ev.fin Secures Rs 223 Crore in Institutional Debt to Expand EV Financing

Greaves Finance Limited, operating under its retail brand ev.fin, has announced the partial deployment of Rs 223 crore in previously sanctioned institutional debt for onward lending during the April–March 2026 period. The funds were raised through a combination of listed Non-Convertible Debentures (NCDs) and structured term loans, with lenders including AK Capital, Northern Arc Investment Managers, AU Small Finance Bank, Ambit Finvest, MAS Financial Services, and Maanveeya.

The capital infusion has allowed ev.fin to expand its geographic footprint from a limited set of markets to over 74 cities, with the company targeting coverage of more than 80 cities by July 2026. As of March 2026, the company reported a managed Assets Under Management (AUM) of approximately Rs 522 crore, with cumulative disbursements surpassing Rs 774 crore.

ev.fin operates as a 100% EV-focused NBFC and a wholly owned subsidiary of Greaves Cotton Limited. The company follows an OEM-agnostic lending model that structures loans based on battery health and resale values rather than solely on borrower income profiles,  a departure from conventional vehicle financing approaches. The platform is embedded within dealership networks of major two-wheeler EV brands including Ather, Ampere, Hero Electric, Bajaj, TVS, Suzuki, River, and Ultraviolette.

The company also offers lifecycle-linked financial products, including buyback options, upgrade financing, and split loans covering the battery and vehicle shell separately.

India Ratings and Research (Ind-Ra) has assigned ev.fin a credit rating of IND A- with a stable outlook, which the company says reflects its credit quality and the confidence of institutional partners in its underwriting approach.

The company serves over 55,000 customers across its current network and caters to retail buyers, MSMEs, and fleet operators. ev.fin said it continues to evaluate additional fundraising avenues through structured instruments aligned with its portfolio growth trajectory.

India's electric two-wheeler and three-wheeler segments have seen sustained demand, though access to structured financing remains a barrier to broader EV adoption. ev.fin positions itself as addressing this gap through risk-adjusted lending frameworks designed specifically for electric vehicles.