The partnership, through Greaves’ dedicated EV lending platform evfin, facilitates the cross-selling of ACKO’s products, providing consumers with access to the most suitable insurance policies.
Greaves Finance Limited, an NBFC and subsidiary of Greaves Cotton Ltd., has partnered with the tech-centric insurer ACKO to promote seamless electric vehicle (EV) ownership in India.
This alliance operates through Greaves’ dedicated EV lending platform, evfin, which integrates ACKO’s offerings to provide consumers with optimal insurance policies and convenient financing options. Customers can enjoy specialized financing support and tailored solutions that match their specific needs, streamlining the process of finding affordable insurance.
The partnership aims to simplify the process of owning an EV, reduce financial stress from accidents and hospitalizations, and introduce innovative products that further the adoption of sustainable mobility solutions across India.
P.B. Sunil Kumar, Executive Director and CEO of Greaves Finance Limited expressed enthusiasm about the growth potential in the Electric 2W segment, which has seen a 30% annual increase. He believes that more accessible financing and insurance models will enhance this growth and advance India’s leadership in sustainable mobility. He is eager about the partnership with ACKO to deliver affordable, customized solutions to consumers and to expand the reach of financial services using technology across India.
Brijesh Unnithan, SVP – Internet Partnerships at ACKO, emphasized the importance of tailored insurance solutions for EVs to foster their adoption in India. He noted the critical barriers of cost and battery degradation and highlighted the necessity of creating an ecosystem that supports affordable financing and insurance to promote the use of EVs. He described the collaboration with Greaves Finance as a crucial move towards achieving this objective.
This month marks the first anniversary of evfin. Its services are available at major EV 2-wheeler OEM dealerships, including Ather Energy, Ampere by Greaves, Vida by Hero Motocorp., OLA Electric, Bajaj Chetak, and TVS iQube, across 31 cities in India.
