responsAbility Climate Fund invests in WheelsEMI for EV financing in India • EVreporter

A climate fund managed by responsAbility has invested in WheelsEMI (BikeBazaar), an Indian non-banking financial company (NBFC), to support electric vehicle (EV) financing. The investment will enable WheelsEMI to increase financing for electric two- and three-wheelers (E2Ws & E3Ws) and contribute to the expansion of EV adoption in India.

Founded in 2017 and based in Pune, WheelsEMI provides financing for new and used two-wheelers, including electric vehicles, with a focus on customer segments that have limited access to credit. The company operates across India, offering financing solutions to facilitate mobility.

India is focusing on electric mobility in response to climate and energy challenges. The E2W and E3W segments are used for last-mile connectivity and urban transportation. Government policies, consumer demand, and charging infrastructure are influencing this sector. WheelsEMI offers EV financing options for these vehicles.

Karunakaran Vadakkepat, Co-Founder and Jt. MD at WheelsEMI, commented: “This investment enhances our ability to make electric mobility more accessible across India. With responsAbility’s support, we will enter new markets, expand our partnerships with EV manufacturers, and provide financing solutions that drive the country’s sustainable transport sector forward.”

Natasha Hinduja, Investment Analyst at responsAbility, added: “WheelsEMI is a pioneer in India’s EV financing sector, providing underserved communities with access to clean mobility. This investment underscores our commitment to climate action and sustainable economic growth in emerging markets.”

The climate fund managed by responsAbility functions as a public-private partnership that finances projects in developing economies. It focuses on energy efficiency and renewable energy, working through financial institutions or direct investments. Eligibility for financing is based on demonstrated energy savings and a projected reduction in greenhouse gas emissions of at least 20%.

responsAbility Investments AG is an asset manager focused on private market investments aligned with the UN Sustainable Development Goals (SDGs), covering financial inclusion, climate finance, and sustainable food. Since 2003, it has deployed over USD 16.3 billion in impact investments. As of December 2024, it manages USD 5.4 billion in assets across 300 companies in 70 countries. Since 2022, it has been part of M&G plc.

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