Greaves Finance partners with ACKO for EV ownership

Greaves Finance Limited, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd., announced its partnership with ACKO, a tech-first insurer, to encourage seamless EV ownership in the country.

The collaboration, under Greaves’ 100% ev-focused lending platform evfin, enables cross-selling of the offerings of ACKO on the platform, allowing consumers to access the most optimal insurance policies and financing options with convenience. The customers will get access to specialised financing support, and tailored financing solutions from evfin that are aligned with their unique preferences and requirements.  It will also streamline the insurance scouting process for users, offering them affordable policies catered to their needs.  

The collaboration between evfin and ACKO aims to ease EV ownership and the financial burden on EV owners in cases of accidents and hospitalisations and drive new innovative EV-centric products, accelerating the adoption of sustainable mobility solutions in India.

P.B. Sunil Kumar, Executive Director and CEO, Greaves Finance Limited, said, “In FY24, the Electric 2W segment has witnessed a Y-o-Y growth of 30%, and we believe that accessible financing and insurance models will push this further, helping accelerate India’s potential to lead the charge in sustainable mobility.  We are delighted to partner with Acko on this exciting venture to offer affordable and tailored solutions to our consumers.   We share a mutual vision of leveraging technology to increase the accessibility of financial services to customers across India.”

Brijesh Unnithan, SVP - Internet Partnerships, ACKO said, “We understand the importance of tailored insurance solutions for EVs to accelerate EV adoption in India. Given the barriers to EV adoption, where the primary factors are cost and battery degradation, it is important to foster an ecosystem that facilitates affordable financing and insurance solutions to encourage individuals to consider EVs. ACKO’s collaboration with Greaves Finance Limited is a step in the right direction to enable this."

Earlier this month, evfin celebrated its 1st anniversary.  Evfin offerings are available in all leading EV 2-wheeler OEM dealerships like Ather Energy, Ampere from Greaves, Vida from Hero Motocorp., OLA Electric, Bajaj Chetak, and TVS iQube across 31 cities in India.