Montra Electric and Ecofy sign MoU for EV financing of e-three wheelers

A collaborative alliance between Ecofy and Montra Electric aims to make financing alternatives for electric three-wheelers easier. Part of the 123-year-old Murugappa Group, Montra Electric wants to make it easier for clients to purchase their "Montra Electric Super Auto." This partnership also reflects Ecofy's ongoing commitment to Climate Finance.

Ecofy, known as India's only environmentally conscious non-banking financial company, would provide funding for the electric three-wheelers' passenger and freight models.

Speaking on the collaboration, Ecofy's co-founder, CEO, and MD Rajashree Nambiar underlined the company's goal. She stated that the partnership's goal is to satisfy clients who are enthusiastic about a sustainable future by offering customised goods and a seamless experience.

Also Read: Mahindra Last Mile Mobility secures Rs 300 crore investment from IFC

Sushant Jena, Head of the Montra Electric 3W Division, on behalf of Montra Electric, expressed excitement about the Memorandum of Understanding with Ecofy. He emphasised that one major barrier to the commercial adoption of electric three-wheelers has always been money. The goal of Montra Electric's partnership with Ecofy is to get past this obstacle. Moreover, they would like to support the Indian government's effort to promote electric transportation more widely.

Conclusion

India's rapidly growing electric three-wheeler market statistics highlight the relevance and importance of this relationship. There is now a notable 114% YoY increase in electric freight trucks and a 58% YoY growth in electric passenger cars. This collaboration will help companies and individual consumers alike by further accelerating the transition to more environmentally friendly modes of transportation.