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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Hyderabad-based electric vehicle company Keto Motors has secured CMVR Type Approval Certification from the Global Automotive Research Centre (GARC) for its nine-metre Urbanova KE9 electric bus. The certification confirms the vehicle's compliance with safety and performance standards, including structural integrity and range efficiency.

The company is now initiating customer demonstrations and preparing for deployments across State Transport Undertakings (STUs), school fleets and employee transportation providers.

The Urbanova KE9 is engineered for urban mobility and smart city networks. Through a technology partnership with TRON, a Taiwanese E-bus OEM, Keto Motors utilises liquid-cooled battery technology, a self-developed Battery Management System (BMS) and Fleet Management Systems (FMS).

The e-bus features a 245 kW liquid-cooled PMSM motor delivering 3000 Nm of torque.  A claimed cruise range of 188 km (IDC) and a top speed of 80 kmph. It can accommodate 31 seated and 11 standing passengers. It supports CCS2 fast charging support, regenerative braking, ABS and air suspension.

The company aims to start production in early FY2027 at the company’s 20-acre facility in Jadcherla, Telangana. The plant features in-house bus body manufacturing and testing systems, with an annual capacity of 1,000 units.

In addition to the nine-metre model, Keto Motors is developing 12-metre and 6-metre platforms to expand its presence across the public transport sector.

Venkatesh Challa, Director of Keto Motors, said, “Securing CMVR Type Approval for the Urbanova KE9 is a defining milestone for Keto Motors. This certification reinforces our commitment to delivering dependable, high-performance electric mobility solutions designed specifically for Indian roads and fleet operators. With approvals in place, we are now focused on accelerating customer deployments and supporting India’s transition toward clean, zero-emission public transport.”

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Bengaluru-based electric vehicle start-up Ultraviolette Automotive has introduced Battery Flex a Battery-as-a-Service (BaaS) programme designed to lower the entry cost of its electric motorcycles. The initiative is launched in partnership with Ecofy, a non-banking financial company (NBFC) specialising in green financing.

Under the new model, the upfront cost of the Ultraviolette X-47 is reduced by 40 percent. Customers can purchase the motorcycle chassis for INR 149,000 and subscribe to the battery for a monthly fee starting at INR 2,499. At the conclusion of the subscription period, ownership of the battery is transferred to the customer at no further expense.

The Battery Flex model is designed to reach price parity with internal combustion engine (ICE) motorcycles. By separating the cost of the battery from the vehicle, the company aims to make performance electric mobility accessible to a broader consumer base.

Narayan Subramaniam, CEO & Co-Founder, Ultraviolette, said, “At INR 250,000, Ultraviolette was at price parity with similarly powered ICE motorcycles. Now, with a starting price of INR 150,000, riders gain access to better technology, features, and performance that outpaces every segment. With operating costs as low as INR 2,499 per month, which is lesser than the average spends on petrol, we are redefining what affordability means in motorcycling. The introduction of Battery Flex makes performance, technology-driven mobility more attainable and practical for riders across India, while keeping the focus firmly on what matters most: the thrill of riding an Ultraviolette.”

Niraj Rajmohan, CTO & Co-Founder, Ultraviolette, added, “Battery technology sits at the core of every electric vehicle, and at Ultraviolette we have invested years of R&D to ensure our batteries deliver uncompromised performance, safety, and longevity. With the launch of Battery Flex, we are extending this innovation to our customers in a way that is both flexible and accessible. It reflects our commitment to building technology that adapts to customer needs and makes performance mobility more practical than ever before.”

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JSW MG Motor India has announced that its e-Hub by MG app is now the largest unified electric vehicle (EV) charging platform in India. The application has listed more than 22,500 charging points and exceeded 150,000 downloads.

The platform has onboarded 40 charge point operators (CPOs), including Jio-bp, TATA Power, Adani, Shell, Zeon, Charge Zone and BPCL. Since its inception, the app has facilitated the dispensing of 1.5 GWh of energy and the planning of 670,000 trips, covering 300 million kilometres.

The company has introduced updates to the application to assist MG and non-MG EV users. These features are designed to centralise the location, reservation, and payment processes for charging sessions.

The updated app includes smartphone integration, navigation tools, user feedback and network access.

Vinay Raina, Chief Commercial Officer, JSW MG Motor India, said, “It is inspiring to witness the rapidly growing community of EV users, both MG and non-MG customers, embrace the e-Hub by MG app. What excites us the most is how effortlessly it is helping customers navigate their EV journeys, whether planning their long road trips or simply looking for the nearest available charger. By bringing the leading CPOs together on one intuitive platform, e-Hub by MG empowers users with choice, convenience and confidence. As India moves towards a more connected and electrified future, we remain committed to building experiences that make EV ownership effortless.”

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Kia UK is set to introduce its newest electric model, the EV2, to the public through a series of dedicated test drive events running from 16 April to 27 June 2026. The nationwide ‘First Drive Weekend’ initiative will see nearly all of the brand's 190 dealerships participate, providing customers with exclusive early access to this highly anticipated vehicle.

Structured around the theme of new beginnings, these events will offer attendees the first opportunity to engage with the EV2, explore Kia's latest electric design language and potentially take their first step into the brand's electric vehicle family. Given the limited capacity at each venue, interested individuals are advised to book their spots online in advance.

Taking place on Thursdays, Fridays and Saturdays, each event is designed to deliver a personalised and memorable experience. Guests will have a dedicated one-hour appointment, during which they will receive an expert-led walkaround of the vehicle, allowing for in-depth discussion and questions. This is followed by a comprehensive 30-minute test drive on a pre-planned route, giving participants a genuine feel for the car's performance and technology across different driving conditions. The experience concludes at the dealership, where attendees can continue exploring the Kia model range with the sales team.

The Kia EV2 itself represents a significant addition to the compact SUV market. Engineered and manufactured in Europe for European drivers, this model is Kia's smallest electric vehicle to date. Despite its compact dimensions of just over four metres, it offers remarkable interior space and up to 362 litres of boot capacity, a benefit of its dedicated electric platform. Customers will have a choice of two battery sizes, both capable of rapid charging from 10 to 80 percent in approximately half an hour.

The vehicle also introduces advanced technology typically found in larger, premium models. This includes a triple-screen display, over-the-air software updates and Vehicle-to-Load and Vehicle-to-Grid capabilities. A standout feature is the Remote Smart Parking Assist, which allows the car to be manoeuvred from outside using the key fob. The design philosophy, named Opposites United, incorporates sustainable materials, bringing a sophisticated and connected experience to a more accessible price bracket.

This nationwide event series follows the successful introduction of other Kia electric models, such as the EV3 and EV6, through similar dealer-led programmes. Last year's comparable events for the EV4 and EV5 attracted over 15,000 reservations, highlighting strong public interest. Full UK pricing and specifications for the EV2 will be announced shortly, with the first customer deliveries anticipated before the end of the year.

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