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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Pune-headquartered EKA Mobility and Pinnacle Industries have inaugurated six manufacturing facilities across Maharashtra and Madhya Pradesh as part of the EKA 'Avirbhava' event in Pune.

The group has invested over INR 35 billion in its manufacturing platform, alongside an R&D investment exceeding INR 6 billion. The expansion brings the group's total footprint to 11 manufacturing units across 120 acres, with an annual production capacity of over 40,000 electric commercial vehicles.

The newly opened sites include an SCV plant and a Bus & Trucks plant in Pune, the VDL Pinnacle Engineering plant, the Instor India facility for EV bus body structures and battery enclosures, a Pinnacle Seating and Interiors unit in Pune and Pinnacle's bus and rail seating plant in Pithampur. EKA Mobility reported a YoY sales growth of 1,243 percent in H1 FY27 and holds an order book of over 11,000 buses valued at USD 1.7 billion.

The company operates as a Champion OEM under the Indian Government's Automotive PLI Scheme, backed by 300 intellectual properties and a workforce of 6,000 employees, including 1,000 R&D engineers. Operations are supported by telemetry software EKA Connect, which tracks 1,500 vehicle parameters every half-second while retaining data within domestic servers. Internationally, the firm has deployed electric buses in Zanzibar and small commercial vehicles in Nepal, with assembly plants being established in South Africa and Australia.

Sudhir Mehta, Founder & Chairman, EKA Mobility and Group Companies, said, "EKA Avirbhava marks a defining milestone in our journey of building a future-ready, globally competitive manufacturing ecosystem rooted in India. The inauguration of six manufacturing facilities across our group reflects our unwavering commitment to innovation, indigenous engineering, sustainable mobility, and manufacturing excellence. These facilities are more than infrastructure; they represent our vision of creating world-class capabilities, generating meaningful employment, nurturing talent, and contributing to India’s emergence as a global manufacturing powerhouse. As we take this significant step forward, we remain focused on delivering transformative mobility solutions that create lasting value for our customers, our nation, and future generations."

"We have always believed that commercial EVs are about more than vehicles. The diversity of our product portfolio is not an accident. It is a conscious idea, because to make a real difference, we must impact every Indian and every traveller. That means looking at mobility holistically: goods and passengers, from the first mile to the last mile. Public transport is the backbone of India. Until we make it accessible and affordable for all, we will not have achieved our vision, and no amount of technology matters if it does not reach the people who depend on it every day. Our products, their performance and their profitability are an example of how sustainability can be profitable for all: for the operator, for the passenger and for the country. That is why we have built all this, the plants, the engineering and the technology, in India, for India," added Mehta.

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Montra Electric has partnered with Chennai-based logistics platform VFRYT, supplying 50 electric commercial vehicles to support the launch of VFRYT's on-demand commercial vehicle booking service.

The agreement integrates Montra Electric's Super Cargo eCX d+ vehicles into VFRYT's logistics platform, which connects fleet operators and owner-drivers with businesses requiring intra-city freight transportation.

VFRYT's platform uses GPS, SIM-based and FASTag tracking, alongside artificial intelligence-enabled monitoring to provide real-time shipment visibility. The initial VFRYT fleet comprises approximately 185 electric vehicles alongside diesel and CNG options, with Montra Electric's units deployed across its channel mobility partner network in Chennai prior to planned expansion into other Indian regions.

The Montra Electric Super Cargo eCX d+ features a 13.8 kWh battery delivering a range exceeding 150 kilometres per charge, a cargo capacity of 170 cubic feet and telemetry integration via the One Montra App. The vehicle includes a five-year battery warranty and a chassis designed for commercial freight operations.

Jalaj Gupta, Managing Director, Montra Electric, said, "For electric commercial mobility to scale, the business case must be as compelling as the technology itself. The real opportunity lies in integrating electric vehicles into the everyday flow of commerce and ensuring they create tangible value for the businesses that depend on them. By connecting our vehicles with an on-demand platform like VFRYT, we are expanding opportunities for their deployment while bringing electric mobility closer to the daily realities of Indian logistics."

Pradeep Murali, Founder & CEO, VFRYT, said, "Our vision at VFRYT is to make commercial transportation more accessible, transparent and efficient through technology. This collaboration with Montra Electric is an important step towards bringing sustainable mobility into the everyday logistics ecosystem. We aim to give businesses greater access to efficient transportation solutions through our on-demand platform, while accelerating the adoption of electric mobility and supporting cleaner urban logistics. We believe that the convergence of technology and electric mobility will play a key role in shaping the future of goods transportation in India."

