration aims to simplify the insurance scouting process, offering affordable policies that meet the diverse requirements of EV owners.
P.B. Sunil Kumar, Executive Director and CEO of Greaves Finance Limited, highlighted the potential impact of this collaboration on the EV market. “In FY24, the Electric 2W segment has witnessed a Y-o-Y growth of 30%, and we believe that accessible financing and insurance models will push this further, helping accelerate India’s potential to lead the charge in sustainable mobility. We are delighted to partner with ACKO on this exciting venture to offer affordable and tailored solutions to our consumers. We share a mutual vision of leveraging technology to increase the accessibility of financial services to customers across India.”
Brijesh Unnithan, SVP – Internet Partnerships at ACKO, emphasized the importance of tailored insurance solutions in promoting EV adoption. “We understand the importance of tailored insurance solutions for EVs to accelerate EV adoption in India. Given the barriers to EV adoption, where the primary factors are cost and battery degradation, it is important to foster an ecosystem that facilitates affordable financing and insurance solutions to encourage individuals to consider EVs. ACKO’s collaboration with Greaves Finance Limited is a step in the right direction to enable this.”
The partnership between evfin and ACKO is set to alleviate the financial burden on EV owners in cases of accidents and hospitalizations, drive innovative EV-centric products, and accelerate the adoption of sustainable mobility solutions in India.
Earlier this month, evfin celebrated its first anniversary. Evfin offerings are available in leading EV 2-wheeler OEM dealerships such as Ather Energy, Ampere from Greaves, Vida from Hero Motocorp, OLA Electric, Bajaj Chetak, and TVS iQube across 31 cities in India.
