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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Vida, the electric two-wheeler brand of Hero MotoCorp, aims to disrupt the electric two-wheeler segment with the introduction of a subscription-based Battery-as-a-Service (BaaS) model. This move is expected to make electric mobility more affordable, with the fine details set to be announced on 1 July 2025.

The company shared that in addition to a flexible ‘pay-as-you-go’ ownership model, the BaaS subscription solution will significantly reduce the upfront ownership cost, making EVs more affordable and accessible to a wider customer base. Customers will be able to get separate finance options for the scooter chassis and battery, reducing significant upfront capital expenditure into manageable monthly payments.

Under the new business model, Vida customers will have greater flexibility for their monthly payments, along with access to over 3,600 fast-charging stations and more than 500 service points in over 100 cities.

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Bengaluru-based electric vehicle startup Oben Electric has raised an additional INR 500 million in May 2025 through an extended Series A funding round led by existing investors Helios Holdings, Sharda family office, Kay family and other new and existing investors.

With this, the company has raised INR 1 billion in Series A and overall INR 2 billion in funding. The funding will be used towards expanding the company’s dealership presence to over 150 showrooms in more than 50 cities this fiscal, accelerating development of its 'O100' affordable e-motorcycle platform and scaling up its manufacturing operations.

Sandesh from Sharda family office, said, “Oben Electric had the right technology, product market fit and growth indicators. They are operating in an untapped large market opportunity with multi-fold revenue growth QoQ, the feedback of the electric motorcycle was great and their vertical integration of critical EV components, including LFP battery, motor and vehicle control unit is a key differentiator. We were also impressed by the maturity of the founders which is required to build such a large & complex business and believe that they would be successful in building the first global electric motorcycle brand from India.”

At present, Oben Electric already has 37 retail outlets across 26 cities in 13 states, entering key markets like Punjab, Gujarat, Madhya Pradesh, Telangana, Uttar Pradesh, Chhattisgarh and Odisha.

Madhumita Agrawal, Founder & CEO, Oben Electric, said, “The extended Series A funding is a strong vote of confidence from our investors and comes at a time when our momentum is accelerating nationwide. We’re expanding not just our retail footprint but also our innovation roadmap with platforms like O100 that aim to democratise electric motorcycles for the mass market. Backed by full vertical integration and a resilient supply chain, this funding prepares us for a new phase of scale, impact, and growth opportunities.”

The EV start-up claims to be an R&D-led, vertically integrated company, designing and manufacturing not just e-motorcycles but also all critical components, including batteries, motors, vehicle control units and home fast chargers. It currently has over 500 member team, 100,000-units-per-year manufacturing facility in Jigani, Bengaluru, over 150 vendors. It tests its e-motorcycles over 200 performance parameters and is supported by more than 68,000 public charging stations and over 10 ecosystem partners for insurance, financing and roadside assistance.

The Oben Rorr e-motorcycle line-up starts at INR 99,999 for the Oben Rorr EZ, which can go from zero to 40 kmph in 3.3 seconds, top speed of 95 kmph and a range of up to 175 km (IDC) across three battery variant. On the other hand, the Oben Rorr, its flagship product is designed for high performance. Both EVs are powered by high performance LFP (Lithium Iron Phosphate) battery technology.

Going forward, the EV maker aims to further raise USD 30 million in Series B in CY2025 to expand its presence globally.

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Bajaj Auto, the world's leading two and three-wheeler manufacturer, today announced the launch of the Chetak 3001, an advanced iteration of its popular Chetak 2903 electric scooter at INR 99,990. Built on the same cutting-edge EV platform as the highly successful Chetak 35 Series, the new Chetak 3001 boasts floorboard-mounted 3.0 kWh batteries, promising an enhanced riding experience with improved stability, increased storage and extended range.

Designed for Real Life: Key Innovations

The Chetak 3001 introduces several significant upgrades aimed at the everyday Indian rider:

• New Floorboard Battery Architecture: This design offers superior stability, more foot room and a lower centre of gravity for a more comfortable and mature ride.
• Class-Leading 127 KM Range: Certified for extensive distances, making it ideal for daily commutes and weekend excursions.
• Massive 35L Boot Space: Ample storage for essentials, from helmets to shopping bags.
• Rapid Charging: A 750W charger enables zero to 80 percent charge in just 3 hours 50 minutes, positioning it among the fastest in its category.

