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.”

Comments (0)

ADD COMMENT

Link Copied!

Delhi-NCR-based electric vehicle company Omega Seiki Mobility (OSM) has introduced its RAGE+ Tipper electric three-wheeler with Hydraulics at Municipalika 2026, priced at INR 450,000 (ex-showroom).

The EV is designed for use by municipal corporations, urban local bodies and government sanitation departments. It is part of the Business-to-Government (B2G) segment, aimed at supporting waste management in high-density urban zones.

OSM has already supplied over 200 electric garbage tippers across India and maintains an order book of 500 vehicles. The company plans to deploy 1,000 tippers in the 2026–27 financial year.

The RAGE+ Tipper is engineered for the operational cycles required by civic authorities. It features an all-metal body and a hydraulic tipping mechanism to facilitate waste unloading. The e-three-wheeler has a claimed range of 250 km on a single charge. It features 15 kWh battery pack, 500 kg load-carrying capacity, IP67-rated charger for weather resistance and comes with 5 years or 200,000 kilometres warranty.

The transition to electric fleets for waste collection is supported by national sustainability targets, such as the Swachh Bharat Abhiyan. These vehicles are intended to lower operating costs and reduce noise and carbon emissions in city environments compared to internal combustion engine alternatives.

Vivek Dhawan, Chief Strategy Officer, Omega Seiki, said, “Municipal mobility is at the heart of India’s sustainability journey. The RAGE+ Tipper reflects our commitment to building robust, zero-emission solutions tailored specifically for urban sanitation needs. With the longest range in its category and an industry-leading warranty, we are enabling municipalities to adopt electric mobility with confidence and long-term economic viability.”

Ashhar Idris, VP – Sales, Omega Seiki, added, “Our focus has been to engineer a product that delivers operational reliability and superior value for government partners. The RAGE+ Tipper not only reduces fuel and maintenance costs but also ensures uninterrupted daily operations with its large battery pack and durable metal body. Municipalika 2026 provides the perfect platform to demonstrate how OSM is driving practical and scalable electric solutions for cities.”

Comments (0)

ADD COMMENT

Link Copied!

Zaggle Prepaid Ocean Services has launched a closed-loop CNG fleet card programme in partnership with Adani Total Gas (ATGL). The technology platform was introduced during a CNG drive in Ahmedabad, organised by ATGL and Hyundai Motor India to promote fuel adoption and mobility.

The programme utilises a SaaS and payment infrastructure to manage transactions across the CNG ecosystem. As part of the launch, ATGL presented the Zaggle CNG Benefit Card to Hyundai India and new car owners, providing refuelling benefits of up to INR 15,000 over one year.

The solution integrates real-time vehicle validation via the Parivahan database and uses Optical Character Recognition (OCR) to authenticate vehicle and transaction details. The platform supports split-payment functionality, allowing for the utilisation of incentives during fuel purchases.

Key features of the platform include:

• Fleet Management: Virtual accounts for funding and real-time limit management for operators.
• Payment Hardware: Android mPOS deployment and Tap & Pay prepaid cards at ATGL outlets.
• Analytics: Dashboards for administrators and fleet owners providing real-time data.
• Onboarding: Automated systems for OEMs and retrofitters to add vehicles to the fleet network.

The closed-loop framework ensures that incentives are redeemed strictly within the ATGL ecosystem, intended to drive recurring spend and improve governance.

Dr Raj P. Narayanam, Founder & Executive Chairman, Zaggle, said, “Our collaboration with ATGL reflects Zaggle’s evolution into a technology-led ecosystem enabler. By integrating compliance architecture, real-time validation and structured incentive management within a closed-loop framework, we are not only digitizing fuel payments but also building a scalable platform that supports India’s transition toward cleaner and more efficient mobility. At Zaggle, we remain committed to empowering customers with smart financial solutions that complement sustainable lifestyle choices.”

Comments (0)

ADD COMMENT

Link Copied!

The Renault 5 E-Tech electric has been named the overall UK Car of the Year 2026, securing the top honour from the UK Car of the Year Awards. This accolade follows its earlier win in the Small Car of the Year category. The decision was made by an independent jury of more than 30 leading UK-based automotive journalists, who selected the model as the definitive winner after final voting against other category champions.

Celebrated for its standout design and real-world appeal, the Renault 5 E-Tech electric impressed judges with its successful fusion of retro-inspired aesthetics and modern practicality. The vehicle offers an engaging driving experience paired with efficient everyday usability, qualities that have broad resonance with both private buyers and fleet operators. The award underscores the car’s status as a landmark electric vehicle in the UK market, arriving at a time when accessible and desirable EVs are increasingly in demand.

The Renault 5 E-Tech electric revitalises a cherished nameplate by integrating contemporary technology into a compact, user-friendly package. It features the OpenR Link infotainment system with built-in Google services, a chassis engineered for a balance of agility and comfort and convenient charging options. Depending on the specification, it delivers up to 252 miles (approximately 405 km) of WLTP-rated range and can complete a 15 to 80 percent charge in roughly half an hour.

This year’s UK Car of the Year Awards are supported by Start Rescue, a breakdown assistance provider recognised for its service reliability, having recently earned its seventh consecutive Which? Recommended Provider rating. The Renault 5 E-Tech is currently available with the full GBP 3,750 (USD 5,070) Electric Car Grant, with an on-the-road starting price of GBP 21,495 (USD 29,062).

John Challen, Co-Chairman of the UK Car of the Year Awards and Editor of UK Driver magazine, said, “With its retro styling, the new Renault 5 tugs at the heart strings of those drivers who experienced the original. By adding an immensely fun and entertaining drive, desirability and affordability to that nostalgic element, the French favourite pulled off a resounding victory to be crowned UK Car of the Year 2026.”

Adam Wood, Managing Director, Renault UK, said, “With so many experienced automotive journalists voting for R5 as the UK Car of the Year, the award is something we’re very proud of. It has really hit the spot with retail and fleet customers, and with 2026 being the first full year of sales, plus it being one of the very few EVs to qualify for the full £3,750 Electric Car Grant, R5 is well on its way to being a very common sight on our roads.”

Comments (0)

ADD COMMENT

Link Copied!

Dacia is expanding its lineup with the introduction of a new hybrid 150 4x4 powertrain for the Duster and Bigster models, scheduled for release later this year. This development reinforces the brand’s commitment to producing robust and capable SUVs that integrate practicality with everyday usability. The new system is tailored for those who value spontaneity and versatility, offering the flexibility to navigate daily routines as easily as weekend adventures off the usual paths.

By combining electrified efficiency with all-wheel drive capability, the hybrid 150 4x4 enhances the adaptability of both vehicles. It is engineered to perform across a variety of settings, from urban commuting and school pickups to more demanding environments like unpaved tracks and wintry roads. The setup includes a 48V mild hybrid system that supports electric driving, with a combustion engine producing 150 hp and 230 Nm of torque, supplemented by an electric motor contributing an additional 87 Nm.

A six-speed dual-clutch automatic transmission manages power delivery, with paddle shifters allowing drivers to take manual control when conditions require it. This feature adds a layer of responsiveness for those navigating difficult terrain, towing or simply seeking a more engaged driving experience. The integration of these elements underscores Dacia’s focus on dependable, adventure-ready vehicles.

Further information regarding UK specifications and market availability will be released in the coming months, leading up to the official launch.

Comments (0)

ADD COMMENT

Link Copied!