Montra Electric and Ecofy sign MoU for EV financing for cargo, e-three wheelers

Montra Electric, the EV brand of 123 years legacy Murugappa Group and Ecofy, India's green-only NBFC have joined forces to offer accessible financing solutions for Electric Three-Wheelers. 

Ecofy will offer financial assistance for both cargo and passenger vehicles.

Rajashree Nambiar, Co-founder, MD and CEO, Ecofy, highlighted the company's mission, stating, "Through this strategic tie-up with Montra Electric, we intend to offer tailored products and a seamless experience that aligns with the specific needs of customers dedicated to creating a greener future."

Sushant Jena, Head, Montra Electric 3W Division, said, “We are happy to sign an MoU with Ecofy in our quest to expedite EV adoption in India by making it easier for customers to own our product offerings. Financing has often been a significant barrier to the adoption of commercial Three-wheelers and passenger vehicles. Together with Ecofy, we aim to overcome this challenge and support the government's efforts to promote widespread electric mobility in the country."

As India experiences substantial growth in the electric three-wheeler market, with a 58% YoY increase in EV passenger vehicles and a remarkable 114% YoY growth in EV cargo vehicles, this tie-up between Ecofy and Montra Electric is poised to empower individuals and businesses to embrace a cleaner and sustainable mode of transportation.