Greaves Finance Limited, a subsidiary of Greaves Cotton Ltd., has partnered with tech-first insurer ACKO to promote seamless electric vehicle (EV) ownership in India. Announced on July 10, 2024, the collaboration aims to encourage EV adoption through Greaves’ 100% EV-focused lending platform evfin, which will now offer ACKO’s insurance policies alongside financing options.
This strategic partnership aims to provide consumers with optimal insurance and financing solutions conveniently. Customers will benefit from specialised financing support and tailored solutions from evfin that cater to their preferences and requirements. Additionally, the partnership will simplify the insurance procurement process by offering affordable policies designed to meet user needs.
The collaboration between evfin and ACKO aims to alleviate the financial burden on EV owners in the event of accidents and hospitalisations, while also driving the development of new EV-centric products. This initiative is expected to accelerate the adoption of sustainable mobility solutions across India.
PB Sunil Kumar, Executive Director and CEO of Greaves Finance Limited, highlighted the growth of the Electric 2W segment, stating, “In FY24, the Electric 2W segment has witnessed a Y-o-Y growth of 30%, and we believe that accessible financing and insurance models will push this further, helping accelerate India’s potential to lead the charge in sustainable mobility. We are delighted to partner with Acko on this exciting venture to offer affordable and tailored solutions to our consumers. We share a mutual vision of leveraging technology to increase the accessibility of financial services to customers across India.”
Brijesh Unnithan, SVP – Internet Partnerships at ACKO, emphasised the importance of tailored insurance solutions for EVs, saying, “We understand the importance of tailored insurance solutions for EVs to accelerate EV adoption in India. Given the barriers to EV adoption, where the primary factors are cost and battery degradation, it is important to foster an ecosystem that facilitates affordable financing and insurance solutions to encourage individuals to consider EVs. ACKO’s collaboration with Greaves Finance Limited is a step in the right direction to enable this.”
Earlier this month, evfin celebrated its first anniversary. Its offerings are now available in leading EV 2-wheeler OEM dealerships, including Ather Energy, Ampere from Greaves, Vida from Hero Motocorp, OLA Electric, Bajaj Chetak, and TVS iQube across 31 cities in India.
