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 has introduced a new variant of its flagship electric scooter the TVS iQube with 3.1 kWh battery that comes with an IDC range of 123 km, hill hold and dual tone design with prices starting INR 103,727 (Delhi). 

Till date, the TVS iQube has gone home to over 600,000 customers and is available across 1,900 touchpoints. With the latest addition, the TVS iQube family now consists of six variants.

The new variant also gets Hill Hold assist for added safety and a refreshed UI/UX interface for a more intuitive riding experience and four attractive colours: Pearl White, Titanium Grey, and two dual-tone options—Starlight Blue with Beige and Copper Bronze with Beige.

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Vida, the electric vehicle business of Hero MotoCorp, the world’s largest two-wheeler manufacturer, has launched the VX2 electric scooter at prices starting INR 59,490 with Battery-as-a-Service (BaaS) model and INR 99,490 (ex-showroom) for outright purchase for the VX2 Go variant.

The higher VX2 Plus variant gets a 3.4 kWh battery and is priced at INR 109,990 (ex-showroom) for outright purchase and INR 64,990 for BaaS model. While the VX2 Go variant comes with a claimed range of 92km with 2.2 kWh battery. Under BaaS, the user will pay approximately INR 0.96 per kilometre of usage. Customers will also get access to over 3,600 charging points and more than 500 sales and service centres.

To provide peace of mind to customers, Vida is offering complimentary battery replacement if the performance falls below 70 percent.

In terms of tech, the VX2 gets seamless smartphone integration for real-time ride statistics, telemetry, and Firmware Over-The-Air (FOTA) updates. The VX2 Plus gets 4.3-inch TFT screen, while VX2 Go gets 4.3-inch LCD both offering turn-by-turn navigation.

The company claims that the e-scooters can be charged to 80 percent in just 60 minutes.

The e-scooters sport 12-inch wheels and 33.2-litre boot space (with removable battery) for VX2 Go variant.

With this, the company aims to make the e-scooters one of the most affordable electric vehicle offerings in the country.

Dr Pawan Munjal, Executive Chairman, Hero MotoCorp

INR 99,490 (ex-showroom price) and 59,490 with BaaS and INR 0.96 per km

Vida VX2 E-Scooter Launched At INR 99,490 And INR 59,490 With BaaS

Dr Pawan Munjal, Executive Chairman, Hero MotoCorp, said, “Vida was born from a vision far greater than building electric vehicles—we set out to spark a movement. A movement that puts people and planet first, that redefines mobility as a force for good, and that gives every individual—not just the few—the opportunity to thrive, grow, and live better. Vida means ‘life’—and that is exactly what we aim to bring: cleaner air, better choices, and smarter journeys. A name that reflects our purpose—to drive meaningful progress and create a positive impact, not just in cities, but across every corner of Bharat and the world. On the birth anniversary of our Founder Chairman, Dr. Brijmohan Lall Munjal, we renew our commitment to build a future that is smart, connected, and conscious. With the Vida VX2 Evooter, we are not simply launching a product—we are delivering an ecosystem that empowers change. This is our promise: to make sustainable mobility widely accessible, to make our products highly affordable, and to always lead with trust, responsibility, and purpose. Backed by Hero MotoCorp’s legacy, Vida will power a better tomorrow – for everyone.”

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Bengaluru-based electric vehicle maker Ather Energy has expanded its Rizta family e-scooter line-up with the introduction of the Rizta S, featuring a 3.7kWh battery pack. The new variant is priced at INR 137,047 (ex-showroom) in Delhi, INR 137,258 (ex-showroom) in Mumbai, INR 137,999 (ex-showroom) in Bangalore and INR 139,312 (ex-showroom) in Chennai.

The Rizta S with the 3.7kWh battery pack offers an IDC range of 159km. Launched in 2024, the Rizta now accounts for over 60 percent of Ather's total sales and has surpassed 100,000 units sold within one year of its release. This new variant expands the Rizta portfolio to four options.

Ravneet S. Phokela, Chief Business Officer, Ather Energy, said, "The Rizta has resonated strongly with families across the country, and the recent milestone of crossing 1 lakh Rizta scooters is a testament to the strong demand that we are seeing. As an ongoing quest to expand our portfolio addressing different consumer needs, we are excited to introduce the Rizta S with a higher range. With the new variant offering 159 km on a single charge, riders can confidently plan their day, making it ideal for commuters with high daily usage.”

The scooter maintains a 34-litre underseat storage, expandable by 22 litres with a Frunk accessory. It features a large seat and practical floorboard design. The 3.7kWh variant includes a 7-inch DeepView Display with Turn-by-Turn Navigation. Additional features for convenience and safety include AutoHold, Fall Safe, Emergency Stop Signal, Tow & Theft Alerts, Find my scooter and Alexa Skills. The scooter supports over-the-air (OTA) updates. Users can access Ather's fast-charging network, Ather Grid, which has over 3,900 charging points.

The Rizta S with the 3.7kWh battery pack is available with the 'Ather Eight70’ warranty programme, providing 8 years or 80,000 km coverage, guaranteeing a minimum of 70 percent battery health.

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Switch Automotive Mobility (Switch India), the electric vehicle business of commercial vehicle major Ashok Leyland, has announced a rejig in its top management.

The company has announced that Mahesh Babu, current CEO of Switch Automotive Mobility, has decided to step down from his position to pursue opportunities outside the Group, effective 31 August 2025.

On the other hand, Ganesh Mani, Chief Operating Officer (COO), Ashok Leyland, will take additional charge as CEO of Switch Automotive Mobility starting 1 September 2025.

The company aims to optimise operational costs by leveraging the strengths of Ashok Leyland and maintain focus on electric buses and light commercial vehicles.

Dheeraj G Hinduja, Chairman, Switch Mobility, said, “We would like to place on record our appreciation to Mahesh for his significant contributions during his tenure with us. Having achieved EBITDA breakeven in FY2025, Switch India is now poised to scale up the business and achieve positive PAT status shortly. Ganesh Mani, with his experience in operational excellence and leading large scale transformation initiatives, will take Switch India to the next phase of profitable growth.”

At present, Switch currently sells the 1.25 tonner IeV3 and 1.75 tonner IeV4 in the electric LCV segment and 12m buses in standard and low floor segments offering range up to 200 kms without a recharge. The EV maker has a strong order pipeline of over 1,500 e-buses, with target to double its top line in FY2026.

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