Bengaluru, 19 November 2024: Greaves Finance Limited, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd., under its 100% ev-focused lending platform evfin, today announced a partnership with Eqaro Surety Private Limited to enhance Smart.fin offering, a buyback and upgrade financing product by evfin, for electric two-wheelers (E2Ws). This collaboration aims to boost confidence in EV purchases by offering guaranteed resale values, benefiting customers, OEMs, and dealers alike.
With the secondary market for E2Ws still in its early stages, evfin has been leading innovation through its Smart.fin product, which offers customers an assured buyback option and seamless upgrades for their electric two-wheelers. Through this new partnership, evfin will ensure the guaranteed buyback value, mitigating any risks related to vehicle resale and reinforce its commitment to creating sustainable and hassle-free EV ownership, backed by a strong & reliable partner like Eqaro Guarantees.
The partnership will be instrumental for both customers and OEMs as well as dealers. For customers, the guaranteed buyback and assured resale value eliminate concerns about depreciation, making it easier for them to upgrade to newer, more advanced vehicles while enjoying a smooth, worry-free ownership experience. For OEMs and dealers, the partnership mitigates financial risks associated with resale value, enhancing trust in their products and encouraging more customer upgrades, which ultimately drives sales and improves 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 also forged partnerships with top OEMs that command a significant market share, including Ather Energy, Ampere, and River Mobility Pvt. Ltd., to offer tailored financing solutions. Additionally, evfin’s financing services are available in all the leading EV two-wheeler OEMs & dealerships across 47 cities in India.