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Yulu, a micro-mobility solution provider, has launched its electric mobility-as-a-service platform in Nashik through its Yulu Business Partner franchise model, collaborating with Approach Auto Mobility led by entrepreneur Jai Dhanani.

The expansion marks Yulu's second market in Maharashtra following Mumbai and its ninth franchise-led launch across non-metro locations, extending its overall presence to 13 cities. Operations will commence with a fleet of 100 DeX electric two-wheelers operating from a hub in Rajiv Nagar, with plans to scale coverage across the city and surrounding areas.

The platform aims to serve Nashik's delivery sector, which records approximately 25,000 daily orders across 25 dark stores and 1,500 food service outlets. The service includes battery swapping supported by Yuma Energy, maintenance, and insurance, offering commercial users a cost-per-kilometre lower than petrol vehicles.

Amit Gupta, Co-Founder & CEO, Yulu, said, "India’s next phase of e-mobility adoption will be shaped by non-metro cities where changing consumer expectations and the expansion of quick commerce are reshaping urban logistics. The depth of demand for sustainable, reliable, and accessible solutions from both consumers and delivery partners in Nashik makes it the perfect time for a hyperlocal goods mobility platform like Yulu to launch its service in the city. Through our partnership with Approach Auto Mobility, Yulu aims to create an EV-powered delivery model that adapts to Nashik’s evolving needs."

Jai Dhanani, Founder, Approach Auto Mobility, said, "As an existing battery swapping franchise partner of Yuma Energy, we were already familiar with the Yulu Group’s purpose-built system and technology-driven approach to mobility. The latest partnership gets us closer to our aim of making EV-powered deliveries the default in Nashik — a goal we will achieve by offering delivery partners a lower cost per kilometre and near-zero downtime network, even as we simultaneously help brands unlock a dependable and low-emission fleet that grows with them as a partner."

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Blue Energy Motors has expanded its green freight footprint through two commercial initiatives, deploying LNG-powered heavy-duty trucks with M R Shah Group and opening a battery-swap station for electric heavy-duty trucks in Bhiwandi in partnership with Hindustan Petroleum Corporation (HPCL).

M R Shah Group has integrated double-tank LNG heavy-duty trucks from Blue Energy Motors into its long-haul operations to transport non-hazardous chemicals from Kutch to destinations in North India. The double-tank vehicles provide an operating range of up to 2,400 kilometres on a single fill, reducing refuelling stops and lowering greenhouse gas emissions by up to 30 percent compared to diesel trucks.

Concurrently, Blue Energy Motors and HPCL have operationalised a heavy-duty truck battery-swap facility at an HPCL retail outlet in Bhiwandi, extending the company’s Mumbai–Pune Electric Freight Corridor. The station performs automated battery swapping for heavy commercial vehicles in under five minutes to reduce charging downtime. The facility also incorporates public charging infrastructure for electric two-wheelers, four-wheelers, and commercial vehicles. Across its electric and LNG platforms, Blue Energy Motors operates over 1,400 trucks in India, covering 150 million kilometres and reducing carbon dioxide emissions by over 44,000 tonnes.

Archit Agrawal, Director, M. R. Shah Group, said, "In our business, keeping goods moving efficiently across long distances is essential. Blue Energy Motors LNG double-tank trucks offer the range required for our operations from Kutch to North India, while supporting reliable transportation and better fleet utilisation. Adopting this technology is a practical step towards improving operational efficiency while progressively moving towards cleaner freight transportation."

Anand Mimani, CEO – EV & New Energy Business, Blue Energy Motors, said, "We value M. R. Shah Group’s confidence in our LNG-powered heavy-duty trucks and its commitment to exploring cleaner solutions for long-haul transportation. The adoption reflects a forward-looking approach to freight operations, where operational efficiency and environmental responsibility go hand in hand. At Blue Energy Motors, we remain committed to supporting our customers with reliable, high-performance solutions that contribute to lower-emission freight movement and the evolution of India’s logistics sector. Our focus at Blue Energy Motors is on making electric freight a practical and scalable reality in India. Our partnership with HPCL brings together our strengths to build the energy infrastructure needed to support this transition. Bhiwandi, with its strong freight and logistics activity, is an important market for us. This first facility is a meaningful step forward, and we look forward to expanding our network of battery-swapping and charging facilities across key markets, supporting electric trucking and serving the wider EV ecosystem."

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