Manba Finance Partners with Piaggio Vehicles for Financing Solutions

Key Highlights:

• Manba Finance has signed an MoU with Piaggio Vehicles to offer affordable financing options for Piaggio three-wheeler customers. 
• A dedicated team will manage the partnership, focusing on product structuring, interest rates, resource allocation, and training.
• The MoU was signed by key executives from Piaggio and Manba Finance, including Diego Graffi and Monil Shah.
• Electric three-wheeler sales reached a record 65,700 units in October, near the 2023 sales target.
• Manba Finance aims to strengthen its presence in the three-wheeler market with this partnership and digital lending solutions.

Manba Finance, a prominent non-banking finance company (NBFC), has entered into a strategic partnership with Piaggio Vehicles (PVPL), the subsidiary of the Piaggio Group, to offer customized financing options for Piaggio’s three-wheeler customers. This collaboration aims to make financing more accessible and efficient for customers looking to purchase Piaggio’s range of three-wheelers, particularly in the electric vehicle segment.

Partnership Details and Focus Areas

The partnership was formalized through the signing of a Memorandum of Understanding (MoU) between Diego Graffi, CMD of Piaggio Vehicles, and Monil Shah, CBO & Director of Manba Finance. The event was attended by Amit Sagar, EVP of Sales and Retail Finance, and Nilesh Arya, Head of Retail Finance at Piaggio Vehicles.

The main point of the MoU is the formation of a dedicated central coordination team that will be responsible for ensuring the smooth implementation of the partnership. This new formulated team will focus on various important aspects, including product structuring, optimizing interest rates, resource allocation, centralized communication, and providing necessary training. This approach will guarantee the smooth implementation and tracking of financing solutions for Piaggio’s customers.

Boost for Electric Three-Wheeler Sales

This partnership comes at a crucial time as the electric three-wheeler market in India is seeing rapid growth in sales. In October, electric three-wheeler sales reached a record high of 65,700 units. 

This brings the total sales for the year to only 16,856 units away from passing the 583,597 units sold in 2023. The partnership with Piaggio aims to meet this growing demand by offering tailored financial products to buyers in the fast-growing electric vehicle segment.

Statement from Manba Finance

Monil Shah, CBO & Director of Manba Finance, expressed pride in collaborating with Piaggio, highlighting the company’s strong presence in India’s three-wheeler market. "We are excited to partner with one of India’s top three-wheeler manufacturers, a trusted name among aspiring entrepreneurs. This collaboration enhances our presence in the three-wheeler market and allows us to offer smooth digital lending solutions to our customers," said Shah. 

Also Read: Piaggio Vehicles Unveils Battery Subscription Model for Electric Three-Wheelers

CMV360 Says

The collaboration between Manba Finance and Piaggio Vehicles shows a promising future for both electric and conventional three-wheelers, with the aim of providing easier access to financing for a wider range of customers. As the demand for electric three-wheelers continues to rise, this partnership will play a major role in supporting India’s transition towards sustainable mobility.