The shift to electric mobility has long been a challenge for businesses and individuals alike. High upfront costs and limited financing options have made many fleet operators and last-mile delivery services hesitant to transition to electric vehicles (EVs). However, a quiet revolution is underway—driven by innovative startups that are making EV ownership more accessible and cost-effective than ever.
Instead of purchasing EVs outright, businesses and individuals are increasingly turning to leasing models that eliminate large initial investments and provide flexible, budget-friendly alternatives. From fleet management to battery leasing, these solutions significantly lower operational costs while accelerating India’s journey toward sustainable mobility. By opting for EV leasing, companies can cut monthly expenses by up to 20%, benefiting from reduced maintenance and zero fuel costs.
At the forefront of this transformation are five trailblazing startups reshaping India’s mobility landscape. Through seamless fleet management solutions and battery-as-a-service models, these companies are making EV adoption easier and more practical for businesses and individuals alike.
The Game Changers of EV Leasing
ALT Mobility
ALT Mobility is revolutionizing EV leasing with its fleet management solutions across seven cities. Based in Delhi, the startup simplifies financing for EV-as-a-service and last-mile delivery, eliminating upfront costs. With just a small security deposit and a monthly lease, businesses can reduce expenses by up to 20%. Partnered with over eight OEMs, including Piaggio and Euler Motors, ALT Mobility also offers a cutting-edge Fleet OS app for real-time vehicle and fleet monitoring, ensuring seamless operations.
Revfin
Revfin is a leading online consumer loan platform dedicated to enhancing financial inclusion in India. By leveraging advanced technology and unconventional data analysis, Revfin provides seamless lending solutions, making EV financing more accessible. Recently, the company expanded into the 4W EV market through a partnership with Zappit to offer airport pickup services. Additionally, Revfin has broadened its financing options and established a micro secondary market for EVs by collaborating with various EV manufacturers and leasing firms.
Urja Mobility
Urja Mobility, a brand under MTOW Mobility Private Limited, is a Delhi-based energy-focused company committed to simplifying EV ownership. With the belief that “Battery is the new fuel,” Urja Mobility offers battery leasing solutions for commercial electric two-wheelers (L2) and three-wheelers (L3, L5). By converting the high upfront battery cost into an affordable Monthly Lease Value (MLV), the company makes EV adoption more cost-effective and accessible for businesses.
Ecofy
Ecofy, India’s first green-only NBFC, is driving sustainable mobility by offering affordable and hassle-free EV loans. With minimal documentation and competitive interest rates, Ecofy finances up to 90% of a vehicle’s on-road price, making EV ownership more accessible. Offering loans at just 1/6th the cost per kilometer compared to diesel, the company has become a key player in EV financing. Partnered with leading brands like Ather, Mahindra, and Ola Electric, Ecofy supports both individual and corporate buyers in the electric two- and three-wheeler segments.
Greaves Finance
Greaves Finance Ltd., through its exclusive EV-focused lending platform evfin, is India’s only dedicated EV-focused non-banking financial company (NBFC). A wholly owned subsidiary of Greaves Cotton Ltd., the company is on a mission to democratize EV ownership with innovative financing solutions tailored specifically for electric vehicles. By providing flexible loan options, Greaves Finance is helping accelerate the adoption of sustainable mobility across India.
With leasing and financing solutions that reduce upfront costs and operational expenses, EV adoption is becoming a more viable and attractive option across various sectors. As these startups continue to expand and refine their offerings, India is poised to become a leader in sustainable transportation, driving forward a cleaner, more efficient, and accessible electric mobility ecosystem.
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