Greaves Finance partners with Eqaro Surety to enhance EV financing for e2Ws • EVreporter

Greaves Finance Limited, a non-banking financial company (NBFC) and a subsidiary of Greaves Cotton Ltd., has announced a partnership with Eqaro Surety Private Limited to strengthen Smart.fin, its buyback and upgrade financing product for electric two-wheelers (E2Ws) under the evfin platform.

Smart.fin offers buyback options and facilitates upgrades for electric two-wheelers, addressing the developing secondary market for these vehicles. The partnership with Eqaro Guarantees secures the buyback value, addressing resale concerns and refining the EV ownership model.

As per the company statement, the partnership provides advantages for multiple stakeholders. Customers receive guaranteed buyback options and assured resale values, reducing concerns about depreciation and facilitating vehicle upgrades. For OEMs and dealers, the partnership minimizes financial risk associated with resale values, fostering consumer trust and encouraging sales and customer retention.

Commenting on the partnership, P B Sunil Kumar, CEO, Greaves Finance, said, “Our collaboration with Eqaro is a pivotal step in reimagining the ownership experience for electric two-wheeler customers. This partnership not only ensures secure resale value but also motivates a wider shift to electric mobility. By eliminating depreciation uncertainty, we’re committed to driving sustainable growth and making electric two-wheelers an increasingly compelling choice for today’s consumers.”

Vikash Khandelwal, CEO, Eqaro Guarantees said, “We are really excited about our partnership with Greaves Finance Limited, a first in the industry, which will fundamentally change how people at large purchase and start adopting electric mobility. Electric mobility is the future, and we are committed to doing our bit for democratising this category. With our rigorous processes and underwriting framework, we offer resale value guarantees that forms the backbone of a vibrant ecosystem for the future and is a win-win for all stakeholders, be it financers, manufactures, channel partners or end consumers.”

evfin has established partnerships with major OEMs, such as Ather Energy, Ampere, and River Mobility, to offer financing solutions. evfin’s services are available across key EV two-wheeler dealerships in 47 cities in India.

Also read: Greaves Cotton partners with Tsuyo for e3W component manufacturing