Greaves Retail has partnered Usha Financial Services to provide financing for electric three-wheeler segment customers. By working together, Greaves Retail aims to extend its reach and make end-customer financing more accessible and seamless across the nation. Usha Financial will provide its distinctive dealer delivery model to provide convenient and localised financing solutions to customers across the country.
The finance model will help dealers identify suitable customers, aid in the collection process, and serve as the primary point of contact to address loan repayment challenges. The partners have undertaken a pilot in Bihar, which is now been effectively deployed in several dealerships across India, where Greaves Retail aims to facilitate financing for their distinct group of electric three-wheeler customers.
Narasimha Jayakumar, CEO, Greaves Retail said, “India’s three-wheeler segment witnessed 75 percent growth in June on an annual basis, which is phenomenal. The partnership with Usha Financial is a major step to enable financing for our e-rickshaw customers in key markets. Usha Financal’s expertise in lending to ‘livelihood earners’ will enhance Greaves Retail’s capabilities to facilitate the sales and service of these vehicles through our all-India footprint of retail outlets.”
Rajesh Gupta, Group MD, Usha Financial Services said, “We at Usha Financial Services understand the value of multi-brand retail businesses. As financiers, we rely heavily on dealers as the business anchor and address the lending process through technology, guarantors, and co-applicants. Our strength is enabling capital to reach end-users, and Greaves Retail’s strength in selling vehicles creates a great partnership opportunity. We look at funding more and more vehicles and intend to grow the overall portfolio to 10,000 vehicles.”
At present, Greaves Retail operates across the last-mile transportation lifecycle, providing clean mobility and energy solutions. it has one of the largest retail network, with 8,000 retail stores, 200 distributors, 20,000 mechanics, and 5 million customers.
