Gogoro first foreign two-wheeler OEM and Battery Swapping provider to be recognised by SIDBI

Gogoro has been recognised by the Small Industries Development Bank of India (SIDBI) as an empanelled OEM making its registered vehicles eligible for SIDBI’s EV financing programs.

This initiative makes Gogoro the first global electric two-wheel OEM and the first battery-swapping player to qualify for empanelment with SIDBI. Through this initiative, Gogoro aims to facilitate and accelerate the adoption of electric vehicles (EVs) in India.

“SIDBI’s "50K-EV4ECO" flagship mission is to foster electric vehicle adoption across India,” said Dr. R. K Singh, Chief General Manager of SIDBI. “As part of this initiative SIDBI provides innovative financing facilities to strengthen the EV ecosystem for commercial uses through direct and indirect lending that enables enterprises to transition to electric mobility.

“This collaboration marks a significant step in creating a robust EV ecosystem in India by providing financing to support the transition to cleaner and greener transportation alternatives,” said Horace Luke, CEO and founder of Gogoro.

“The Government of India, under its EV30@30 mission, is taking meaningful steps forward to accelerate EV adoption. Initiatives like this help two-wheel EV buyers and fleet operators secure financial assistance at better terms to adopt Gogoro vehicles and battery swapping.”