Greaves Electric Mobility Private Limited to partner with Bike Bazaar Finance to provide flexible financing options for the electric three-wheeler portfolio
Greaves Electric Mobility Private Limited (GEMPL),the e-mobility business of Greaves Cotton Limited, has entered into an agreement with Bike Bazaar Finance, an RBI-registered non banking finance company that specialises in retail financing of Pre-Owned & New-vehicles. Under the agreement, Bike Bazaar Finance will finance GEMPL's ELE-branded L3 electric vehicles. This partnership with an E3W company is the first of its kind for Bike Bazaar and will initially take effect in UP and Bihar, with plans to expand nationwide in the near future.
This collaboration will benefit both GEMPL and Bike Bazaar Finance, as well as customers, and is a significant advancement in India's burgeoning e-mobility sector. By offering to finance up to 85% of the on-road price, Bike Bazaar Finance will enable more customers to access GEMPL's ELE L3 electric vehicles. GEMPL's dedication to providing innovative and sustainable mobility solutions will now reach a broader customer base throughout India due to this partnership.
Commenting on this tie-up, Sanjay Behl, CEO & Executive Director Greaves Electric Mobility Private Ltd, said,
"We are thrilled to announce that we have partnered with Bike Bazaar Finance to further accelerate the adoption of the L3 electric three-wheeler sector and move towards a more sustainable and emission-free future. This agreement aims to improve customer access to hassle-free and easy financing options, streamline the purchase process, and reduce barriers to adopting electric three-wheelers."
Mr. Karunakaran V, Jt. MD & Co-Founder, Bike Bazaar Finance said,
"Greaves Electric Mobility's initiative towards promoting clean energy through electric vehicles is something that Bike Bazaar takes great pride and privilege in partnering with. As a company dedicated to positively impacting the ESG space, we share a common vision with GEMPL towards a sustainable world. We are optimistic that our partnership will pave the way for new milestones in the three-wheeler industry and further the cause of clean energy in India."
GEMPL aims to revolutionise last-mile mobility in India by promoting sustainability. At the recent Auto Expo, GEMPL unveiled its vision to usher India into a sustainable future through last-mile mobility by introducing three-wheelers for passenger and cargo mobility. Greaves Cotton Limited has been at the forefront of the EV space and working towards developing a complete mobility ecosystem in India. According to Vahan Data, as of YTD FY'23 (06-Mar-23), electric three-wheeler sales have reached 3.53 lakh units, indica]]ting a growing demand for clean mobility solutions.
Greaves Electric Mobility Private Limited (GEMPL), the electric mobility business of Greaves Cotton Limited (GCL), is a leading player in Electric Vehicle (EV) technology in India. With comprehensive support from GCL's EV ecosystem, GEMPL has been designing and manufacturing electric vehicles for over 13 years and has established a strong presence in the electric 2-wheeler and 3-wheeler segments. In the electric 2-wheeler segment, the 'Ampere' brand is a fast-growing e-scooter brand with a strong presence in both B2C and B2B segments. Furthermore, GEMPL's subsidiary and associate companies, Bestway Agencies Private Limited and MLR Auto Limited, are rapidly expanding businesses in the electric 3-wheeler segment. With a strong base of over 2.3 lakh satisfied customers, GEMPL is committed to creating an affordable and sustainable ecosystem that provides the country with uninterrupted, clean, and last-mile mobility solutions.
Greaves Cotton Limited is a diversified multi-product and multi-location engineering Company with a rich legacy and brand trust of over 163 years and has established itself as a key player impacting a billion lives every day. The Company is a leading name in Fuel Agnostic Powertrain Solutions, E-Mobility, Aftermarket, Retail, Engineering Services & Finance. The Company’s diversification strategy is driven by customer centricity and sustainability. It is one of the few companies that has successfully developed the complete EV ecosystem in India. Greaves is powered by the purpose to touch a billion lives by 2030 and enable them to make sustainable transition to clean mobility.
Greaves Cotton Limited, (CIN – L99999MH1922PLC000987) Unit No. 701, 7th Floor, Tower 3 Equinox Business Park, LBS Marg, Kurla West, Mumbai 400070. +91-022-41711700
Note
“This press release may include statements of future expectations and other forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects upon Greaves Cotton Limited and its subsidiaries/ associates (“Greaves”). These forward-looking statements involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others: general economic and business conditions in India and overseas, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Indian Rupee and other currency changes, changes in the Indian and international interest rates, change in laws and regulations that apply to the related industries, increasing competition in and the conditions of the related industries, changes in political conditions in India and changes in the foreign exchange control regulations in India. Neither Greaves, nor our directors, or any of our subsidiaries/associates assume any obligation to update any particular forward-looking statement contained in this release.”
Copied to your Clipboard!
