Wardwizard Innovations & Mobility Limited, one of India’s leading electric vehicle manufacturers under the brands Joy e-bike and Joy e-rik, has entered into a strategic partnership with Mufin Green Finance Limited, a prominent Non-Banking Financial Company specializing in three-wheeler (3W) electric vehicle loans. This collaboration aims to provide customized financing solutions for Wardwizard’s L3 Passenger and L5 Cargo electric three-wheeler models, making them more accessible to customers across India. The Memorandum of Understanding was signed by Akhtar Khatri, Director of Sales & Strategy at Wardwizard Innovations, and Dhiraj Agrawal, Chief Business Officer (CBO) at Mufin Green Finance, along with other representatives from both organizations.
Under the terms of this agreement, Mufin Green Finance will offer seamless financial solutions for customers purchasing L3 & L5 Passenger and Cargo electric three-wheelers from Wardwizard Innovations & Mobility Ltd. This includes proper documentation, vehicle registration with hypothecation to Mufin, and timely delivery. The partnership also extends its financing options to support fleet operations (B2B) for Joy e-bike electric two-wheelers (2W) and Joy e-rik electric three-wheelers (3W), further accelerating EV adoption in the commercial and logistics sectors.
The MoU outlines a collaborative effort to create a robust EV financing ecosystem. Mufin Green Finance will manage credit evaluations, financing terms, and carbon credit benefits, while Wardwizard will provide operational support, including buyback of repossessed vehicles. This partnership addresses critical barriers in EV financing and accessibility, paving the way for sustainable mobility solutions.
Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited, commented on the partnership: “We are excited to join forces with Mufin Green Finance, whose commitment to sustainability aligns with our mission to drive green mobility. This partnership will empower consumers and increase EV penetration by providing viable financial support, making EV ownership more accessible and affordable in India.”
Kapil Garg, Co-Founder & Managing Director of Mufin Green Finance Limited, added: “Our collaboration with Wardwizard reflects our commitment to advancing sustainable mobility in India. By offering flexible financing options for their L3 Passenger and L5 Cargo electric three-wheelers, we aim to make EV adoption seamless and affordable while contributing to a greener future.”
This partnership between Wardwizard Innovations & Mobility Ltd. and Mufin Green Finance Ltd. marks a significant step toward accelerating the adoption of electric 3W vehicles in India. By combining Mufin’s robust financial solutions with Wardwizard’s advanced EV technology, the collaboration aims to facilitate a seamless and convenient transition to sustainable transportation for customers.
Wardwizard Innovations & Mobility Limited is a leading auto manufacturing company in the Electric Vehicle (EV) segment under the brand name Joy e-bike and Joy e-rik. As the first listed entity on BSE in Electric Vehicle manufacturing, the company focuses on the growth potential in the Indian EV sector to have a positive environmental impact. Committed to reducing carbon emissions and promoting cleaner, greener options, the company offers more than 10 models in both high and low-speed categories under Joy e-bike and sustainable transport solutions under Joy e-rik. With a presence in over 400 cities across India, Wardwizard aims to expand its reach throughout the country.
Mufin Green Finance Ltd is a pioneering Non-Banking Financial Company (NBFC) specializing in climate financing solutions, with a strong focus on EV financing. Governed by the Reserve Bank of India, Mufin offers a range of financial services, including loans for Electric Vehicles, charging infrastructure, swappable batteries, equipment, and properties. With over INR 1250 crores disbursed to date, Mufin has made significant environmental and social impacts, including reducing carbon footprints, generating income, and advancing women’s empowerment. The company’s mission is to enable a climate-sustainable planet by advancing clean technologies and supporting India’s transition to a greener future.
