Mahindra and Ecofy partner for EV Three-Wheeler Financing

Partner to drive sustainable change with innovative EV three-wheeler financing

Mumbai- Mahindra Last Mile Mobility Limited (MLMML)., a subsidiary of Mahindra & Mahindra Ltd. (M&M), today announced a strategic partnership with Ecofy Finance Private Limited., India’s green-only NBFC backed by Eversource Capital, to accelerate India's green transition. This collaboration aims to boost the adoption of electric three-wheelers by leveraging Mahindra's EV manufacturing expertise and Ecofy's innovative financing solutions.

Ms. Suman Mishra, MD & CEO of MLMML, said, “Our partnership marks a significant stride in accelerating the adoption of electric three-wheelers in India. This tie-up will help bring tailored finance solutions to our customers and bring them closer to their micro-entrepreneurial journey. Together with Ecofy, we are committed to making green mobility accessible and affordable for all.”

Ms. Rajashree Nambiar, Co-Founder, MD & CEO of Ecofy, said, "This partnership with Mahindra LMM perfectly aligns with our mission to promote sustainable transportation solutions. Together, we will accelerate the adoption of electric three-wheelers, contributing directly to India's target of achieving 30% EV penetration by 2030. The collaboration brings substantial benefits to both companies. Through this partnership, Ecofy now caters to 85% of industry demand and is already offering financing, leasing and subscription models.”

The electric three-wheeler market, valued at about USD 677 million in 2020, is projected to expand at a compound annual growth rate (CAGR) of approximately 10% from 2021 to 2027. This partnership represents a significant step forward in India's transportation sector, driven by strong government incentives and subsidies aimed at promoting electric mobility, contributing to a greener and more sustainable future.

About Last Mile Mobility

The Last Mile Mobility (LMM) subsidiary of M&M is responsible for the Company’s widely acclaimed mix of electric, petrol, CNG, diesel last mile mobility 3 and 4-wheeler passenger and cargo vehicles. These include the Mahindra Jeeto 4-wheeler, Alfa range of 3-wheelers, and the electric-only Zor Grand and Treo range.

About Ecofy

Positioned as India’s green-only financier, Ecofy stands out as a leader in rooftop solar financing space. Promoted by Eversource Capital, Ecofy’s vision is to be a catalyst in accelerating the transition towards a net zero-carbon world. It partners with individuals and small businesses who want to reduce their carbon footprint and restore balance to the planet. Ecofy offers loans for Electric Vehicles (Two & Three-wheelers), rooftop solar, and small-medium enterprises providing