Greaves Finance partnered with ACKO to Streamline EV Ownership Experience

Key Highlights:

• Greaves Finance, a Greaves Cotton subsidiary, partners with ACKO to ease EV ownership in India.
• ACKO's insurance options now integrate with Greaves' Evfin platform for seamless access.
• EV owners get tailored financing and streamlined insurance through Evfin.
• The collaboration simplifies insurance processes and offers affordable policies for EV users.
• Greaves Finance and ACKO aim to innovate for sustainable mobility adoption in India.

Greaves Finance Limited, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd. has announced a partnership with ACKO, a tech-first insurer, to promote smooth EV ownership in the country.

Cross-Selling Opportunities

The agreement, which falls under Greaves' 100% ev-focused lending platform evfin, allows for cross-selling of ACKO's offerings on the platform, allowing users to conveniently access the most appropriate insurance policies and financing solutions. 

Customers will have access to specialised financial help and personalized financing options from evfin that are tailored to their specific preferences and needs. It will also make it easier for people to choose affordable insurance coverage that meet their specific needs. 

Benefits for Consumers

The collaboration between evfin and ACKO seeks to reduce EV ownership and the financial burden on EV owners in the event of accidents or hospitalisations, as well as to stimulate the development of new innovative EV-centric products, hence speeding the adoption of sustainable transportation solutions in India.

P.B. Sunil Kumar, Executive Director and CEO of Greaves Finance Limited, stated, "In FY24, the Electric 2W segment saw a 30% year-on-year growth, and we believe that accessible financing and insurance models will drive this even further, helping accelerate India's potential to lead the charge in sustainable mobility. We are thrilled to collaborate with Acko on this innovative initiative to provide inexpensive and bespoke solutions to our customers. We share a vision of using technology to make financial services more accessible to people across India."

Brijesh Unnithan, SVP - Internet Partnerships at ACKO, stated, "We recognize the need of customized insurance products for EVs in accelerating EV adoption in India. Given the two barriers to EV adoption, which are cost and battery deterioration, it is critical to create an ecosystem that allows for reasonable finance and insurance options to encourage people to consider EVs. ACKO's engagement with Greaves Finance Limited is a step in the right path toward achieving this."

Earlier this month, evfin marked its first anniversary. Their services are now accessible at prominent EV 2-wheeler OEM dealerships such as Ather Energy, Ampere by Greaves, Vida by Hero Motocorp, OLA Electric, Bajaj Chetak, and TVS iQube, spanning 31 cities across India.

Also Read: Revfin Launches 'Jagriti Yatra Abhiyaan' in Uttar Pradesh

CMV360 Says

Greaves Finance and ACKO have teamed up to promote sustainable mobility solutions in India. Their partnership combines tailored financial services with comprehensive insurance solutions, aiming to accelerate EV adoption nationwide. This initiative addresses key barriers such as affordability and accessibility.