2025 marks a turning point in India’s electric mobility journey, fundamentally reshaping the way EV ownership is understood and adopted. The conversation moved beyond simply purchasing electric vehicles or installing charging infrastructure to a deeper, more practical question: How can EVs be made affordable, scalable, and viable for everyday commercial use?
A new wave of Indian startups responded to this challenge by redefining ownership. Instead of positioning EVs as expensive assets, these innovators introduced models where electric mobility became a service, an energy solution, and an operational tool – designed based on use rather than possession.
By breaking high upfront costs into predictable monthly payments, separating batteries from vehicles, and embedding software into fleet operations, these startups unlocked EV adoption for delivery fleets, driver-entrepreneurs, logistics players, and enterprises that had long remained on the edge of the EV transition.
Together, these five startups not only sold electric vehicles – they also changed the economics, psychology and practicality of EV ownership in India.
What really set these startups apart was their focus on real-world constraints – cash flow pressures, fleet uptime, access to credit and resale uncertainty – and not just aspirational sustainability stories. Their model blends leasing, flexible financing, battery-as-a-service and data-based fleet management to reduce risk for users while improving utilization and lifetime value. In doing so, they quietly built the financial and operational infrastructure needed to electrify fleets on a large scale, especially in the last-mile and commercial sectors. Together, these innovators helped redefine EV ownership in India as a flexible, service-driven experience – an experience where accessibility, affordability and efficiency matter more than holding the keys.
Game Changers of EV Leasing
ALT Mobility
ALT Mobility is an EV leasing platform specializing in fleet management across seven cities. The Delhi-based startup offers easy financing for EV-as-a-service and last-mile delivery with zero upfront cost. By paying a small security deposit and a monthly lease, you can save up to 20 percent on monthly expenses. In partnership with 8+ OEMs like Piaggio and Euler Motors, ALT Mobility also offers a Fleet OS app for real-time vehicle and fleet monitoring.
RevFin:
RevFin, one of the top online consumer loan platforms, works to increase financial inclusion in India. Through its cutting-edge technologies and unconventional data analysis, Revfin provides easily accessible loan solutions to people. Revfin has recently expanded its offering into the 4W EV market, by collaborating with Zapit to offer airport pickup services. Additionally, it has expanded its financing options and established a micro secondary market for EVs by working with other EV manufacturers and leasing firms.
energy mobility
UrjaMobility is a brand owned by New Delhi based MTOW Mobility Pvt. Ltd. This energy centric company focuses on working towards easy EV ownership and believes that “Battery is the new fuel” and it is this belief that it offers battery leasing for the commercial category for Electric Two Wheeler (L2), Electric Three Wheeler (L3, L5) and converts this upfront cost for the battery (energy) into an easy MLV (Monthly Lease Value).
ecofi
Ecofi, India’s only green NBFC, supports sustainable initiatives by offering affordable, hassle-free EV loans with minimal documentation and competitive interest rates. Financing up to 90 per cent of the vehicle’s on-road price at 1/6th the cost per km compared to diesel, ecofi is becoming a major player in EV financing. In partnership with brands like Ather, Mahindra and Ola Electric, Ecofi provides financing for electric two-wheelers and three-wheelers to both the individual and corporate segments.
Greaves Finance
Greaves Finance Limited, through its 100% EV-focused lending platform EVFin, is India’s only EV-focused non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Limited. With a mission to democratize the EV experience, Greaves Finance Limited, under its platform EVFin, offers innovative financing solutions specifically tailored to electric vehicle ownership, supporting the growth of sustainable mobility in India.
Conclusion: From ownership to access, assets to services
The startups that emerged in 2025 were successful because they aligned electric mobility with how India actually uses vehicles – high usage, low margins and reliance on daily income. By redesigning ownership around access, uptime and affordability, they unlocked EV adoption where it mattered most.
As India moves towards its long-term electrification goals, these business models are likely to influence not just startups—but also OEM strategies, financing norms, and the future shape of mobility.