Q1. Greaves Finance has established itself as a 100% EV-focused Non-Banking Financial Company (NBFC). Could you share with us the growth trajectory of Greaves Finance and the key milestones that have shaped its journey in the electric vehicle (EV) financing space?
Greaves Cotton entered the retail financing sector in 2019, focusing initially on electric two- wheeler and electric three-wheeler though co-lending model to understand the market insights and refine its products and processes. This early phase allowed Greaves to identify key requirements for success, such as a fully digital loan process, quick turnaround times, EV-focused products, and strong relationships with OEMs, dealers, and customers.
In 2023, Greaves Finance pivoted to become a brand-agnostic electric two-wheeler (E2W) NBFC and launched its dedicated EV financing brand, evfin. This period marked the introduction of smart.fin, a flagship buyback and upgrade loan product, partnership with Ather, River and other leading E2W OEMs. Greaves Finance also established a strategic co-lending partnership with Muthoot Capital, securing a ₹150 Crore credit line, and further obtained an IRDAI Corporate Agent license, partnering with Acko to expand insurance offerings for our customers.
Today, Greaves Finance serves the top E2W OEMs, covering over 90% of India’s E2W sales. The company has expanded to 47 cities, reaching 50% of the E2W market. Key milestones include crossing ₹100 Crore in financing on World Environment Day and achieving ₹200 Crore in October ahead of Diwali. This year, Greaves finance also successfully piloted various modules for a comprehensive EV marketplace, featuring DIY financing, test drive bookings, insurance, referrals, and refinancing services. The full-fledged marketplace is set to launch soon, further advancing Greaves Finance’s mission to drive financial inclusion and accelerate electric mobility in India.
Q2. You’ve positioned Greaves Finance as a customer-centric lender with highly competitive interest rates. What sets your loan offerings apart from other players in the market, and how do you ensure the best value for your customers?
Greaves Finance employs a holistic approach that blends cutting-edge technology and personalised service, to address pertinent challenges and add real value for our customers. We do this through the following approaches:
- Swift Digital Lending: Get approved for your EV loan in under 2.5 minutes, making the financing process smooth and hassle-free.
- Flexible Financing Options: Choose from a range of products—zip.fin, eco.fin, smart.fin, protect.fin, and ride.fin—tailored to fit your unique needs and financial goals.
- Personalised Buying Assistance: Our expert recommendations help you select the right vehicle and financing, ensuring you make informed choices that suit your lifestyle.
- Comprehensive Lifecycle Services: Enjoy peace of mind with services like loan protect insurance and a resale marketplace featuring locked-in prices, addressing your long-term concerns.
Q3. Greaves Finance offers a range of financing options with flexible interest rates. Can you highlight the specific types of loans available and how they cater to the diverse needs of EV customers, from individuals to businesses?
Greaves Finance, through its platform “evfin,” offers a variety of financing options tailored to meet the diverse needs of electric vehicle (EV) customers, from individuals to businesses. Here’s a breakdown of the specific types of financing available:
- Zip.fin: Ideal for those seeking quick and easy financing, this option offers lower interest rates and up to 100% on-road price financing.
- Eco.fin: Designed for eco-conscious and budget-friendly buyers, this plan provides attractive interest rates, up to 90% on-road price financing, loan tenures up to 48 months, and the best value-for-money package.
- Smart.fin: Perfect for tech-savvy early adopters, this option includes attractive EMI plans and an assured buyback with the ability to upgrade to the latest EV after 36 months, eliminating worries about resale.
- Ride.fin: Tailored for daily commuters, this plan offers low EMIs, a loan tenure of 48 months, and the option to return the vehicle at the end of the loan or continue with the same EMIs for a few more months.
- Protect.fin: For those who want assurance on vehicle and battery life, this option provides the lowest EMI in the industry, up to 100% on-road price funding, including extended warranty, and loan tenures up to 60 months.
These financing options are designed to align with various financial goals and provide peace of mind to EV customers
Q.4 Collaboration with key EV players has been a significant part of Greaves Finance’s strategy. Could you elaborate on some of your most impactful partnerships and how these collaborations have helped you tailor financing solutions for your customers?
Greaves Finance has strategically partnered with industry-leading EV manufacturers, including Ather Energy and River Mobility, to make electric two-wheelers (E2Ws) accessible to a wider audience. Through these collaborations, Greaves Finance now supports financing solutions for eight prominent OEMs, significantly enhancing its reach and contributing to accelerated electric vehicle adoption across India.
These partnerships have been instrumental in enabling Greaves Finance to tailor its offerings for a diverse customer base, from urban commuters to small business owners. For instance, our collaboration with OEM’s has allowed us to provide financing options specifically designed for their E2Ws, featuring flexible loan terms, quick turnaround times, and competitive pricing strategies. By prioritizing efficiency and affordability, Greaves Finance has achieved substantial market penetration, positioning itself as a key player in India’s EV financing landscape and making the switch to electric 2-wheeler easier for customers nationwide.
To further enhance its market presence, the Company has initiated a co-lending partnership with Muthoot Capital Services Limited for financing electric two-wheelers.
Q.5 With a nationwide footprint, Greaves Finance plays a critical role in supporting the growing EV ecosystem. How do you manage your operations across India, and what role does Greaves Finance play in accelerating EV adoption in urban and rural markets?
At Greaves Finance, we are committed to accelerating EV adoption across urban and rural India by offering tailored, accessible financing solutions through our platform, evfin. This innovative platform provides instant loan approvals—within 2.5 minutes—and offers a diverse range of products such as zip.fin, eco.fin, and smart.fin to meet the varied needs of EV buyers.
Our “assisted buying” feature ensures personalized recommendations, helping customers make informed decisions on both the vehicle and the financing option best suited to them. We also provide comprehensive lifecycle services, including loan protection insurance, extended warranties, and a resale marketplace, ensuring long-term value and peace of mind for EV owners.
By partnering with leading EV brands like Ather Energy and River Mobility, we streamline the financing process and remove barriers to ownership.
Q.6 As India moves towards a more sustainable and electrified mobility future, what are your long-term plans for Greaves Finance? How do you see the company evolving in terms of product offerings and technology to further support the expansion of the EV industry?
As India embraces a sustainable mobility future, Greaves Finance is focused on evolving our role within the electric vehicle ecosystem. Our long-term strategy involves enhancing our evfin platform to offer a broader range of innovative financing solutions, specifically designed to meet the unique needs of EV customers. We are committed to introducing new products that facilitate accessibility and affordability for diverse consumer segments, ensuring electric mobility is within reach for all.
Greaves Finance is dedicated to driving the transition from internal combustion vehicles to electric mobility, aligning our efforts with India’s sustainability goals and contributing significantly to the decarbonization of transportation. We envision a future where our innovative solutions play a crucial role in shaping a greener, electrified mobility landscape.
