Montra Electric & Ecofy Partner to Revolutionize Ev Financing for Cargo, Passenger Three-wheeler Vehicles in India

Montra Electric & Ecofy Partner to Revolutionize Ev Financing for Cargo, Passenger Three-wheeler Vehicles in India

Mumbai: 17th October 2023: Montra Electric, the EV brand of the Murugappa Group with a 123-year legacy and Ecofy, India’s green-only NBFC dedicated to bridging the climate finance gap in the Indian retail sector, have joined forces to offer accessible financing solutions for cargo and passenger Electric Three-Wheelers.

While Ecofy will offer financial assistance for both cargo and passenger vehicles, Montra Electric is set to retail around 10,000 electric vehicles in the next year. Ecofy aims to capture a large percentage of this market. This collaboration marks a significant milestone in the journey towards a cleaner and more sustainable future for India’s transportation sector.

Rajashree Nambiar, Co-founder, MD & CEO, Ecofy, highlighted the company’s mission, stating, “Ecofy aims to play a pivotal role in promoting a sustainable, net-zero emissions future by providing financial support to individuals and small businesses making eco-conscious choices. Through this strategic partnership with Montra Electric, we intend to offer tailored products and a seamless experience that aligns with the specific needs of customers dedicated to creating a greener future.”

Sushant Jena, Head, Montra Electric 3W Division, said, “We are thrilled to partner with Ecofy in our quest to revolutionize transportation in India. Financing has often been a significant barrier to the adoption of commercial Three-wheelers and passenger vehicles. Together with Ecofy, we aim to overcome this challenge and support the government’s efforts to promote widespread electric mobility in the country.”

As India experiences substantial growth in the electric three-wheeler market, with a 58% YoY increase in EV passenger vehicles and a remarkable 114% YoY growth in EV cargo vehicles, this partnership between Ecofy and Montra Electric is poised to empower individuals and businesses to embrace a cleaner and sustainable mode of transportation.