Ecofy, an Indian green-focused NBFC supported by Eversource Capital, has teamed up with Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra Ltd. This collaboration aims to boost the adoption of electric three-wheelers in India by combining Mahindra’s electric vehicle manufacturing expertise with Ecofy’s innovative financing solutions to promote sustainable transportation, the companies announced in a press release.
Rajashree Nambiar, Co-Founder, MD & CEO of Ecofy, emphasized the alignment of this partnership with their mission. Nambiar highlighted that the partnership with Mahindra LMML perfectly aligns with Ecofy’s mission to promote sustainable transportation solutions. She noted that Ecofy and Mahindra LMML are contributing directly to India’s goal of achieving 30% EV penetration by 2030. Through this collaboration, Ecofy now addresses 85% of industry demand and offers financing, leasing, and subscription models.
Suman Mishra, MD & CEO of MLMML, highlighted the significance of the partnership. Mishra stated that the partnership marks a significant stride in accelerating the adoption of electric three-wheelers in India. This tie-up will bring tailored finance solutions to their customers and support their micro-entrepreneurial journeys. Together with Ecofy, they are committed to making green mobility accessible and affordable for all.
The electric three-wheeler market, valued at around USD 677 million in 2020, is expected to grow at a CAGR of approximately 10% from 2021 to 2027. With strong government incentives and subsidies supporting electric mobility, this partnership is seen as a crucial step towards a more sustainable transportation future in India.
Mahindra Last Mile Mobility Limited, known as India’s leading electric three-wheeler manufacturer, offers the largest range of electric three-wheelers. This partnership aims to address the evolving demands of the EV sector and significantly contribute to India’s green transition goals. It is a collaborative effort designed to make green mobility more accessible and affordable for a broader audience.
