Electric three-wheelers are gaining popularity in India as a clean and affordable alternative to conventional vehicles. However, one of the major challenges faced by customers who want to switch to electric three-wheelers is the lack of easy and flexible financing options. To address this issue, Greaves Electric Mobility, the e-mobility arm of Greaves Cotton Ltd, has partnered with Bike Bazaar Finance, an RBI-registered non-banking finance company that specialises in retail financing of pre-owned and new vehicles. In this blog post, we will explore how this partnership will benefit customers, Greaves Electric Mobility and Bike Bazaar Finance, and the electric three-wheeler industry in India.
Greaves Electric Mobility Partners with Bike Bazaar Finance to Offer Flexible Financing Options for Electric Three-Wheeler
Greaves Electric Mobility, the e-mobility arm of Greaves Cotton Ltd, has announced a partnership with Bike Bazaar Finance, an RBI-registered non-banking finance company that specialises in retail financing of pre-owned and new vehicles. The partnership will enable customers to avail flexible financing options for Greaves Electric Mobility’s ELE-branded L3 electric three-wheeler portfolio.
The ELE-branded L3 electric three-wheelers are designed and manufactured by Greaves Electric Mobility to cater to the growing demand for clean and affordable mobility solutions in India. The electric three-wheelers offer low operating and maintenance costs, high performance and reliability, and zero tailpipe emissions. The electric three-wheelers are suitable for various applications, such as passenger transport, cargo delivery, e-commerce, food delivery, waste management and more.
The partnership with Bike Bazaar Finance will initially cover the states of Uttar Pradesh and Bihar, with plans to expand nationwide in the near future. Bike Bazaar Finance will provide attractive interest rates, flexible repayment tenures, hassle-free documentation and quick disbursal of loans to customers who wish to purchase ELE-branded L3 electric three-wheelers.
Sanjay Behl, CEO & Executive Director of Greaves Electric Mobility Private Ltd, said, “We are thrilled to announce that we have partnered with Bike Bazaar Finance to further accelerate the adoption of the L3 electric three-wheeler sector and move towards a more sustainable and emission-free future. This partnership will enable us to reach out to more customers and offer them easy and affordable financing solutions for our electric three-wheeler portfolio.”
Karunakaran V, Jt. MD & Co-Founder of Bike Bazaar Finance, said, “Greaves Electric Mobility’s initiative towards promoting clean energy through electric vehicles is something that Bike Bazaar takes great pride and privilege in partnering with. We are optimistic that our partnership will pave the way for new milestones in the three-wheeler industry and further the cause of clean energy in India.”
Greaves Electric Mobility is one of the leading players in the electric mobility segment in India, with a portfolio of products and solutions that include electric two-wheelers, electric three-wheelers, charging infrastructure and battery swapping services. Greaves Electric Mobility has recently received a strategic investment of up to $220 million from its partner Abdul Latif Jameel, a family-owned and diversified global investor, to boost its EV business growth.
Greaves Electric Mobility is also a part of Greaves Cotton Ltd, a diversified engineering company that has been serving various sectors such as automotive, farm equipment, gensets, industrial engines and more for over 160 years. Greaves Cotton Ltd has a strong presence across India with over 5,000 touchpoints and over 325 exclusive Greaves Retail outlets.