ECOFY aims to capture a large portion of the cargo and passenger vehicle market by offering financial assistance
An MoU has been signed between Montra Electric, the brand of electric vehicles owned by the Murugappa Group, and Ecofy, an Indian green NBFC that is dedicated to bridging the climate finance gap in the retail sector. The agreement will cover the financing of electric three-wheelers.
As part of Ecofy’s plan to capture a large share of this market, it says it will provide both cargo and passenger vehicles with financial assistance.
Ecofy’s co-founder, MD, and CEO Rajashree Nambiar stated that the company wants to play a prominent role in helping individuals and small businesses make eco-conscious decisions by providing financial support. It was stated by the CEO that this strategic partnership with Montra Electric will enable them to offer tailored products and a seamless experience that aligns with the specific needs of customers committed to creating an environmentally friendly future.
The head of Montra Electric’s 3W Division, Sushant Jena had the following to say about the signing of the Memorandum of Understanding with Ecofy: “We are happy to sign this Memorandum of Understanding to expedite the adoption of electric vehicles in India by making it easier for customers to own our products. Commercial three-wheelers and passenger vehicles have often been hindered by a significant financial obstacle. We aim to overcome this challenge in collaboration with Ecofy and to support the government’s efforts to promote widespread electric mobility throughout the country.”
It is expected that the tie-up between Ecofy and Montra Electric will empower individuals and businesses to embrace a cleaner and more sustainable mode of transportation, as India experiences substantial growth in the electric three-wheeler market, with electric passenger three-wheelers increasing by 58% YoY and electric cargo three-wheelers growing by 114% YoY.
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