Mahindra Last Mile Mobility and Ecofy partner for EV 3W financing

Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra Ltd. (M&M), has announced a strategic partnership with Ecofy, an NBFC backed by Eversource Capital, focused on financing India’s green transition. This collaboration combines Mahindra’s EV manufacturing expertise with Ecofy’s financing solutions to enhance the adoption of electric three-wheelers in India. The partnership aims to finance 10,000 units to drive growth in the sector.

Ms. Suman Mishra, MD & CEO of MLMML, said, “Our partnership marks a significant stride in accelerating the adoption of electric three-wheelers in India. This tie-up will help bring tailored finance solutions to our customers and bring them closer to their micro-entrepreneurial journey. Together with Ecofy, we are committed to making green mobility accessible and affordable for all.”

Speaking on the occasion, Rajashree Nambiar, Co-Founder, MD & CEO of Ecofy, said, “This partnership with Mahindra LMM perfectly aligns with our mission to promote sustainable transportation solutions. Together, we will accelerate the adoption of electric three-wheelers, contributing directly to India’s target of achieving 30% EV penetration by 2030. The collaboration brings substantial benefits to both companies. Through this partnership, Ecofy now caters to 85% of industry demand and is already offering financing, leasing and subscription models.”

The global market for electric three-wheelers, valued at approximately USD 677 million in 2020, is expected to grow at a CAGR of around 10% from 2021 to 2027. Government incentives and subsidies for electric mobility are contributing to this growth. The partnership between Mahindra LMM and Ecofy aims to support a more sustainable future for India’s transportation industry.

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