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!

Tesla held its first-ever public pop-up showcase in India at Ambience Mall in Gurugram, attracting thousands of visitors interested in the automaker’s electric vehicles and sustainability credentials.

Ambience Mall, which has become a platform for premium and international consumer brands, was selected for its modern infrastructure, high footfall and affluent customer base, according to the venue. Visitors were given a close look at the Tesla Model Y, marking the company’s initial public display in the city.

The mall authorties said the event reinforces its position as a preferred launch venue for global names entering or expanding in India with a history of hosting world-class brand showcases and firsts.

Hosting Tesla’s first-ever pop-up in India reaffirms our position as the preferred venue for premium international brands,” said Arjun Gehlot, Director of Ambience Malls. “Our space celebrates technology, design and sustainability, reflecting the aspirations of today’s consumers.”

Ambience Mall authorties said the showcase represents another milestone as it focuses on experiences at the intersection of retail, technology and lifestyle, catering to a growing Indian audience seeking innovative mobility solutions.

Comments (0)

ADD COMMENT

Link Copied!

Bengaluru-based electric vehicle maker Ola Electric has announced the commencement of deliveries for the S1 Pro+ (5.2kWh) powered by the company's 4680 Bharat Cell battery pack.

With this, the S1 Pro+ becomes the company’s first product to use its indigenously manufactured 4680 Bharat Cell. With its own battery packs in the vehicles, Ola Electric is now India's first company to fully own the battery pack and cell manufacturing process in-house.

The company recently secured ARAI certification under the latest AIS-156 Amendment 4 standards from the Ministry of Road Transport and Highways for its 4680 Bharat Cell battery packs in the 5.2 kWh configuration.

The S1 Pro+ (5.2kWh) is powered by a 13 kW motor and offers acceleration of 0-40 kmph in 2.1 seconds. It comes with a range of 320km (IDC with DIY mode). The S1 Pro+ has four riding modes: Hyper, Sports, Normal & Eco and includes dual ABS and disk brakes in the front and rear.

“With deliveries of 4680 Bharat Cell powered vehicles underway, we are taking a giant leap towards achieving true energy independence. This milestone is not just about the 4680 Bharat Cell, it’s about India owning the future of energy and mobility. Our in-house cell technology enables us to build products with greater range, performance, and safety - all designed and made right here in India. The 4680 Bharat Cell is a symbol of India’s capability to lead the world in EV innovation, and this is just the beginning,” an Ola Electric spokesperson stated.

Ola Electric offers a portfolio of S1 scooters and Roadster X motorcycles, including the S1 Pro+ in 5.2kWh and 4kWh configurations and the S1 Pro in 4kWh and 3kWh configurations. Mass market offerings include Gen 3 S1 X+ (4kWh) and Gen 3 S1 X (2kWh, 3kWh, and 4kWh). The company also offers the S1 Pro Sport and the Roadster X motorcycle portfolio.              

Comments (0)

ADD COMMENT

Link Copied!

Mahindra Last Mile Mobility (MLMML), the commercial EV manufacturing business of Mahindra Group, has announced it has sold over 300,000 electric vehicles to date. This milestone positions MLMML as the first OEM in India to achieve this sales volume in the commercial EV space. The company's growth momentum has accelerated, with the last 100,000 EV sales achieved in just 12 months.

The EVs sold by Mahindra Last Mile Mobility have collectively covered more than 5 billion kilometres, offsetting the release of over 185 kilo metric tonne of CO2 emissions.

At present, the company’s EV portfolio includes the Treo range, Zor Grand, e-Alfa three-wheelers and the Mahindra ZEO four-wheeler.

The company has introduced new and upgraded products in the last couple of years, such as the Treo Plus sheet metal, e-Alfa Plus, Zor Grand Range Plus and Mahindra ZEO.

Furthermore, the EV maker is also introducing a refreshed NEMO platform on iOS, Android and Web to mark the 300,000 EV sales milestone landmark. This platform enables drivers and fleet managers to manage and monitor their vehicles remotely. Features include multi-vehicle management, geo-tracking, service booking, roadside assistance (RSA) and charging network locations.

At the 200,000 EV sales milestone, MLMML introduced its UDAY NXT programme, which offers benefits such as a INR 2 million driver accidental insurance cover and financial counselling.

Suman Mishra, Managing Director and CEO, Mahindra Last Mile Mobility, said, "Achieving the 300,000 EV milestone marks a proud moment in our journey towards sustainable mobility. It's a reflection of the trust and confidence customers place on our EVs. At Mahindra Last Mile Mobility, we are not just manufacturing EVs we are enabling livelihoods and shaping a cleaner future. Through innovation-driven products, we continue to strengthen our commitment to making electric mobility practical and accessible to everyone."

Comments (0)

ADD COMMENT

Link Copied!

Bengaluru-based electric vehicle manufacturer Simple Energy has announced that it has surpassed its FY2025 revenue by over 125 percent as of October 2025.

The growth was driven by its sales and expanding national presence. Last month, the company reported 1,050 unit sales, marking its highest monthly sales yet.

To meet customer demand, Simple Energy has increased production by 40 percent at its manufacturing facility in Hosur, Tamil Nadu.

The company is executing an all-India expansion plan, aiming to establish 150 retail stores and service centres by March 2026. Supporting this growth, the marketing team has been expanded to over 40 professionals.

The company's two-wheelers, the Simple ONE Gen 1.5 and the Simple OneS, were launched in January 2025. Both scooters offer IDC ranges of 248 km and 181 km, respectively and have gained traction due to customer feedback on performance, range and design.

Simple Energy has a retail presence with 61 outlets in major cities and plans to enter new markets such as Delhi, Bhopal and Patna in the coming months.

In September 2025, the EV maker claimed it became the country’s first original equipment manufacturer (OEM) to commercially manufacture heavy rare-earth-free motors. The new motor line delivers performance and torque while eliminating dependence on heavy rare-earth elements.

Suhas Rajkumar, Founder and CEO, Simple Energy, said, “Surpassing last year’s revenue by over 125 percent in just seven months and crossing the 1,000-unit sales mark reflects the strong trust customers have placed in Simple Energy. Every milestone – from scaling production and expanding our team to broadening our store and service centre footprint – is part of a deliberate plan to strengthen the company and serve our customers better. As we move toward 150 stores and service centres by March 2026, we remain focused on driving growth through innovation, accessibility and trust.”

Also read: Simple Energy Eyes INR 8 Billion Revenue For FY2026, Targets $350 Million IPO By FY2027

Comments (0)

ADD COMMENT

Link Copied!