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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Keeway India has launched the Hypevolt-R, an electric scooter priced at INR 199,000 (ex-showroom) with bookings starting at INR 5,000.

The Hypevolt-R features a 5 kWh dual-battery architecture with a claimed range of 180 km and an in-vehicle charging system that reaches 80 percent charge in approximately 3 hours. It utilises a mid-mounted motor producing 12 kW of power, enabling acceleration from zero to 40 kmph in 2.3 seconds and a top speed of 115 kmph.

Vikas Jhabakh, Managing Director, Keeway India, said, “The Hypevolt-R represents a significant milestone in Keeway's journey in India. Today's electric mobility customer is no longer looking only for efficiency; they seek performance, technology, design and everyday practicality in one complete package. With the Hypevolt-R, we have created a premium electric scooter that delivers thrilling acceleration, intelligent rider technologies and exceptional usability without compromise. We believe it will redefine expectations from performance electric scooters in India.”

The Hypevolt-R comes with Traction Control, Dual-Channel ABS, Blind Spot Detection, a Rear Reverse Camera and Hill Hold and Hill Descent Control. It features 14-inch alloy wheels, 130 mm of ground clearance, a 770 mm seat height and 27 litres of under-seat storage.

The e-scooter is equipped with a 5-inch TFT display, Bluetooth connectivity and USB charging ports.  The Hypevolt-R can be had in Crystal White and Platinum Grey colour options.

The company says the e-scooter is designed for urban commuting and weekend use, offering three riding modes: Eco, Normal and Sport.

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Hyundai Motor India (HMIL), one of the leading passenger vehicle manufacturers, has launched a Battery-as-a-Service (BaaS) ownership model for the Creta Electric. Under the BaaS model, the Creta Electric is available at a starting price of INR 1.09 million (ex-showroom), with battery repayments starting from INR 3.9 per kilometre.

Alongside the BaaS model, the company has updated the Creta Electric with an integrated side foot step. Additionally, Home Charger (HC) variants now include a 7.4 kW wall box charger to assist with home charging requirements.

The Creta Electric SUV is available with two battery options: 51.4 kWh and 42 kWh. It offers a range of up to 510 km (ARAI certified) and supports DC fast charging, allowing a 10–80 percent charge in 39 minutes. Other features include Vehicle-to-Load (V2L) technology, SmartSense Level 2 ADAS, i-Pedal for single-pedal driving, a digital key, and active air flaps. The battery is covered by a warranty of 8 years or 160,000 km.

Tarun Garg, MD & CEO, Hyundai Motor India, said, “At HMIL, we believe the future of mobility must be accessible, intelligent and customer centric. The introduction of Battery-as-a-Service for the Hyundai Creta Electric is a transformational step towards democratising electric mobility in India. By significantly reducing the initial acquisition cost and offering flexible battery rental plans, we are enabling more customers to confidently transition to EVs while enjoying Hyundai’s trusted technology, safety and innovation.”

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Bengaluru-headquartered electric vehicle company Ather Energy has introduced the 450X Overtones Series, featuring a tone-on-tone treatment across three colourways: Still White, Space Grey and Lunar Grey.

Over the years, the company’s e-scooter lineup has received multiple hardware and software updates, including features such as AutoHold, Magic Twist and Multi Mode Traction Control. Ather has also implemented Infinite Cruise, which facilitates speed management across varied terrains.

Ather Energy’s recent rollout of Atherstack 7 includes new safety features such as CrashAlert that detects accidents and notifies emergency contacts. ParkSafe for providing warnings regarding parking zones and LockSafe, which enables motor immobilisation via the app.

Additionally, the company is introducing a 900W charger, which decreases 450 charging times by 30 percent.

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Bengaluru-based electric vehicle maker Ola Electric has announced that it registered 16,144 electric two-wheelers in June 2026, as compared to 20,697 units for the same period last year.

For Q1 FY2027, the retail sales came to 43,719 units, as compared to 22,252 units sold in Q4 FY2026.

“Q1 FY27 marks a significant milestone in our growth journey, with registrations doubling sequentially and June registering 16,144 vehicles - our strongest monthly performance in recent quarters. The sustained momentum reflects the success of our operational improvements, strong product portfolio and continued customer preference for Ola Electric. We remain focused on accelerating EV adoption through technology leadership, manufacturing scale and delivering a differentiated ownership experience," the company said in a statement.

Ola Electric attributes its performance to improvements in retail execution and product availability.

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