Axis Bank, one of the largest private sector banks in India, in partnership with GuarantCo, part of the Private Infrastructure Development Group (PIDG), has extended an INR 1 billion (around USD 12 million) guarantee to Muthoot Capital, one of India's fastest-growing NBFCs in India. This will empower the NBFC to lend to on-lend customers in rural and non-metro regions in India, for purchasing electric two-wheelers.

GuarantCo has provided a 65 percent on-demand credit guarantee to Axis Bank for this transaction, which is part of a broader USD 200 million electric vehicle (EV) framework agreement signed by GuarantCo and Axis Bank. This framework was established to enable mobilisation of funds between USD 300 and 400 million for financing the e-mobility ecosystem in India.

This collaboration with Muthoot Capital will focus specifically on providing transport solutions to rural and non-metro regions that predominantly consist of lower-income populations that have historically been underserved. The transaction will benefit Indian companies operating within the EV ecosystem with over INR 800 million (around USD 10 million) and is expected to impact local businesses in the supply chain, such as equipment manufacturers, vehicle dealers and insurers.

The INR 1 billion EV transaction will increase electric two- and three-wheeler vehicle provision, contributing to SDG 9.4 (Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies) and SDG 11.2 (Provide access to safe, affordable, accessible and sustainable transport systems for all).

This is GuarantCo and Axis Bank’s third transaction under the EV framework agreement. In December 2023, it had first enabled an INR 2.5 billion (around USD 30 million) loan to Vivriti Capital for supporting the company’s expansion strategy in the e-mobility ecosystem of India, and subsequently extended INR 1 billion (around USD 12 million) loan to Everest Fleet for the purchase of electric cars to be deployed as low pollution emitting taxis in India.

Rajiv Anand, Deputy MD, Axis Bank said: “Axis Bank stands committed to support and accelerate the growth of e-mobility industry in India. As one of the leading banks in the country, we are dedicated to driving initiatives that create positive environmental and social impact. By promoting the adoption of electric vehicles, we are working to reduce emissions, enhance air quality and provide affordable and accessible transport solutions nationwide. We have proactively scaled up our partnerships and engagements with EV dealers, manufacturers, and other players and will continue to do so. This collaboration not only supports the development of green infrastructure in India but also aligns with our broader vision of fostering an inclusive future where sustainable practices benefit all segments of society.’’

Mathews Markose, CEO, Muthoot Capital said: “Partnering with GuarantCo marks a significant step forward in accelerating the adoption of electric vehicles and advancing sustainable transport solutions in our country especially in the rural and semi-urban markets. This funding will enable MCSL to provide innovative and tailor-made financing options aimed at making electric vehicles more accessible and affordable to a wide range of consumers and businesses. We look forward to enabling the common man to own their own two-wheeler ensuring affordability and convenience. This will lend wings to our slated objective of growing our EV by 200 crores during FY2025.”

Layth Al-Falaki, CEO, GuarantCo said: “We are delighted to have closed the transaction with Muthoot Capital under the Electric Vehicle framework guarantee agreement that we signed with Axis Bank in May 2022.  This is the third transaction that we have closed under the agreement which after the ones that we closed with Vivriti Capital and Everest Fleet now total INR 4.5 billion (c. USD 54 million). This is also the first transaction under the framework which will cover the demand side of the EV business through the provision of credit so that customers can purchase electric vehicles.  In addition, the transaction is expected to have a market transformation effect that we hope that it will help catalyse deployment of more electric vehicles in India. GuarantCo, through the Private Infrastructure Development Group, will continue to utilise the climate mitigation guarantee with Axis Bank to further the e-mobility ecosystem in India and to deliver against our climate action aims aligned with the PIDG 2030 strategy.”

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Yulu, an Indian shared electric mobility platform, has announced that its vehicle fleet has completed a cumulative 2 billion kilometres of green travel.

The company claims it reached the first billion kilometres over six years, while the subsequent billion was achieved within the last 14 months.

The acceleration in mileage is attributed to demand from the hyperlocal delivery and quick-commerce sectors. Yulu operates a fleet of 45,000 electric vehicles (EVs) supported by the Yuma Energy ecosystem.

Interestingly, it has completed 400 million deliveries via partnerships with platforms such as Zomato, Swiggy, Big Basket, Blinkit, Flipkart Minutes, Instamart and Zepto.

The Yulu fleet supports over 500,000 gig workers, including more than 1,000 women riders. This has led to an estimated reduction of 54 million kilogrammes of urban CO2 emissions over seven years.

The platform also services on-demand household service providers including Urban Company, Pronto and Snabbit. According to company data, the use of these EVs allows gig workers to reduce operational costs by 30-40 percent compared to petrol-powered vehicles.

For FY2027, Yulu intends to double its fleet size. The growth strategy includes entering new municipal markets through both company-owned and partner-led launch models to maintain its position in the hyperlocal goods and people mobility segment.

Amit Gupta, CEO & Co-Founder, Yulu, said, “The 2-billion-kilometre milestone reflects not only Yulu’s market leadership, but also the deep impact we are creating across India’s urban mobility landscape. What started as a bold vision to build a sustainable and accessible solution has today become a critical enabler for millions of users and citizens. As we look ahead, Yulu reaffirms our commitment to helping people, businesses and cities to move better.”

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Bijliride has partnered with Indofast Energy, a joint venture between IndianOil Corporation and SUN Mobility, to expand its business-to-consumer (B2C) electric vehicle (EV) rental operations. The collaboration integrates battery-swapping technology to address charging downtime and vehicle availability in the rental sector.

