Wardwizard Innovations & Mobility Limited has partnered with Mufin Green Finance to offer affordable financing for electric three-wheelers in India.
17 Dec 2024 | 3394 Views | By Autocar Professional Bureau
Wardwizard Innovations & Mobility Ltd, an electric vehicle manufacturer under the brands Joy e-bike and Joy e-rik, has announced a strategic partnership with Mufin Green Finance Ltd, a NBFC specializing in electric three-wheeler loans.
This collaboration aims to provide tailored financing solutions for Wardwizard's L3 Passenger and L5 Cargo ...
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Wardwizard Innovations & Mobility Ltd, an electric vehicle manufacturer under the brands Joy e-bike and Joy e-rik, has announced a strategic partnership with Mufin Green Finance Ltd, a NBFC specializing in electric three-wheeler loans.
This collaboration aims to provide tailored financing solutions for Wardwizard's L3 Passenger and L5 Cargo electric three-wheeler models, enhancing accessibility and ownership for customers across the country. The MoU was signed by representatives from both companies, including Mr. Akhtar Khatri, Director of Sales & Strategy at Wardwizard Innovations, and Mr. Dhiraj Agrawal, Chief Business Officer at Mufin Green Finance.
As part of the agreement, Mufin Green Finance will offer financial solutions to customers through Wardwizard’s authorized dealer network. Wardwizard will ensure proper documentation, registration with hypothecation to Mufin, and timely delivery of the vehicles.
The company will also provide seamless battery support, including Lead Acid and Lithium batteries, ensuring reliable performance within the eligible warranty period. Additionally, Mufin Green Finance will extend its financing options to support fleet operations for Joy e-bike electric two-wheelers and Joy e-rik three-wheelers, benefiting fleet owners and commercial operators in logistics and passenger segments.
The partnership highlights a joint effort to create a robust EV financing ecosystem, addressing key challenges in electric vehicle adoption. While Mufin Green Finance will manage credit evaluations, financing terms, and carbon credit benefits, Wardwizard will provide operational support, including vehicle buybacks under specified conditions. By streamlining financing and support services, both companies aim to accelerate EV penetration in India and promote sustainable mobility.
Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations, expressed enthusiasm about the collaboration, emphasizing its role in supporting sustainable mobility. He highlighted that the partnership would empower customers through viable financial solutions, making EV ownership more accessible and affordable. Kapil Garg, Co-Founder and Managing Director of Mufin Green Finance, noted that the partnership aligns with their mission to drive the growth of sustainable transportation by offering flexible and accessible financing options.
This collaboration marks a significant step in facilitating the adoption of electric vehicles in India, combining Wardwizard's advanced EV technology with Mufin's financial expertise. The initiative is expected to drive growth in the EV sector, particularly in commercial and logistics segments, while contributing to a greener and more sustainable future.
Wardwizard Innovations & Mobility is a leading auto manufacturing company in India’s EV segment under the Joy e-bike and Joy e-rik brands. As the first listed EV manufacturer on BSE, the company focuses on providing zero-emission, sustainable mobility solutions with a strong presence in over 400 cities.
Mufin Green Finance Ltd. is an RBI-regulated NBFC specializing in climate financing solutions, including loans for electric vehicles, charging infrastructure, and swappable batteries.