Greaves Finance Ltd, the NBFC arm of Greaves Cotton Ltd, introduces "evfin", an innovative platform for electric vehicle financing and beyond
Greaves Finance Ltd, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd, has introduced a groundbreaking financial platform called "evfin". This platform aims to revolutionise the world of electric vehicle (EV) financing and more.
The Economic Survey 2023 highlights the pivotal role of the automotive industry in the shift towards green energy. It predicts that the domestic EV market will experience a remarkable compound annual growth rate (CAGR) of 49 per cent from 2022 to 2030, with an anticipated annual sales volume of one crore units by 2030.
To expedite the transition towards electric vehicles amidst their increasing adoption, it is crucial to address the complete lifecycle journey of EV usage for consumers, evfin offers an unprecedented suite of innovative experiences. This suite ensures a superior EV journey throughout the ownership lifecycle, providing accessible and cost-effective financing options.
"Greaves Cotton Limited is dedicated to a comprehensive ecosystem for diverse last-mile mobility. With cutting-edge products and services spanning components, retail and end-user vehicles, we are pleased to announce the launch of evfin, our sustainable financing platform, reinforcing our commitment to sustainability on World Environment Day," says Nagesh Basavanahalli, Vice Chairman, Greaves Cotton Ltd.
"evfin is India's first consumer finance technology platform fully dedicated to electric mobility and other sustainable solutions, supported by our advanced digital lending suite, innovative asset management technology, and nationwide reach. Our goal is to create an exceptional and tailormade experience for our EV customers. Through our comprehensive range of personalised financing solutions, we aim to democratise access to EV consumers by offering the most costeffective financing options. The evfin platform is specifically designed to provide an end-to-end lifecycle experience for EV owners, ensuring a unique and seamless ownership journey throughout their usage of electric vehicles," says Sandeep Divakaran, ED & CEO of Greaves Finance Ltd.
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.”
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