The partnership utilises Indofast Energy’s network of over 1,484 swap stations across 23 cities. This infrastructure currently facilitates more than 3.5 million monthly swaps. By using battery-swapping, Bijliride users can replace depleted batteries in minutes, intended to ensure ride continuity and higher vehicle uptime.

The partnership will see Bijliride’s fleet with battery swap tech begin operations in Hyderabad, with planned phase-wise expansion in Bengaluru, Pune and Chennai over the next 12–18 months.

The integration aims to improve fleet efficiency and unit economics, particularly during peak periods. Bijliride provides several service tiers through its mobile application: daily and weekly rentals, specific subscriptions for delivery and gig workers with flexible mobility plans without vehicle ownership.

Shivam Sisodiya, CEO and Co-Founder, Bijliride, said, "Our partnership with Indofast Energy is centered on making electric mobility more practical and accessible. By reducing downtime and improving availability, we are delivering a more reliable experience while accelerating our B2C growth."

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Volvo Car UK has broadened its electric vehicle offerings with the launch of the EX30 Cargo, a purpose-built car-derived van tailored specifically for business and fleet operators. Based on the fully electric EX30 compact SUV, this new variant reimagines the passenger model for commercial use, preserving the brand’s signature comfort, advanced technology and high safety standards while introducing enhanced practicality.

To create a dedicated cargo space, the rear seats are removed and replaced with a flat floor and an underfloor access panel, yielding a payload of 390 kg and a load capacity of 1,000 litres. A reinforced bulkhead separates the cargo area from the cabin, while redesigned rear side panels and doors help maximise usable volume. Further aiding functionality are wider-opening rear doors, an additional work light in the load bay and an underfloor subframe with extra mounting points to accommodate various business needs.

Achieved through a second-stage conversion process performed by Volvo Car UK, the EX30 Cargo is offered in two forms: the standard model and the Cross Country version, which provides increased ground clearance. This conversion can be applied to both new factory orders and existing stock, covering Model Year 2026 and 2027 vehicles. For Model Year 2027, a new P3 Extended Range powertrain delivering 150 horsepower will join the lineup, offering a lower power option alongside the more potent P5 and P8 units, with electric range reaching up to 300 miles (approximately 482 km).

Despite its commercial adaptation, the vehicle upholds Volvo’s rigorous safety standards through extensive testing to ensure all protection systems remain fully effective. The range is structured across Core and Plus trims, alongside the Cross Country Plus, with the Core model featuring Safe Space Technology, Google Automotive Services, adaptive cruise control, park assist with a rear camera and a 3-phase 11 kW onboard charger with a heat pump. The Plus trim adds Pilot Assist, Digital Key Plus, a Harman Kardon sound system, heated front seats and steering wheel, two‑zone climate control and wireless phone charging. Now on sale exclusively through Volvo Car UK’s fleet sales channels, pricing for the EX30 Cargo starts at GBP 36,010 (approximately USD 48,126).

Jack Munford, Head of Fleet at Volvo Car UK, said, “While we are best known for our passenger vehicles, we recognise that business owners and fleets also want the quality, safety and technology that Volvo is renowned for in a compact commercial vehicle too, which is why we created the extremely practical EX30 Cargo.”

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VIDA, Powered by Hero MotoCorp, has introduced the VIDA VX2 Plus KKR Limited Edition, a special retail offering unveiled at Knights Unplugged 3.0. Drawing inspiration from the Kolkata Knight Riders’ fierce identity and decorated legacy, this electric scooter incorporates the franchise’s signature Knight Purple and Gold into the VX2’s modern aesthetic. A golden halftone gradient featuring micro-dotted patterns transitions subtly across a pearl black body, while three distinctive accent marks pay tribute to the team’s three championship victories.

The vehicle made its public debut with the full KKR squad in attendance and is now available for purchase through select VIDA outlets. Its design stays true to the VX2 Plus’s youthful appeal, characterised by clean surfaces and a sleek profile. A standout LED headlamp with integrated turn signals, complemented by unique daytime running lights at both ends, creates a bold lighting signature that captures the energy where speed meets stadium excitement.

Alongside this limited run, fans can also acquire a matching KKR-themed helmet in the team’s official colours. Adding to the collaboration, VIDA has launched the ‘VIDA Electrifying Player of the Match’ initiative: for every KKR win, a player chosen by the team management will receive a personalised VX2 Plus KKR Limited Edition bearing their name and jersey number during a post-match ceremony.

Kausalya Nandakumar, Chief Business Officer, VIDA, powered by Hero MotoCorp, said, “The launch of KKR Limited Edition VX2 Plus reflects Hero MotoCorp’s approach of blending distinctive design with culturally relevant collaborations. By bringing together the bold identity of the Kolkata Knight Riders and VIDA’s electric mobility platform, the initiative adds a unique dimension to the brand’s engagement in the T20 season through meaningful cultural and sporting association. The special Edition VX2 Plus further strengthens our commitment to sustainable mobility with the electrifying energy of one of the most celebrated teams in the league.”

Venky Mysore, Chief Executive Officer, Kolkata Knight Riders, said, "At Kolkata Knight Riders, we have always believed in building partnerships that go beyond visibility and create genuine value for our fans and partners alike. Our collaboration with VIDA reflects that philosophy, bringing together innovation in electric mobility with the spirit and identity of the KKR brand. The VX2 Plus KKR Limited Edition is a unique way to extend the Knight Riders experience beyond the field, offering fans a product that embodies performance, sustainability and the distinctive ethos of our franchise."

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