Piaggio Vehicles Private Limited (PVPL), a 100% subsidiary of Italian automotive giant Piaggio Group and a pioneer in small passenger cars and commercial vehicles in India, has announced an exclusive partnership with RiseWise Capital, a leading fintech company specializing in customized mobility financing. Through this partnership, Piaggio launches the first battery replacement financing program for its electric three-wheeler (3W) customers, making electric vehicle ownership easier and more affordable.
This pioneering initiative provides up to 100% financing for battery replacement after three to four years of vehicle life, covering customers across RiseWise Capital’s operating regions (Maharashtra, Gujarat, Chhattisgarh and Karnataka). It will be gradually expanded to other parts of India. Through this partnership, Piaggio and RiseWise aim to ensure customer fleets run smoothly while maintaining positive turnover without battery charges or downtime.
This pioneering initiative enables Piaggio electric tricycle customers to replace the battery after three to four years of vehicle use and receive 100% financing for the new battery. The program is designed to make EV ownership affordable and operations seamless, addressing one of the major issues for commercial EV operators: battery replacement costs. Customers can obtain financing through authorized Piaggio 3W dealers and use their vehicles as collateral to repay at affordable and reasonable interest rates with repayment terms of up to 24 months. This ensures businesses can maintain fleet uptime, continue to operate efficiently and manage cash flow without the financial burden of costly battery replacements.
Mr. Diego Graffi, Chairman and Managing Director of Piaggio Vehicles Pvt., spoke at the meeting. Ltd. said, “At Piaggio, we continue to lead the way in the electric vehicle space with a focus on customer-centric innovation. This first-of-its-kind battery replacement financing service in India underlines our commitment to making electric vehicle ownership simpler, more reliable and financially viable. By exclusively partnering with RiseWise Capital, we enable commercial electric vehicle operators to sustain their operations without worrying about battery replacement costs. We believe this initiative will set a benchmark for the electric three-wheeler industry and accelerate the adoption of electric vehicles across the country.
Speaking on the occasion Ms. Tejal Bhartiya, Managing Director & CEO, RiseWise Capital Pvt Ltd. – Piaggio’s partnership with RiseWise Capital makes battery replacement simple without imposing high upfront costs on customers. It is designed to give you peace of mind by ensuring affordable and hassle-free battery replacement while maintaining continuous uptime of your 3W electric vehicle for uninterrupted business operations.
Mr. Sham Jagtap, Executive Director, RiseWise Capital Pvt Ltd said: Piaggio’s strong EV portfolio and credibility in the industry make this partnership impactful and can help businesses minimize downtime and scale sustainably. Together we are working to set new standards for electric vehicle finance in India. RiseWise Capital, Piaggio’s battery financing partner in India, has launched the country’s first battery replacement financing program.
Key Features of Battery Replacement Financing Program:
After 3 to 4 years of vehicle usage (end of life of the first battery), customers can get financing up to 100% of the battery invoice value Flexible 24-month repayment plan with an interest rate of 10.99% The existing Piaggio 3W EV will be used as collateral for the loan Battery replacement insurance is mandatory and facilitated through authorized Piaggio dealers or partners Multiple repayment options available through ECS, NACH or UPI Automatic payments