ev.fin, the electric vehicle financing arm of Greaves Finance Limited, has announced the deployment of ₹223 crore in previously sanctioned institutional debt, providing a significant boost to its efforts to expand access to electric vehicle financing across India. The capital, raised through a combination of listed non-convertible debentures and structured term loans, has enabled the company to rapidly expand its footprint to more than 74 cities. The EV-focused lender now plans to extend its presence to over 80 cities by July 2026 as demand for electric mobility financing continues to rise.
The funding has been backed by a consortium of leading financial institutions, including AK Capital, Northern Arc Investment Managers, AU Small Finance Bank, Ambit Finvest, MAS Financial Services, and Maanveeya. Their participation reflects growing confidence in ev.fin’s specialized approach to financing electric vehicles.
Unlike traditional lending models that rely heavily on borrower income assessments, ev.fin evaluates factors such as battery health, vehicle lifecycle value, and resale potential. The company has also developed financing products that support upgrades, buybacks, and separate financing structures for batteries and vehicle components, creating greater flexibility for EV buyers. The company is integrated with dealership networks of several leading electric vehicle manufacturers and has emerged as an important financing partner in India’s electric two-wheeler market.
Commenting on the milestone, P.B Sunil Kumar, Executive Director and CEO of Greaves Finance Limited, said institutional backing has provided a strong foundation for the company’s next phase of growth. “The deployment of these funds demonstrates confidence in our business model and our ability to serve India’s expanding electric mobility ecosystem. As EV adoption gains momentum, access to specialized financing solutions will play a crucial role in accelerating consumer acceptance and market growth,” he said.
As of March 2026, ev.fin reported a managed asset base of approximately ₹522 crore and cumulative disbursements exceeding ₹774 crore. The company’s credit profile has also received a boost, with India Ratings and Research assigning it an IND A- rating with a stable outlook.
Looking ahead, ev.fin plans to explore additional funding avenues to support future expansion while maintaining disciplined underwriting and portfolio quality. By combining institutional capital, technology-driven processes, and sector-specific expertise, the company aims to play a pivotal role in enabling India’s transition toward sustainable mobility.
Dedicated to supporting the transition to sustainable mobility in India, ev.fin delivers specialized financing solutions designed exclusively for electric vehicle owners. By addressing the unique financial needs of EV customers at every stage of the ownership journey, the company enables easier access to electric mobility while fostering greater adoption of clean and sustainable transportation solutions across the country.
Greaves Cotton is one of India’s leading manufacturers of single-cylinder diesel engines and has played a pioneering role in mobility solutions, including early applications in microcars for international markets. It also maintains a longstanding association with defence and naval sectors, supplying products for critical applications.
