MLR Auto Ltd joins hand with Revfin Services Private Limited to provide flexible financing options for the electric three-wheeler portfolio

MLR Auto Limited an associate company of Greaves Electric Mobility Private Limited, ("GEMPL"), has entered into an agreement with Revfin Services Private Limited ("Revfin"), an advanced digital consumer lending platform that makes getting a loan convenient and accessible to all individuals. The fintech platform has its own NBFC to issue the loan amount using non-traditional data and the three key techniques - Biometrics, Psychometrics and Gamification, that focus on financing commercial electric vehicles for individual drivers & it is conveniently delivered digitally through an App. With this, GEMPL aims to accelerate the adoption of electric three-wheelers by the bottom-of-pyramid customers, for whom savings offered by EVs are an important factor that impacts their livelihood. Electric 3-wheelers for passenger and cargo mobility have a big role to play in driving sustainable last-mile mobility across India. This partnership with an electric vehicle financing entity marks the first of its kind for the company's E3W portfolio and will initially take effect in North and East India, with plans to expand nationwide in the near future.

Commenting on this tie-up, Sanjay Behl, CEO & Executive Director, Greaves Electric Mobility Private ltd said, "We are delighted that MLR Auto Limited, an associate company of GEMPL joins hands with Revfin for further advancing the Indian cargo and passenger three-wheeler sector to a more sustainable and emission-free future. Through this agreement, we will enhance customer access to hassle-free and easy financing options, simplify the purchase journey, and lower the barriers of entry to electric three-wheeler adoption. Our electric 3-wheeler customers depend on our vehicles for their livelihood, and by ensuring easy financing, we are not just giving them an assured way of earning a livelihood, but we are also empowering their lives through the savings that our EVs offer."

Sameer Agrawal, CEO and Founder, Revfin Services Private Ltd said, "We are very hopeful and excited about joining hands with MLR Auto Limited as it will enable us to expand our footprint in the EV ecosystem. The next critical advancement in the industry will be the electrification of cargo 3-wheelers, and our collaboration will escalate the adoption of EVs in this market segment. With this agreement, we are also increasing our market share for passenger three-wheelers. Together, we will strive to provide our end clients with a seamless, pollution-free delivery service while minimizing the effects of carbon emissions on last-mile delivery."

GEMPL aspires to bring sustainability to last-mile mobility and transform India with clean mobility. Recently, at the Auto Expo, GEMPL unveiled three-wheelers for passenger and cargo mobility as part of its vision to usher India into a sustainable future through last-mile mobility. Greaves Cotton Limited has been amongst the early pioneers in the EV space and has been developing the complete mobility ecosystem in India. As of YTD FY'23 (as of 06-Mar-23), the sales of electric three-wheelers stood at 3.53 lakh units (Source: Vahan Data). The e-commerce business and the need for hyper-local delivery of on-demand food, groceries, and other similar services are driving the rapid growth of electric cargo 3-wheelers. The e-rickshaw segment is flourishing as it offers higher savings & a fatiguefree experience to auto drivers.

Shares of Greaves Cotton Limited was last trading in BSE at Rs. 126.25 as compared to the previous close of Rs. 127.95. The total number of shares traded during the day was 113481 in over 3216 trades.

The stock hit an intraday high of Rs. 129.90 and intraday low of 125.90. The net turnover during the day was Rs. 14499337.00.

Source : Equity Bulls

Keywords

GreavesCotton INE224A01026 MLRAuto GreavesElectricMobility RevfinServices