With the World EV day round the corner, India’s transition to electric vehicles (EVs) has advanced rapidly in the past few years driven by technological progressions, environmental consciousness, and government initiatives making India third largest EV market after U.S & China and fourth highest in funding in the global space.
As per recent study by RMI India, the cumulative capital cost of the country’s EV transition between 2020 and 2030 is INR 19.7 lakh crore across vehicles, charging stations, and batteries. The projected size of the annual loan market for EVs in 2030 is INR 3.7 lakh crore.
With respect to EV financing, it is forecasted that between 2023-2029, India’s EV financing market is projected to grow at a CAGR of 15.54% reaching a value of USD 5.25 billion by 2029, mostly driven by growth factors including increasing consumer interest and different awareness campaigns across the nation launched by many key industry participants.
So here are the Top 5 EV players spearheading & mobilizing the EV Financing environment:
Mufin Green Finance- Incepted in 2016 Mufin Green Finance started with E-rickshaws way back and now diversified into financing the electric vehicle Ecosystem. It is amongst the top Leaders in EV financing and with a market share of 5% in E-rickshaw financing and with Its phygital approach have been able to keep the NPA’s as low as 1.92%. Mufin chooses EV financing with the focus on 3 green platforms i.e Electric vehicle, charging infrastructure, & swappable batteries.
Revfin- With an aim to build India’s largest lending company. Through its award winning and innovative digital platform, we provide loans to people at the bottom of the pyramid. Its typical customer lives in Tier 2 or 3 town, has no credit history, very low level of education and no banking transactions. Revfin underwrites loans using revolutionary techniques like psychometrics, biometrics and gamification. The entire loan application journey is delivered digitally through an App.
Greaves Finance- Its vision s to ensure that financing is never an impediment for anybody who aspires to own a vehicle in the affordable two wheeler segment and committed to accelerate the country’s transition into Electric Mobility segment
Vedika credit capital- Vedika Credit Capital Ltd is a Non-Deposit taking, Non-Banking Finance Company (NBFC-MFI). It was recognized and re-registered to carry out the business as NBFC-MFI with approval from Reserve Bank of India in 2015. As of now It is lending in electric mobility aggressively, and have multiple co-lending partnerships which lend in 3 wheeler as well as electric three wheeler segment.
Manappuram- Manappuram Finance Ltd. is one of India’s leading gold loan NBFCs which works with an endeavour to make life easy with vehicle loan. Today, it has 5073 (Includes branches of subsidiary companies) branches across 28 states/UTs with assets under management (AUM) of Rs. 302.6 billion and a workforce of more than 41,000.
