Ather Energy, Ecofy Finance Ink ₹100 Crore EV Loan Deal

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AuthorRiya Kapoor|Published at:
Ather Energy, Ecofy Finance Ink ₹100 Crore EV Loan Deal
Overview

Ather Energy has teamed up with Ecofy Finance, a green-focused non-banking financial company, to provide enhanced financing options for its electric scooters. The strategic partnership aims to accelerate electric vehicle adoption across India by deploying ₹100 crore for customer loans, leasing, and assured buyback services, making EV ownership more accessible and affordable.

Expanding EV Accessibility Through Strategic Financing

Ather Energy announced a significant collaboration with Ecofy Finance, a non-banking financial company (NBFC) specializing in green financing and backed by Eversource Capital. This alliance is poised to dismantle financial barriers for prospective electric scooter buyers, thereby accelerating the adoption of two-wheeled EVs nationwide. Ecofy Finance has earmarked ₹100 crore to fuel this initiative, directly addressing the crucial aspect of affordability in the electric mobility transition.

The partnership extends beyond simple vehicle loans, encompassing a comprehensive suite of financial solutions designed to ease the EV ownership journey. Customers can now access competitive leasing options, assured buyback structures, and innovative Battery-as-a-Service models. These offerings are intended to reduce upfront costs and provide greater financial flexibility, particularly for first-time EV buyers who may be navigating unfamiliar ownership paradigms.

Ravneet Phokela, Chief Business Officer at Ather Energy, highlighted the importance of accessible financing in the two-wheeler segment. "Financing is an important consideration in the two-wheeler purchase journey, particularly for customers exploring EVs for the first time," Phokela stated. He added that this tie-up with Ecofy "further broadens the range of financing options available to customers looking to buy an Ather, making the purchase and ownership journey easier to navigate." Rajashree Nambiar, Co-founder, MD & CEO at Ecofy, echoed this sentiment, emphasizing the synergy between Ather's product strengths and Ecofy's specialized green finance, enabling customers to adopt EVs with "greater confidence, affordability, and flexibility."

Ecofy Finance, leveraging its backing from Eversource Capital, operates an end-to-end digital platform to serve individuals and small businesses. Beyond electric two- and three-wheeler loans, the company also finances rooftop solar projects and small and medium enterprises, showcasing a broad commitment to sustainable finance solutions. This collaboration with Ather Energy marks a strategic move to deepen its presence in the rapidly growing electric vehicle financing sector in India.

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