Montra Electric, the electric vehicle brand of the Murugappa Group and Ecofy, India’s green-only NBFC that is dedicated to bridging the climate finance gap in the retail sector, have inked an MoU for electric three-wheeler financing.
Ecofy says it will offer financial assistance for both cargo and passenger vehicles, with an aim to capture a large percentage of this market.
Rajashree Nambiar, Co-founder, MD & CEO, Ecofy said, “Ecofy aims to play a pivotal role in promoting a sustainable, net-zero emissions future by providing financial support to individuals and small businesses making eco-conscious choices. 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 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 electric passenger three-wheelers and a 114% YoY growth in electric cargo three-wheelers, the tie-up between Ecofy and Montra Electric is poised to empower individuals and businesses to embrace a cleaner and sustainable mode of transportation.
