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!

Pune-headquartered electric commercial vehicle manufacturer EKA Mobility has announced that Dr. Hussein Ali Mwinyi, President of Zanzibar, recently flagged off 15 EKA Mobility electric buses in Zanzibar. The commercial operations for the e-buses is scheduled to begin on 1 August 2026.

The deployment forms part of an initial order of 35 e-buses, with the fleet expected to expand to 150 units by the end of the year.

EKA Mobility is collaborating with Global Rapid Transport and the Zanzibar Social Security Fund to train local personnel in vehicle operations, maintenance and safety systems.

Vijay Yelne, President – Export Marketing & SCM, EKA Mobility, said, "The launch of Zanzibar's first electric bus fleet is a strong validation of EKA's technology and our ability to deliver world-class electric mobility solutions beyond India. It demonstrates that products designed and manufactured in India can successfully meet the evolving mobility needs of international markets. This is another step in taking Indian engineering to the world, and we see Africa as a key growth market in EKA's global expansion journey."

Comments (0)

ADD COMMENT

Link Copied!

Kia India has launched the Syros EV, it’s first mass-market electric vehicle offering at prices starting INR 1.34 million (ex-showroom) for the 42 kW variant and INR 1.69 million (ex-showroom) for the 51.4 kW Extended Range variant. The EV goes on sale at dealerships nationwide starting 30 July 2026.

The Syros EV is offered with two battery options: a 51.4 kWh battery delivering an ARAI-certified range of 526 km and a 42 kWh battery offering 443 km of range. It features DC fast charging from 10 to 80 percent in a claimed 39 minutes.

Ownership programmes include an Assured Buyback programme offering up to 80 percent resale value after three years, a Battery-as-a-Service programme starting at INR 799,000 with battery EMIs starting at INR 3.3 per kilometre and a lifetime high-voltage battery warranty of 15 years with unlimited kilometres.

Gwanggu Lee, Managing Director and CEO, Kia India, said, "At Kia, every product begins with one question, how can we create greater value for our customers? The Syros EV answers that by making electric mobility more accessible, without compromise. Beyond an attractive price point, we've built one of the industry's most confident ownership propositions with an Assured Buyback programme offering up to 80 percent resale-value, the best in India today, alongside BaaS enabling one of the most accessible entry points into EV ownership; and a Lifetime Battery Warranty delivering long-term battery confidence, addressing the key concerns that continue to influence EV adoption. Combined with segment-leading range of 526 km and 171 PS performance, advanced technology and Kia's growing EV ecosystem, the Syros EV represents our commitment to accelerating India's transition towards sustainable mobility while keeping customer needs at the heart of every decision."

Comments (0)

ADD COMMENT

Link Copied!

GreenLine Mobility Solutions Ltd., an Essar venture and the sole Indian operator of LNG and electric-powered heavy commercial trucks for green logistics, has entered into a partnership with Dabur India Ltd., a major FMCG player. The agreement focuses on integrating LNG-powered trucks into Dabur’s logistics network to advance supply chain sustainability.

GreenLine will supply its LNG fleet to handle long-haul freight for Dabur, aiming to cut emissions significantly without compromising on performance or dependability. This move aligns with Dabur’s internal goals for a lower-carbon operational framework and reflects a wider corporate trend in India toward embracing cleaner transport alternatives.

Currently, GreenLine manages over 1,000 LNG and electric vehicles on key freight routes, serving diverse sectors such as steel, cement, mining, FMCG and chemicals. The fleet has surpassed 100 million kilometres in cumulative travel, resulting in more than 27,000 tonnes of CO₂ reductions for its clients, reinforcing the company’s role in reshaping India’s road freight landscape.

Charles Devlin D’Costa, Vice President – Sales, GreenLine Mobility Solutions Ltd, said, "We are pleased to partner with Dabur India, one of India's most respected consumer goods companies, as it adopts greener road transportation solutions. It is encouraging to see more leading Indian companies making low-emission logistics an integral part of their business strategy. Every such partnership strengthens the momentum towards cleaner freight mobility, bringing us a step closer to transforming India's road logistics ecosystem. At GreenLine, we remain committed to enabling businesses across sectors to accelerate the transition to lower-emission transportation."

Samrat Sehgal, Global Director of Supply Chain, Dabur India, said, "Reducing the environmental footprint of our supply chain is an important part of Dabur India's sustainability roadmap. Our partnership with GreenLine enables us to integrate lower-emission transportation into our logistics operations while maintaining efficiency and reliability. We believe collaborations like these will play a key role in building a more sustainable and future-ready supply chain."

Comments (0)

ADD COMMENT

Link Copied!

Euler Motors has announced a collaboration with Green Drive Mobility to deploy four-wheeler electric cargo vehicles across mid-mile and last-mile operations. The partnership has deployed approximately 50 units, with plans to reach 500 units during the financial year across Delhi, Bengaluru, Mumbai, Chennai and Hyderabad.

The deployment features Euler’s Storm LR and TURBO EV 1000 models, targeting a total of 1,000 electric cargo vehicles by 2028.

Vani Rikhy Mehra, VP – Sales, Euler Motors, said, “Our collaboration with Green Drive Mobility marks an important step in expanding the role of electric commercial vehicles in India’s logistics ecosystem. Green Drive Mobility is one of the country’s most respected multi-stack EV fleet operators, and we are pleased to support their growth journey with Euler’s purpose-built electric cargo vehicles. Their disciplined approach to fleet expansion and their diverse enterprise customer base align closely with Euler’s commitment to building products and a service ecosystem that enable fleet operators to transition to electric with confidence – improving uptime, lowering operating costs, and reducing emissions at scale.”

Sagar Subramani, COO, Green Drive Mobility, added, “Our collaboration with Euler Motors reinforces our strategy of building a reliable, scalable, and technology-led electric logistics platform powered by the best vehicles from leading OEMs. Euler’s products bring strong payload performance and proven reliability, and their API-led approach fits seamlessly into our operations. As demand for sustainable logistics continues to grow across sectors, this collaboration will help us deliver consistent uptime and operational efficiency to our enterprise customers, while accelerating the shift to zero-emission mobility across India.”

Comments (0)

ADD COMMENT

Link Copied!