By Priya Singh
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Updated On: 18-Dec-2024 07:07 AM
Mufin Green Finance will provide financing options to customers through Wardwizard's network of authorized dealers.
Key Highlights:
Wardwizard Innovations & Mobility Ltd., the manufacturer of electric vehicles under the brands Joy e-bike and Joy e-rik, has formed a strategic partnership with Mufin Green Finance Ltd. Mufin Green Finance Ltd is a non-banking financial company (NBFC) specializes in loans for electric three-wheelers.
Financing Solutions for EV Owners
The partnership aims to offer customized financing options for Wardwizard's electric three-wheeler models, specifically the L3 Passenger and L5 Cargo. This collaboration will make it easier for customers across India to access and own electric vehicles.
The agreement was formalized through an MoU signed by the representatives from both companies, including Mr Akhtar Khatri, Director of Sales & Strategy at Wardwizard, and Mr Dhiraj Agrawal, Chief Business Officer at Mufin Green Finance.
Seamless Financing through Dealers
Under the agreement, Mufin Green Finance will provide financing options to customers through Wardwizard's network of authorized dealers. Wardwizard will handle documentation, registration, and the delivery of vehicles to ensure a smooth process for customers.
Joint Effort to Boost EV Adoption
This partnership is aimed at building a strong EV financing ecosystem, addressing the challenges of electric vehicle adoption in India. Mufin Green Finance will manage credit assessments and financing terms, while Wardwizard will offer operational support, including vehicle buyback options under specific conditions.
Battery Support and Fleet Financing
Wardwizard will also provide reliable battery support, including both Lead Acid and Lithium batteries, under warranty. Mufin Green Finance will extend its financing services to fleet owners and commercial operators in both logistics and passenger sectors, covering Joy e-bike electric two-wheelers and Joy e-rik three-wheelers.
Supporting Sustainable Mobility
Both companies are focused on enhancing accessibility to EVs and promoting sustainable mobility. Yatin Gupte, Chairman and Managing Director of Wardwizard, expressed his excitement about the collaboration, highlighting its role in making EV ownership more affordable.
Kapil Garg, Co-Founder and Managing Director of Mufin Green Finance, emphasized that the partnership would help grow sustainable transportation by providing flexible financing options.
A Step Toward a Greener Future
This partnership is seen as a main move to boost electric vehicle adoption in India, particularly in commercial and logistics segments. By combining Wardwizard’s advanced EV technology and Mufin Green Finance’s expertise in financial solutions, the collaboration is expected to contribute to a greener, more sustainable future for India.
About Wardwizard Innovations & Mobility
Wardwizard Innovations & Mobility is a prominent player in India’s EV market, with a strong presence in over 400 cities. It is the first listed EV manufacturer on the BSE, focusing on sustainable, zero-emission mobility solutions under the Joy e-bike and Joy e-rik brands.
About Mufin Green Finance Ltd.
Mufin Green Finance Ltd. is an RBI-regulated NBFC specializing in financing climate-friendly solutions, including loans for electric vehicles, charging infrastructure, and swappable batteries.
Also Read: WardWizard Launched New Electric Three-Wheelers
CMV360 Says
The partnership between Wardwizard and Mufin Green Finance provides a real solution to making electric vehicles more accessible, especially in the commercial sector. It addresses both financial and operational challenges, helping to speed up EV adoption in India. With flexible financing options, the collaboration can make EVs more affordable for fleet owners and regular customers, contributing significantly to India’s shift towards sustainable transportation.