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Greaves Finances Ltd. Launches Evfin: A New Breakthrough towards EV Adoption
Greaves Finance Ltd., the non-banking financial company (NBFC) subsidiary of Greaves Cotton Ltd., has recently introduced "evfin," an innovative financial platform aimed at transforming the landscape of
electric vehicle
(EV) financing and beyond. This move comes at a vital time when the EV business is ready to play a crucial part in the progress to efficient green energy. The domestic EV market is projected to grow at a compound annual growth rate (CAGR) of 49% between 2022 and 2030, as stated in the Economic Survey 2023. According to the survey, India's annual sales of electric vehicles will reach a staggering one crore units by 2030.It is essential to address the entire lifecycle of EV use by consumers in order to accelerate the adoption of electric vehicles and facilitate the transition to sustainable mobility. Recognizing this need, "evfin" has been designed to offer a range of innovative experiences, ensuring an enhanced EV journey throughout the ownership lifecycle by providing accessible and cost-effective financing options.
Nagesh Basavanahalli, Vice Chairman of Greaves Cotton Ltd., expressed his enthusiasm for the launch of "evfin" and emphasized the company's commitment to creating a comprehensive ecosystem for diverse last-mile mobility. By introducing this sustainable financing platform on World Environment Day, Greaves Cotton Ltd. is reinforcing its dedication to sustainability and supporting the global efforts towards a greener future.
Sandeep Divakaran, ED & CEO of Greaves Finance Ltd., highlighted the significance of "evfin" as India's first consumer finance technology platform fully dedicated to electric mobility and sustainable solutions. With the integration of advanced digital lending capabilities, innovative asset management technology, and a nationwide reach, "evfin" aims to provide an exceptional and tailor-made experience for EV customers. The primary goal is to democratize access to electric vehicles by offering the most cost-effective financing options available in the market. By providing an end-to-end lifecycle experience for EV owners, "evfin" ensures a unique and seamless ownership journey throughout their usage of electric vehicles.
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As the demand for electric vehicles continues to rise and the government focuses on promoting clean energy solutions, initiatives like "evfin" play a vital role in supporting the transition to a greener and more sustainable future. Greaves Finance Ltd. is poised to make a significant contribution to this transformative journey by empowering individuals and businesses to embrace electric mobility through their innovative financing platform, "evfin."
It is anticipated that the introduction of "evfin" will have a profound effect on the market for