Montra Electric and Ecofy Join Forces to Boost Electric Cargo and Three-Wheeler Financing

This collaboration will help the customer to buy an electric three-wheeler with an easy financing option.

<u>Montra Electric</u>, the EV brand of Murugappa Group, and Ecofy, India's green-only NBFC, have partnered to provide accessible financing solutions for <u>Electric Three-Wheelers</u>.

Ecofy will provide funding for both cargo and passenger <u>three-wheelers</u>. The company's mission and vision were highlighted by Rajashree Nambiar, Co-founder, MD, and CEO of Ecofy, who stated, "Through this strategic tie-up with Montra Electric, the NBFC will offer customised products and a seamless experience that aligns with the specific needs of customers. All these steps are taken to create a greener future."

Financing has frequently been a key factor in the widespread adoption of EV passenger and cargo vehicles. Both firms want to solve this problem by collaborating and supporting the government's efforts to encourage universal electric transportation throughout the country.

Also Read: Electric Three Wheeler Sales Surge in September 2023

"We are pleased to sign an MoU with Ecofy in our quest to accelerate EV adoption in India by making it easier for customers to own our product offerings," said Sushant Jena, Head, of Montra Electric 3W Division.

As India's electric three-wheeler market expands, with a 58% YoY increase in EV passenger vehicles and a remarkable 114% YoY increase in EV cargo vehicles, this collaboration between Ecofy and Montra Electric has the potential to empower individuals and businesses to adopt and support a cleaner and more sustainable mode of transportation.