Bengaluru, June 13, 2023: Greaves Electric Mobility Private Limited (GEMPL) subsidiary, the e-mobility business of Greaves Cotton Limited, has entered into an agreement with Bike Bazaar Finance, an RBI-registered non-banking finance company that specialises in retail financing of Pre-Owned & New-vehicles. Under the agreement, Bike Bazaar Finance will finance GEMPL's ELE-branded L3 electric vehicles. This partnership with an E3W company is the first of its kind for Bike Bazaar and will initially take effect in UP and Bihar, with plans to expand nationwide in the near future.
This collaboration will benefit both GEMPL and Bike Bazaar Finance, as well as customers, and is a significant advancement in India's burgeoning e-mobility sector. By offering to finance up to 85% of the on-road price, Bike Bazaar Finance will enable more customers to access GEMPL's ELE L3 electric vehicles. GEMPL's dedication to providing innovative and sustainable mobility solutions will now reach a broader customer base throughout India due to this partnership.
Commenting on this tie-up, Sanjay Behl, CEO & Executive Director 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 agreement aims to improve customer access to hassle-free and easy financing options, streamline the purchase process, and reduce barriers to adopting electric three-wheelers."
Mr. Karunakaran V, Jt. MD & Co-Founder, 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. As a company dedicated to positively impacting the ESG space, we share a common vision with GEMPL towards a sustainable world. 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."
GEMPL aims to revolutionise last-mile mobility in India by promoting sustainability. At the recent Auto Expo, GEMPL unveiled its vision to usher India into a sustainable future through last-mile mobility by introducing three-wheelers for passenger and cargo mobility. Greaves Cotton Limited has been at the forefront of the EV space and working towards developing a complete mobility ecosystem in India. According to Vahan Data, as of YTD FY'23 (06-Mar-23), electric three-wheeler sales have reached 3.53 lakh units, indicating a growing demand for clean mobility solutions.