On December 17, 2024, Wardwizard Innovations & Mobility Limited (WIML), a leading electric vehicle manufacturer in India under the brands Joy e-bike and Joy e-rik announced that it has signed a strategic partnership agreement with Mufin Green Finance Limited. Muffin Green Finance is a prominent Non-Banking Financial Company (NBFC) specialising in electric three-wheeler loans.
This collaboration focuses on providing customised financing solutions for Wardwizard’s L3 Passenger and L5 Cargo electric 3-wheeler models, making electric vehicle ownership more accessible to customers across India.
With the help of this partnership, Mufin Green Finance Limited will offer seamless financial solutions to customers purchasing L3 and L5 Passenger and Cargo electric 3-wheelers from Wardwizard’s authorised dealer network. Wardwizard will assist with the necessary documentation, and vehicle registration with hypothecation to Mufin, and ensure timely delivery of the vehicles. The company will also provide comprehensive battery support for both Lead Acid and Lithium batteries during the eligible warranty period.
A key aspect of this partnership is Mufin Green’s extension of its financing services to support fleet operations (B2B) for Joy e-bike electric two-wheelers and Joy e-rik electric 3-wheelers. This includes tailored financing options for fleet owners and operators, thereby promoting the adoption of electric vehicles in the commercial and logistics sectors.
The Memorandum of Understanding (MoU) highlights the collaborative efforts to build a strong EV financing ecosystem. Mufin will handle credit evaluations, financing terms, and carbon credit benefits, while Wardwizard will provide operational support, including the buyback of repossessed vehicles in their “as-is-where-is” condition. This partnership aims to overcome critical barriers to EV financing and accessibility, helping to advance sustainable mobility solutions. This partnership is a significant milestone in accelerating the adoption of electric 3-wheelers in India.
Commenting on the partnership, Mr Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited, said, “We are excited to partner with Mufin Green Finance as their mission to support sustainability aligns with our mission to drive green mobility. The partnership will help us empower the consumer segment and increase the penetration of EVs by facilitating customers’ viable financial support. We look forward to strengthening the EV ecosystem in partnership with Mufin Green Finance Ltd. and making EV ownership more accessible and affordable in India.”
On this occasion, Kapil Garg, Mufin Green Finance Limited, Co-Founder & Managing Director said, “Our association with Wardwizard reflects our promise to drive the growth of sustainable mobility in India. By offering accessible and flexible financing options for their L3 Passenger and L5 Cargo electric three-wheelers, we aim to make EV adoption seamless and affordable for customers while contributing to a greener future.”
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.
Published on: Dec 18, 2024, 9:38 AM IST
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