Greaves Finance Limited, a subsidiary of Greaves Cotton Ltd., announced a partnership with Eqaro Surety Private Limited on their buyback and upgrade financing product, Smart.fin, for electric two-wheelers (E2Ws). The collaboration aims to boost confidence in EV purchases by offering guaranteed resale values for customers, OEMs, and dealers. This partnership seeks to address the secondary market for E2Ws, which is still in its early stages.

evfin's Smart.fin product offers customers a buyback option and upgrades for their electric two-wheelers. Through the partnership with Eqaro Guarantees, evfin will ensure the guaranteed buyback value, mitigating any resale risks and reinforcing its commitment to creating sustainable and hassle-free EV ownership.

“Our collaboration with Eqaro is a pivotal step in reimagining the ownership experience for electric two-wheeler customers. This partnership not only ensures secure resale value but also motivates a wider shift to electric mobility. By eliminating depreciation uncertainty, we’re committed to driving sustainable growth and making electric two-wheelers an increasingly compelling choice for today’s consumers,” said P B Sunil Kumar, CEO, Greaves Finance.

Eliminating financial risks

The guaranteed buyback and assured resale value are designed to eliminate concerns about depreciation, making it easier for customers to upgrade to newer vehicles. For OEMs and dealers, the partnership mitigates financial risks associated with resale value, enhancing trust in their products and encouraging more customer upgrades, which ultimately drives sales and improves customer retention.

“We are really excited about our partnership with Greaves Finance Limited, a first in the industry, which will fundamentally change how people at large purchase and start adopting electric mobility. Electric mobility is the future, and we are committed to doing our bit for democratising this category. With our rigorous processes and underwriting framework, we offer resale value guarantees that forms the backbone of a vibrant ecosystem for the future and is a win-win for all stakeholders, be it financers, manufactures, channel partners or end consumers," stated Vikash Khandelwal, CEO, Eqaro Guarantees.

Tie-ups

evfin has also partnered with top OEMs that command a significant market share, including Ather Energy, Ampere, and River Mobility Pvt. Ltd., to offer tailored financing solutions. evfin’s financing services are available in all the leading EV two-wheeler OEMs & dealerships across 47 cities in India.