Mahindra Partners with Ecofy to Finance Electric 3-Wheelers

Mahindra Last Mile Mobility Partners with Ecofy to Offer Financing for Electric 3-Wheelers

Mahindra Last Mile Mobility, a subsidiary of Mahindra and Mahindra, has partnered strategically with Ecofy. Ecofy is a green-focused NBFC backed by Eversource Capital that brings innovation into the financing models for electric 3-wheelers. This partnership will indeed accelerate India's transition into sustainable mobility further by making EVs all the more inclusive and extending specially designed financing services.
Mahindra Last Mile Mobility and Ecofy Partnership

The alliance of Mahindra Last Mile Mobility with Ecofy thus furthers its commitment toward the development of electric mobility solutions. The deal will see Mahindra benefit from Ecofy's acumen and experience in financing solutions across rooftop solar and small-to-medium-sized businesses to drive EV three-wheeler adoption. This partnership will definitely push the EV 3-wheeler market, backed by some resilient models from Mahindra—Mahindra e-Alfa Super and Mahindra Zor Grand.

Official Statement By Mahindra Last Mile Mobility

With a wide range of electric three-wheelers, including the Mahindra e-Alfa Super and Mahindra Zor Grand, Mahindra Last Mile Mobility is claimed to be the country’s leading manufacturer of these vehicles. By fusing Ecofy's financing options with Mahindra's experience in manufacturing electric 3-wheelers, this partnership hopes to stimulate the expanding market for EV 3-wheelers.

Speaking about the recent development, Suman Mishra, MD and CEO of Mahindra Last Mile Mobility, said, “Our partnership marks a significant stride in accelerating the adoption of electric three-wheelers in India. This tie-up will help bring tailored finance solutions to our customers and bring them closer to their micro-entrepreneurial journey. Together with Ecofy, we are committed to making green mobility accessible and affordable for all.”

Official Statement By Ecofy

Rajashree Nambiar, Co-Founder of Ecofy, said, “This partnership with Mahindra Last Mile Mobility perfectly aligns with our mission to promote sustainable transportation solutions. Together, we will accelerate the adoption of electric three-wheelers, contributing directly to India's target of achieving 30 percent EV penetration by 2030. The collaboration brings substantial benefits to both companies. Through this partnership, Ecofy now caters to 85% of industry demand and is already offering financing, leasing and subscription models.”

The collaboration between Mahindra Last Mile Mobility and Ecofy represents a transformative alliance aimed at driving the adoption of electric three-wheelers in India. Mahindra, a leader in the manufacturing of electric vehicles, will join forces with Ecofy's specialized financing solutions through this alliance. This partnership will further empower businesses and individuals to turn green towards cleaner, sustainable mobility alternatives and drive the nation towards a greener future.