Mumbai, June 10: ev.fin the EV-financing subsidiary of Greaves Cotton Limited, announced partial deployment from previously sanctioned institutional debt of INR 223 crore for onward lending during the April- March 2026 period, to fuel growth of its innovative, multi brand financing platform ev.fin. The deployment of the sanctioned fund within this short period has enabled ev.fin to scale to over 74 cities in India with the entity aiming to service 80+ cities by July 2026.
The INR 223 crore capital was drawn through a mix of Listed Non-Convertible Debentures (NCDs) and structured term loans backed by leading institutional lenders including AK Capital, Northern Arc Investment Managers, AU Small Finance Bank, Ambit Finvest, MAS Financial Service Limited, Maanveeya. The 100 pct EV focused NBFC subsidiary of Greaves Cotton runs a differentiated OEM agnostic business model which structures loans basis battery health and resale values, rather than just the income profile of the borrower. ev.fin is also embedded into the dealerships of major OEMs Ather, Ampere, River, Hero, Bajaj, TVS, Suzuki, Ultraviolette, etc. and is a key player in the financing of the EV 2 wheeler market. ev.fin is known for providing loans which track the EV lifecycle including buybacks, upgrades and split-loans for battery and shell.
This unique business model has earned ev.fin the trust and backing of marque institutions mentioned above which further reinforces ev.fin’s differentiated creditworthiness and institutional alignment. With growing demand and business growth, ev.fin is strategically deploying the fund toward accelerating asset book expansion, deepening penetration in high-growth segments and leveraging technology for operational excellence. As of March 2026, ev.fin reported a managed AUM of approximately INR 522 crore, with cumulative disbursements exceeding INR 774 crore. The deployment reflects strong demand visibility for EV financing solutions and a healthy financing pipeline to cater to India’s growing EV ecosystem and adoption volumes. The above business strategy has led to positive investor perception with India Ratings and Research (Ind-Ra) pegging ev.fin’s credit rating at IND A- with stable outlook.
Speaking about the development, Mr P. B. Sunil Kumar, Executive Director & CEO, Greaves Finance Limited, said,
“The deployment of substantial funds from our existing INR 223 crore, marks an important milestone for ev.fin and reflects strong institutional and investor trust. Our institutional partnerships and investor endorsement have provided a robust foundation, which demonstrates support for our differentiated business model and is a ringing endorsement of the way we have decided to scale the business. As India’s electric mobility market accelerates, innovative and accessible financing solutions will remain central to unlocking next phase of growth. Recognising this potential, we are actively working toward expanding our lender ecosystem to support our next growth cycle while maintaining robust underwriting and portfolio quality.”
India’s electric mobility market is witnessing robust growth, especially in the E2W and E3W segments. However, structured and risk-adjusted financing solutions continues to remains a crucial factor in facilitating EV adoption at scale. With a strong fund and network spanning 74 locations serving over 55000 customers, ev.fin is strategically positioned to address this credit gap while supporting retail buyers, MSMEs and fleet operators across emerging mobility markets. With this, ev.fin remains focused on scaling sustainably by combining growth with prudent credit assessment frameworks, ensuring asset quality remains stable even as disbursement volumes increase.
ev.fin continues to evaluate additional funding avenues, through structured instruments aligned with portfolio growth. By combining institutional capital, a differentiated business model, technology-driven execution and prudent credit frameworks, the company remains well positioned to support the next phase of India’s EV transition while strengthening its role as a trusted financing partner.