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Greaves Finance Partners With Acko To Facilitate Seamless EV Ownership Across India

16 July 20243 mins read by Angel One
Greaves Finance Ltd partners with ACKO to streamline EV ownership in India via evfin, aiming for accessible financing and insurance solutions to boost sustainable mobility.
Greaves Finance Partners With Acko To Facilitate Seamless EV Ownership Across India
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On July 10, 2024, Greaves Finance Limited, a subsidiary of Greaves Cotton Ltd, announced via a stock exchange filing that it has partnered with ACKO, a technology-driven insurer, to facilitate seamless EV ownership in India.

Through their collaboration on the Evfin platform, customers can conveniently access optimal insurance policies and financing options. This initiative aims to simplify the insurance process for users, provide affordable policies tailored to their needs, and support innovative EV-centric products to promote sustainable mobility solutions across the country.

Speaking on the collaboration, P.B. Sunil Kumar, Executive Director and CEO of Greaves Finance Limited, said, “In FY24, the Electric 2W segment has witnessed a Y‐o‐Y growth of 30%, and we believe that accessible financing and insurance models will push this further, helping accelerate India’s potential to lead the charge in sustainable mobility. We are delighted to partner with Acko on this exciting venture to offer affordable and tailored solutions to our consumers. We share a mutual vision of leveraging technology to increase the accessibility of financial services to customers across India.”

Brijesh Unnithan, SVP of Internet Partnerships, ACKO, said, “We understand the importance of tailored insurance solutions for EVs to accelerate EV adoption in India. Given the barriers to EV adoption, where the primary factors are cost and battery degradation, it is important to foster an ecosystem that facilitates affordable financing and insurance solutions to encourage individuals to consider EVs. ACKO’s collaboration with Greaves Finance Limited is a step in the right direction to enable this.”

Earlier this month, Evfin even marked its first anniversary. Evfin’s services are accessible at prominent EV 2-wheeler OEM dealerships, including Ather Energy, Ampere (from Greaves), Vida (from Hero Motocorp), OLA Electric, Bajaj Chetak, and TVS iQube, in 31 cities across India.

About Greaves Cotton Limited

Greaves Cotton Limited (GCL) is a well-established engineering company with over 163 years of history. It is known for its diverse range of products and operations across multiple locations. GCL specialises in fuel-agnostic powertrain solutions, eMobility, the aftermarket, and the retail sectors.

On July 10, 2024, Greaves Cotton Limited’s share price opened at ₹172.00, touching the day’s low at ₹164.00 as of 01:27 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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