As electric mobility accelerates across the globe, leasing is emerging as a key enabler in the EV ecosystem—offering businesses a flexible, cost-efficient pathway to build or scale their fleets without the heavy burden of ownership. By eliminating steep upfront investments and bundling in essentials like maintenance, insurance, and charging solutions, the leasing model simplifies EV adoption while enhancing operational agility.
Leasing not only makes economic sense but also aligns with broader corporate sustainability goals. It allows operators to stay asset-light, respond quickly to changing technology, and benefit from evolving government incentives—all while significantly reducing risk and operating costs.
In India, EV leasing is gaining momentum. A GT Bharat survey found that 39% of respondents now prefer leasing over owning EVs. Backed by FAME II subsidies and state-level incentives, the market is primed for growth. In 2023, leasing assets under management touched ₹5,000 crore, with projections soaring to ₹36,000 crore by 2028—driven by robust demand in commercial use cases such as electric three-wheelers, four-wheelers, and buses (Redseer).
For businesses operating in last-mile logistics, fleet services, or ride-hailing, EV leasing offers not just affordability, but also scalability and resilience. With integrated support services, policy tailwinds, and a low-risk financial structure, leasing is shaping up to be the cornerstone of fleet electrification and sustainable urban mobility.
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.
