Mahindra Last Mile Mobility Limited (MLMML), a part of Mahindra & Mahindra Ltd., has partnered with Ecofy, a green-focused NBFC backed by Eversource Capital, to boost the adoption of electric three-wheelers in India.
MLMML is India’s top electric three-wheeler manufacturer, offering a wide range of vehicles. This partnership combines Mahindra’s expertise in making electric vehicles with Ecofy’s innovative financing solutions.
Suman Mishra, MD & CEO of MLMML, said, “This partnership is a big step in promoting electric three-wheelers in India. It will provide tailored finance solutions to our customers and support their entrepreneurial journeys. Together with Ecofy, we aim to make green mobility accessible and affordable.”
Rajashree Nambiar, Co-Founder, MD & CEO of Ecofy, added, “Our partnership with Mahindra LMM aligns with our mission to promote sustainable transportation. We will accelerate the adoption of electric three-wheelers, helping India achieve its goal of 30% EV penetration by 2030. This collaboration benefits both companies, with Ecofy now catering to 85% of industry demand and offering financing, leasing, and subscription models.”
The global market for electric three-wheelers, valued at USD 677 million in 2020, is expected to grow at a rate of 10% from 2021 to 2027. Government incentives and subsidies are promoting electric mobility, making this partnership a crucial step towards a greener future for India’s transportation sector.
MLMML produces a mix of electric, petrol, CNG, diesel three and four-wheeler passenger and cargo vehicles, including the Mahindra Jeeto, Alfa range, and the electric Zor Grand and Treo range.
Ecofy, promoted by Eversource Capital, focuses on green financing and aims to help individuals and small businesses reduce their carbon footprint. It offers loans for electric vehicles, rooftop solar, and small-medium enterprises, providing a complete digital experience.
