Montra Electric, Ecofy to revolutionise EV Financing for vehicles in India

  • Industry News
  • Oct 13,23
This strategic collaboration will make it easy for customers to own a Montra Electric Super Auto while expanding Ecofy's Commitment to Climate Finance and Accelerate the pan-India Adoption of Electric Mobility.
Montra Electric, Ecofy to revolutionise EV Financing for vehicles in India

Montra Electric, the EV brand of 123 years legacy Murugappa Group and Ecofy, India's green-only NBFC that is dedicated to bridging the climate finance gap in the Indian retail sector, has joined forces to offer accessible financing solutions for Electric Three-Wheelers. This collaboration marks a significant milestone in the journey towards a cleaner and more sustainable future for India's transportation sector.

While Ecofy will offer financial assistance for both cargo and passenger vehicles. Ecofy aims to capture a large percentage of this market.

Rajashree Nambiar, Co-founder, MD and CEO, Ecofy, highlighted the company's mission, stating, "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 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.

Related Stories

Electrical & Electronics
CG Power acquires Renesas Electronics’ RF Components for $36 million

CG Power acquires Renesas Electronics’ RF Components for $36 million

Renesas, a Japan-based leader in advanced semiconductor solutions, generated $56 million in revenue from its RF components business in 2023.

Read more
Auto & Auto Components
TIVOLT- e-CV division of Montra Electric set to launch e-CV

TIVOLT- e-CV division of Montra Electric set to launch e-CV

With a core vision of revolutionising urban mobility, TIVOLT aims to deliver innovative and sustainable transportation solutions that prioritise customer profitability while addressing the growing d..

Read more

Related Products

Tata Motors unveils facilities for development of Hydrogen propulsion tech

AUTO COMPONENTS & ACCESSORIES

Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more

Request a Quote

Tata Motors plans petrol powertrain for Harrier and Safari SUVs

AUTO COMPONENTS & ACCESSORIES

Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more

Request a Quote

Electric Vehicle Charger

AUTO COMPONENTS & ACCESSORIES

RRT Electro is engaged in manufacturing of customized Power Electronic Products over two decades having capability to Design, Develop, Prototyping, Regulatory Compliance testing & Certification, Manuf Read more

Request a Quote

Hi There!

Now get regular updates from IPF Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Industrial News on Whatsapp! Enjoy

+91 84228 74016