Greaves Finance Limited, a Non-Banking Finance Company (NBFC) and a wholly owned subsidiary of Greaves Cotton Limited, has partnered with Ikaro Surety Pvt. Ltd. to enhance its Smart.Fin offering. Operating under its EV-focused lending platform EVFin, Smart.Fin is a buyback and upgrade financing solution designed for electric two-wheelers (E2W). The collaboration aims to build confidence in EV adoption by providing guaranteed resale value to customers, OEMs and dealers.
While the secondary market for E2Ws is still in its nascent stage, evfin is leading the innovation through its Smart.fin product, which offers customers an assured buyback option and seamless upgrade for their electric two-wheelers. Through this new partnership, EVfin will ensure guaranteed buyback value, mitigate any risks related to vehicle resale and strengthen its commitment to create sustainable and hassle-free EV ownership backed by a strong and reliable partner like Icaro Guarantee.
This partnership will be important for both customers and OEMs as well as dealers. For customers, the guaranteed buyback and assured resale value eliminates concerns about depreciation, making it easier for them to upgrade to newer, more advanced vehicles while enjoying a seamless, worry-free ownership experience. For OEMs and dealers, the partnership reduces financial risks associated with resale value, increases confidence in their products and encourages more customer upgrades, which ultimately increases sales and improves customer retention.
Commenting on the partnership, PB Sunil Kumar, CEO, Greaves Finance, said, “Our collaboration with Ikaro is an important step in reimagining the ownership experience for electric two-wheeler customers. This partnership not only ensures secure resale value but also inspires a broader shift to electric mobility. By removing the uncertainty of depreciation, we are committed to driving sustainable growth and making electric two-wheelers an attractive option for today’s consumers.”
Vikas Khandelwal, CEO, Ikaro Guarantee, said, “We are really excited about our partnership with Greaves Finance Limited, which is an industry first that is fundamentally changing the way people shop and adopt electric mobility at scale. Will replace it with. Electric mobility is the future, and we are committed to doing our part to democratize this category. With our rigorous processes and underwriting framework, we provide resale value guarantees that form the backbone of a vibrant ecosystem for the future and are beneficial to all stakeholders, be it financiers, manufacturers, channel partners or end-users. Be a consumer.
EVFin has also partnered with top OEMs that have significant market share, including Ather Energy, Ampere and River Mobility Pvt. Ltd. Ltd., to offer tailored financing solutions. Additionally, EVFin’s financing services are available across all major EV two-wheeler OEMs and dealerships across 47 cities in India.
