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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Chennai-headquartered two-wheeler and three-wheeler major TVS Motor Company, part of the TVS VENU group, has launched the TVS iQube electric scooter in Kenya, marking the company's entry into the African electric vehicle market.

The e-scooter is equipped with an electric motor delivering a peak output of 4.6 kW, achieving acceleration from zero to 40 kmph in 4.2 seconds.

Peyman Kargar, President – International Business, TVS Motor Company, said, "The TVS iQube in Kenya marks our entry into the African EV market and reflects our continued focus on expanding innovative electric solutions across international markets. It’s a key milestone in our growth journey.”

The entry into East Africa comes as two-wheeler adoption expands across the continent. According to company figures, global sales of the TVS iQube series have exceeded one million units.

Vijay Gidoomal, Chief Executive Officer of distribution partner Car & General, added, “While the overall African two-wheeler market is growing at 7-10 percent CAGR through 2030, the electric two-wheeler market is growing much faster, with forecasts ranging from 15-25 percent CAGR through 2030-31. EV penetration’s still low relative to the size of the industry and the runway promises to be extremely long.”

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Lucid Group, Inc. has introduced the Lucid Gravity GT-S, a performance variant of its electric SUV model. The vehicle features an electric powertrain delivering 1,070 horsepower and a claimed acceleration from zero to 60 mph (96 kmph) in 3.1 seconds.

The e-SUV features a three-row seating setup for seven adults alongside cargo storage space. Standard equipment includes independent rear-wheel steering and an adaptive three-chamber air suspension designed to alter vehicle height at higher speeds. It will be presented at the Pebble Beach Concours Village during Monterey Car Week.

Derek Jenkins, Chief Creative Officer, Lucid, said, "With Lucid Gravity GT-S, we've created a more expressive and exhilarating interpretation of the Gravity SUV. It combines extraordinary performance with the comfort, space, and versatility that define Gravity, delivering an exceptional experience for our customers that is uniquely Lucid."

The exterior of the model features blue accents and painted brake calipers. On the inside, it features blue stitching, piping and seatbelts across the seating rows, alongside embossed logos on the front headrests.

The Lucid Gravity GT-S is priced from USD 125,900, excluding taxes, registration fees, optional equipment and an USD 1,850 destination charge.

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Mumbai-headquartered Meta Materials Circular Markets (MMCM), a circular economy solutions platform, has appointed Prasad S Shetty as its new Chief Financial Officer. The appointment comes as the company expands its operations across carbon credits, Extended Producer Responsibility (EPR) frameworks and digital Measurement, Reporting & Verification (MRV) systems.

Shetty is a Chartered Accountant with over 13 years of experience in finance, strategy, taxation and governance. Prior to joining MMCM, he served as Associate Director – Finance at Freight Tiger, a logistics technology company backed by Tata Motors. His previous career history includes roles at BARC India, where he managed taxation, reporting and audits, and Allcargo Logistics, where he oversaw group-wide GST implementation. In his new role, Shetty will oversee the finance function, driving financial direction and governance structures.

Nitin Chitkara, CEO, Meta Materials Circular Markets, said, “As India's circular economy and carbon markets ecosystem enters a more active and consequential phase, it is critical that we build a leadership team equipped to match that momentum. Prasad brings deep financial and governance expertise across high-growth, complex businesses, and his experience will be invaluable as we scale our operations, strengthen our financial discipline and continue building credible, high-integrity market infrastructure. This appointment is an important step in future-proofing our leadership as we prepare for our next phase of growth.”

Prasad S Shetty added, “I am excited to join MMCM at a pivotal time for India's circular economy and carbon markets. The opportunity to build robust financial foundations for a company that sits at the intersection of sustainability and innovation is one I am truly looking forward to. I look forward to working closely with the leadership team to drive financial discipline, strengthen governance and partner across the business to support MMCM's long-term growth and value creation.”

At present, Meta Materials Circular Markets provides data platform services for the automotive sector, integrating carbon credits, EPR frameworks and digital MRV systems to support sustainable material recovery.

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BGauss has introduced the Oowah, a new electric scooter engineered for India’s emerging generation of first-time EV buyers. Marking the company’s inaugural entry into the EV Pop scooter category, the vehicle blends practical urban commuting with a distinctive, expressive design philosophy tailored to the contemporary Indian rider.

The scooter is powered by a 3.0 kWh removable Lithium Iron Phosphate battery, which facilitates convenient indoor charging for owners without dedicated home infrastructure. Achieving an ARAI-certified range of 145 kilometres, the Oowah is available in four bold colour options – Emerald Shadow, Jamun Punch, Zesty Red and Tangy Toma – and is engineered to balance reliable performance with a striking aesthetic.

Everyday usability has been prioritised through the integration of several rider-centric features. These include reverse assist for effortless parking, a distance-to-empty indicator for journey planning and a side stand sensor to enhance safety. Additional amenities such as USB charging, full LED lighting and generous under-seat storage are intended to make electric mobility more intuitive and convenient for daily use.

This launch coincides with a significant growth phase in India’s electric two-wheeler market, which recorded over 1.11-million-unit sales in early 2026 and surpassed 11 percent monthly penetration. While current offerings are largely premium or value-focused, BGauss identifies an emerging category centred on design and self-expression. The Oowah represents the brand’s strategic expansion beyond its existing commuter models, directly targeting youthful buyers and first-time owners as the market evolves towards mainstream, high-volume demand.

Hemant Kabra, Founder, BGauss, said, “The Indian two-wheeler buyer is changing faster than most product portfolios have kept pace with. Gen Z wants products that are expressive, contemporary and enjoyable to own. With Oowah, we are introducing a new category that blends bold design with trusted electric mobility. It is a scooter that reflects individuality while delivering the reliability and practicality that riders expect from BGauss.”

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