Mufin Green to finance 7,500 Omega Seiki electric three-wheelers worth Rs 300 crore

EV OEM Omega Seiki Mobility, which claims to have an order book of over 35,000 electric commercial and passenger three-wheelers; has inked a strategic partnership with Mufin Green Finance for providing lease financing solutions to its B2B customers and retail financing to B2C customers. 

Under the terms of the tie-up, Mufin Green Finance will finance 3,500 cargo electric three-wheelers for OSM B2B customers by 2023 and 4,000 cargo and passenger EVs for B2C retail customers by 2024. Mufin Green Finance will provide finance for over Rs 300 crore worth of Omega Seiki Mobility EVs. Financing will be available across Omega Seiki Mobility’s existing 140-plus dealer showrooms and all new dealerships to be opened this year.

 Domestic market sales of electric three-wheelers are growing speedily, mainly because of the low total cost of ownership and improved-quality vehicles. Also, demand for leasing commercial EVs is very robust and further fuelled by ambitious electrification targets by large e-commerce companies.

 Commenting on the partnership,  Uday Narang, founder and chairman, Omega Seiki Mobility said, “Providing EV financing options would be a great way to accelerate India’s transition to an electric future. We have an existing order book of over 35,000 electric cargo and passenger vehicles. We are happy to partner with Mufin Green Finance to assist our authorised passenger EV dealers and B2B partners with an exclusive financing program. We are confident that through this tie-up with Mufin, we will make EVs more affordable and accessible to OSM customers at large.”  

Kapil Garg, chairman of Mufin Green Finance said, “EVs are a fast-evolving market and there is a strong push from various stakeholders. The partnership with OSM is a solid validation on our climate focused financing mission. We are focused on catering to the underserved or low-income segment and create a meaningful social and climate impact.”

Omega Seiki Mobility, which has manufacturing facilities in Delhi-NCR and Pune, is among India's leading last mile service providers with its brand 'UnoXpress'. The company currently deploys its fleet in 20 cities, logging over two million kilometres a month. OSM is implementing a Rs 800 crore investment programme to set up two greenfield manufacturing plants for manufacturing of EVs and EV components.