Ecofy, an Indian green-focused NBFC supported by Eversource Capital, has partnered with Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra Ltd. This collaboration aims to enhance the adoption of electric three-wheelers in India by merging Mahindra’s electric vehicle manufacturing expertise with Ecofy’s innovative financing solutions to foster sustainable transportation, the companies said in its media release.

Rajashree Nambiar, Co-Founder, MD & CEO of Ecofy, highlighted the alignment of this partnership with their mission. “This partnership with Mahindra LMML perfectly aligns with our mission to promote sustainable transportation solutions. Ecofy and Mahindra LMML, contributing directly to India’s target of achieving 30% 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.”

Suman Mishra, MD & CEO of MLMML, emphasized the significance of this collaboration. “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.”

The electric three-wheeler market, valued at around USD 677 million in 2020, is anticipated to grow at a CAGR of approximately 10% from 2021 to 2027. With strong government incentives and subsidies backing electric mobility, this partnership is seen as a pivotal step towards a more sustainable transportation future in India.

Mahindra Last Mile Mobility Limited, recognized as India’s leading electric three-wheeler manufacturer, offers the largest range of electric three-wheelers. This partnership seeks to address the evolving demands of the EV sector and contribute significantly to India’s green transition goals. It’s a collaborative effort designed to make green mobility more accessible and affordable for a broader audience.