Montra Electric and Ecofy signed MoU to revolutionize EV Financing

This strategic collaboration will make it easy for customers to own a Montra Electric Super Auto while expanding Ecofy's Commitment to Climate Finance and Accelerate the pan-India Adoption of Electric Mobility.

Montra Electric, the EV brand of 123 years legacy Murugappa Group and Ecofy, India’s green-only NBFC that is dedicated to bridging the climate finance gap in the Indian retail sector, has joined forces to offer accessible financing solutions for Electric Three-Wheelers. This collaboration marks a significant milestone in the journey towards a cleaner and more sustainable future for India’s transportation sector.

While Ecofy will offer financial assistance for both cargo and passenger vehicles. Ecofy aims to capture a large percentage of this market.

Rajashree Nambiar, Co-founder, MD & CEO, Ecofy, highlighted the company’s mission, stating, “Ecofy aims to play a pivotal role in promoting a sustainable, net-zero emissions future by providing financial support to individuals and small businesses making eco-conscious choices. Through this strategic tie-up with Montra Electric, we intend to offer tailored products and a seamless experience that aligns with the specific needs of customers dedicated to creating a greener future.”

Sushant Jena, Head, Montra Electric 3W Division, said, “We are thrilled to work with Ecofy in our quest to revolutionize transportation in India. Financing has often been a significant barrier to the adoption of commercial Three-wheelers and passenger vehicles. Together with Ecofy, we aim to overcome this challenge and support the government’s efforts to promote widespread electric mobility in the country.”

As India experiences substantial growth in the electric three-wheeler market, with a 58% YoY increase in EV passenger vehicles and a remarkable 114% YoY growth in EV cargo vehicles, this tie-up between Ecofy and Montra Electric is poised to empower individuals and businesses to embrace a cleaner and sustainable mode of transportation.