Mumbai- Greaves Finance Limited., a non-banking financial company (NBFC) a subsidiary of Greaves Cotton Ltd., announced its partnership with Acko General Insurance Ltd., a tech-first insurer, to encourage seamless EV ownership in the country.
Greaves’ EV-focused lending platform, evfin, has partnered with ACKO to offer consumers optimal insurance policies and financing options. This collaboration streamlines the insurance process, providing specialized financing support and tailored solutions for EV owners. It aims to ease EV ownership, reduce financial burdens in case of accidents and hospitalizations, and drive the adoption of sustainable mobility solutions in India.
Mr. P.B. Sunil Kumar, Executive Director and CEO, Greaves Finance Limited, said, “In FY24, the Electric 2W segment has witnessed a Y-o-Y growth of 30%, and we believe that accessible financing and insurance models will push this further, helping accelerate India’s potential to lead the charge in sustainable mobility. We are delighted to partner with Acko on this exciting venture to offer affordable and tailored solutions to our consumers. We share a mutual vision of leveraging technology to increase the accessibility of financial services to customers across India.”
Mr. Brijesh Unnithan, SVP - Internet Partnerships, ACKO said, “We understand the importance of tailored insurance solutions for EVs to accelerate EV adoption in India. Given the barriers to EV adoption, where the primary factors are cost and battery degradation, it is important to foster an ecosystem that facilitates affordable financing and insurance solutions to encourage individuals to consider EVs. ACKO’s collaboration with Greaves Finance Limited is a step in the right direction to enable this."
Earlier this month, evfin celebrated its 1st anniversary. Evfin offerings are available in all leading EV 2wheeler OEM dealerships like Ather Energy, Ampere from Greaves, Vida from Hero Motocorp., OLA Electric, Bajaj Chetak, and TVS iQube across 31 cities in India.
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