The Chetak 3001 integrates optional TecPac Features for a smarter ride, including call accept/reject, music control, Guide Me Home lights, Hill Hold Assist, reverse light and auto-flashing stop lamp.

True to Bajaj's legacy, the Chetak 3001 is engineered for durability and the diverse Indian conditions:

• Solid Steel Metal Body: The only metal-bodied EV in its class, ensuring robustness.
• IP67 Rated Water Resistance: Providing protection against monsoon rains and splashes.
• Trusted Heritage: Manufactured by Bajaj Auto, backed by a legacy of quality and a vast network of over 3,800 service centres across India.

Eric Vas, President, Urbanite Business Unit, Bajaj Auto, said, "Chetak 3001 sets the benchmark for mass adoption of electric scooters. Built on the next-generation platform, it delivers the range and performance that Indian scooter riders demand – distraction-free riding with the peace of mind of assured reliability and service. The Chetak 3001 is the everyday electric scooter to make petrol scooters redundant; its bigger, stronger and fully Lifeproof at an ex-showroom price of INR 99,990."

Riding on a wave of innovation, Bajaj's Chetak series concluded Q4 FY2025 Q4 as India's top-selling electric scooter. The 35 Series, spearheaded by models like the 3501 and 3502, has already redefined the EV landscape. The Chetak 3001 is set to continue this momentum, embodying a blend of advanced technology and the brand's enduring heritage.

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Bengaluru-based electric vehicle manufacturer Ultraviolette Automotive has made a striking statement today with the European launch of its flagship performance motorcycles, the F77 Mach 2 and F77 SuperStreet, at a special event held in front of the Eiffel Tower. This move into the French market, following a successful debut in Germany, underscores Ultraviolette's ambitious drive to become a significant global player in the electric vehicle segment. With this the EV maker has established its presence in 10 European countries such as Germany, France, UK, Ireland, Austria, Italy, Switzerland, Belgium, Netherlands and Luxembourg.

The F77 Mach 2 boasts a race-bred design, promising a dynamic and aggressive ride, while the F77 SuperStreet offers a more upright posture and refined ergonomics, prioritizing rider comfort without sacrificing performance.

Narayan Subramaniam, CEO & Co-Founder, Ultraviolette, said, “The launch of the F77 in Germany, France, the UK and other European countries is a defining moment for Ultraviolette and a landmark achievement for India’s automobile landscape. This launch signifies Ultraviolette’s entry into Europe’s most influential two-wheeler markets and underlines our intent to be a global force in the electric mobility revolution. As an Indian company, we are proud to bring futuristic design and cutting-edge technology to the world. This is a moment of global recognition for the talent and capability within India’s engineering and manufacturing ecosystem. Through our strategic distributor partnerships, we are not only expanding into Europe but also delivering a world-class ownership experience that reflects the best of what India has to offer.”

Both F77 models are capable of accelerating from 0 to 60 kmph in a mere 2.8 seconds. Powered by a 10.3 kWh battery pack, they deliver a peak power output of 30 kW and a staggering 100 Nm of torque, enabling swift acceleration and agile handling with a top speed of 155 km/h. These advanced motorcycles are equipped with Ultraviolette’s proprietary artificial intelligence system, Violette A.I., and industry-leading switchable Dual-Channel ABS developed by Bosch. Further enhancing the riding experience are features like 10 levels of Regenerative Braking, 4 levels of Traction Control and Dynamic Stability Control.

Niraj Rajmohan, CTO & Co-founder of Ultraviolette, added “This isn’t just the introduction of motorcycles into new markets, it’s the global unveiling of years of relentless research, engineering, and innovation, born in India. We set out with a bold ambition to build the most advanced electric motorcycle in the world. Today, we are delivering that vision to international customers. The F77 is the result of deep in-house R&D, rigorous testing, and an unwavering commitment to pushing the boundaries of performance, innovation, safety, and design. For India, this milestone represents not just our ability to participate in the global EV transition, but to lead it with technology that competes at the highest level."

To celebrate the European launch, Ultraviolette is offering a special introductory price for all pre-bookings made up to 31 July 31 2025. The F77 Mach 2 will be available starting at EUR 8,990 (regular price: EUR 9,990), and the F77 SuperStreet will be priced from EUR 9,290 (regular price: EUR 10,390).

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