Financial wrap-around for electric vehicles

In a joint conversation Sumeru Shah, Head of EV 2-wheeler & Sivaprasad Patnaikuni - Head, of EV 3-wheeler at Ecofy reveal the business scenario, tie-ups, and future opportunities for EV finance business:

Ravi Lalwani: In which cities have your organization witnessed the rise in demand. for EV finance?

Sumeru: Ecofy's distribution strategy is in sync with the rising consumer demand for EVs, especially in Bangalore and Delhi NCR. The popularity of EVs across various cities in India has resulted in a surge in EV finance. Bangalore has emerged as the primary market with the highest number of EV consumers, followed by Delhi. As EVS are relatively expensive compared to traditional ICE (internal combustion engine) vehicles, financing plays a pivotal role in purchasing decisions.

What is the size of your business for 2-wheelers, passenger cars, and commercial vehicles?

Sumeru: Within just 4 months of launching our full operations in January 2023, we've financed over 1200 vehicles.

Sivaprasad: Ecofy has recently entered the 3-wheeler EV business in April 2023, which is been operational in the last one month.

Which are the popular EV products and brands in the country from where you receive most of your business?