Greaves Finance launches platform for electric vehicle financing on World Environment Day
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.
Greaves Finance, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton, has introduced a financial platform "evfin", a platform for electric vehicle financing.
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, and this platform ensures a smooth EV journey throughout the ownership lifecycle, providing accessible and cost-effective financing options.
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% from 2022 to 2030, with an anticipated annual sales volume of one crore units by 2030.
"Greaves Cotton 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 tailor-made experience for our EV customers,” said Sandeep Divakaran, ED & CEO of Greaves Finance.
Through our comprehensive range of personalised financing solutions, we aim to democratise access to EV consumers by offering the most cost-effective 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," Divakaran added.
There was a positive growth trend observed in the LCV category, weighing between 2 and 3.5 tonnes.
The company is expanding its electric bus production to meet growing demand.
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