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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European commercial vehicle manufacturer DAF has started production of the XG Electric and XG+ Electric trucks.

The e-truck, built in Eindhoven, use powertrain technology and cab designs. The first vehicle, an XG+ tractor with an output of 350 kW, will be delivered to Hellmold & Plank, a logistics provider based in Germany.

DAF's range of electric vehicles extends from the 12-tonne XB Electric for distribution to the XG and XG+ Electric for haulage. These models share technology with the XD and XF Electric trucks, which were named ‘International Truck of the Year 2026’.

Hellmold & Plank has operated for 122 years and is based in Gieben. The company employs DAF electric models for shuttle transport and drugstore supply. The firm also utilises PACCAR charging equipment for its fleet operations.

The XG and XG+ Electric are intended for distance transport. Cabs provide a volume of 12.5 cubic metre for work and sleep. The vehicles use the PACCAR EX-D2 powertrain, which produces between 270 and 350 kW and torque of 2,400 Nm. It is powered by lithium-iron-phosphate (LFP) battery packs fitted to the chassis. The e-trucks have a claimed range of 500 kilometres depending on the application.

Harald Seidel, President, DAF Trucks, said, “The start of production of the XG Electric and XG+ Electric, underlines our commitment to offering zero-emission solutions across a broad range of applications. Customers such as Hellmold & Plank demonstrate that our electric trucks are delivering strong efficiency and sustainable performances in everyday logistics operations.”

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Chennai-headquartered two-wheeler and three-wheeler major TVS Motor Company (TVSM) has announced the launch of the TVS iQube S 4.7 kWh at INR 137,142 (ex-showroom Delhi).

The e-scooter is equipped with a 4.7 kWh battery that offers a claimed range of 175 km (IDC-certified). The variant introduces new colour options, including Magnificence Purple Beige, Harlequin Blue Beige and Titanium Grey Matte.

The TVS iQube is one of the most popular e-scooters sold in India. The e-scooters are currently available in more than 1,000 cities and 3,300 dealerships across India.

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Yulu has launched its franchisee-led service in Bhopal, Madhya Pradesh, marking its ninth partner-led rollout under the Yulu Business Partner (YBP) initiative.

The service is operated by Tezz Mobility, led by entrepreneurs Dharamveer Singh Bhadoriya and Siddharth Jain, and expands Yulu’s presence into Central India.

The partnership aims to address the growing demand for last-mile delivery services in Bhopal, which is currently served primarily by petrol vehicles. The ecosystem includes a city-wide network of Yulu Zones, a central operations and service hub and a battery-swapping grid provided by Yuma Energy.

In the first phase, operations are focused on high-density delivery zones such as Shahpura, with plans to expand to Hoshangabad Road, New Market, TT Nagar, Kolar Road and Habibganj.

Tezz Mobility intends to scale its fleet to over 1,000 electric vehicles (EVs) within the next two to three years, covering Bhopal and other high-potential regions in north and west India.

The launch is designed to overcome local barriers to EV adoption, such as limited rental options and a lack of dedicated charging infrastructure. By providing purpose-built delivery EVs and a pay-per-use model, the service allows delivery partners to access sustainable mobility without the need for personal vehicle ownership or fuel reimbursements. The long-term objective of the initiative is to transition 100 percent of Bhopal's delivery traffic to EV-powered mobility.

Amit Gupta, Co-Founder & CEO, Yulu, said, “Bhopal represents a strong market opportunity characterised by rising delivery demand and a thriving gig economy. With 45+ dark stores and thriving food delivery activity, the Bhopal market has room for ~8,000 delivery riders. Through our partnership with Tezz Mobility, Yulu is delighted to build a scalable, tech-driven logistics backbone to cater to this demand. Yulu’s proven mobility stack and segment expertise, coupled with Dharamveer and Siddharth’s operational prowess, will accelerate Bhopal’s transition toward a more efficient, sustainable and future-ready mobility ecosystem.”  

Dharamveer Singh Bhadoriya, Co-Promoter, Tezz Mobility, added, “Our previous experience as a supplier to leading quick commerce brands has given us a first-hand understanding of the operational challenges delivery ecosystems face every day. With Yulu’s platform, we are bringing a proven, end-to-end solution that allows Bhopal’s delivery partners to access reliable, affordable and sustainable mobility while helping aggregators to meet their EV commitments from day one.”

Siddharth Jain, Co-Promoter, Tezz Mobility, added, “Yulu’s full-stack platform, brand trust and aggregator relationships have enabled Tezz Mobility to reduce our build time from 1.5 years to mere weeks. The Tezz team is excited to transform Bhopal’s mobility landscape. The longer arc is to turn Bhopal into a reference model for every subsequent city.” 

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Indofast Energy, the joint venture between Indian Oil Corporation and Sun Mobility, has announced a record performance for FY2026, surpassing several key infrastructure and partnership milestones.

The battery-swapping provider has established a network of over 1,600 stations across 23 cities and supports more than 90,000 vehicles.

The company’s growth has been supported by large-scale infrastructure projects and a focus on clean mobility. The network has facilitated more than 1.6 billion kilometres of clean travel and saved 80,000 tonnes of CO2 emissions. It surpassed 1,600 battery swap stations across a mix of metro, Tier II and Tier III markets.

Indofast Energy expanded its ecosystem through collaborations with manufacturers and urban mobility hubs. The company has forged partnerships with 32 OEMs, including Motovolt Mobility, e-Sprinto and Quantum Energy. It also fostered new infrastructure partnerships, including the Mumbai Metro Rail Corporation (MMRCL), Indian Railways and Nexus Select Malls. With use cases now spanning personal mobility, e-commerce, food delivery and last-mile logistics.

Following the momentum of FY2026, Indofast Energy aims to deploy 3,500 stations by FY2027. The company plans to support 232,000 electric vehicles within the same period.

Anant Badjatya, CEO, Indofast Energy, said, "FY26 has been a defining year for Indofast Energy as we strengthened our position as India’s safest and most trusted battery-swapping network. From scaling our station footprint and onboarding thousands of vehicles, to forging strategic partnerships across OEMs, fleets and infrastructure players, every milestone reflects our commitment to powering everyday India".

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