Greaves Retail, the retail unit of Greaves Cotton Ltd. and India’s leading fuel-agnostic mobility solutions provider, has partnered with Usha Financial Services Ltd. to revolutionise customer financing within the electric three-wheeler segment. By working together, Greaves Retail aims to extend its reach and make end-customer financing more accessible and seamless across the nation. Through this collaboration, Usha Financal’s distinctive dealer delivery model will be harnessed to bring the benefits of convenient and localised financing solutions to customers across the country.
The model will help dealers identify suitable customers, aid in the collection process, and serve as the primary point of contact to address loan repayment challenges. With a pilot in Bihar, this model has now been effectively deployed in several dealerships across India, where Greaves Retail aims to facilitate financing for their distinct group of electric three-wheeler customers.
“India’s three-wheeler segment witnessed 75 per cent growth in June on an annual basis, which is phenomenal. The partnership with Usha Financial is a major step to enable financing for our e-rickshaw customers in key markets. Usha Financal’s expertise in lending to “livelihood earners” will enhance Greaves Retail’s capabilities to facilitate the sales and service of these vehicles through our pan-India footprint of retail outlets,” said Narasimha Jayakumar, CEO, Greaves Retail.
“We at Usha Financial Services understand the value of multi-brand retail businesses. As financiers, we rely heavily on Dealers as the business anchor and address the lending process through Technology, Guarantors, and Co-Applicants. Our strength is enabling capital to reach end users, and Greaves Retail’s strength in selling vehicles creates a great partnership opportunity. We look at funding more and more vehicles and intend to grow the overall portfolio to 10,000 vehicles,” said Rajesh Gupta, Group MD, Usha Financial Services Limited.
Greaves Retail operates across the last-mile transportation lifecycle, providing clean mobility and energy solutions and empowering millions of people, small businesses, and livelihoods. With comprehensive 3S facilities (sales, service, and spares) under one roof, Greaves Retail has expanded rapidly, reaching several milestones quickly. It has the largest retail network, with 8000 retail stores, 200 distributors, 20,000 mechanics, and 5 million customers.
