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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cellcentric, the joint venture between Daimler Truck and Volvo Group, has officially launched its next-generation fuel cell system, the BZA375. Unveiled at Hannover Messe 2026, the system (previously known as NextGen) is designed as a direct competitor to modern diesel engines in terms of performance, durability and total cost of ownership (TCO).

The BZA375 represents a significant advancement over its predecessor, the BZA150, by moving from a ‘twin-system’ to a powerful single-system design. This evolution has resulted in a 40 percent increase in power density, allowing the unit to fit within engine compartments originally designed for standard 13-litre diesel engines. Despite this compact footprint, the system delivers up to 375 kW of continuous net power – equivalent to more than 500 horsepower – while weighing less than 500 kg. This lightweight construction is critical for heavy-duty operators, as it ensures payload capacities remain comparable to those of traditional diesel-powered trucks.

Efficiency and durability are central to the system's value proposition. The BZA375 achieves a 20 percent reduction in fuel consumption compared to the BZA150, enabling a fully loaded 40-tonne truck to operate on less than 6 kg of hydrogen per 100 kilometres. Engineering refinements have also led to a 40 percent reduction in waste heat (at 300 kW net power) and a 40 percent reduction in overall system complexity by minimising components and interfaces. These improvements do not come at the cost of longevity, as the system is rated for a 25,000-hour service life, matching the 10-year operational expectations of modern diesel engines in long-haul transport.

While the BZA375 is primarily optimised for heavy-duty long-haul trucks, cellcentric is pursuing a ‘one-product strategy’ to apply the system across several demanding sectors to create economies of scale:

• Coaches: Offering long-range zero-emission travel with fast refuelling.
• Stationary Power: Serving as a clean energy source for data centres and industrial sites.
• Rail: Providing an alternative for non-electrified tracks or topographically demanding routes.
• Mining: Delivering high reliability and diesel-equivalent payload capacity for 24x7 operations.

Prototype production has commenced, with units currently available to OEM customers for testing and validation. cellcentric anticipates that larger volumes of mature prototypes will be deployed for initial fleet applications ahead of series production scheduled for the turn of the decade.

Karin Radstrom, President and CEO, Daimler Truck, said, “Two key technologies will lead the way on our path to decarbonise transport: battery-electric and hydrogen. We’ve already taken important steps, and cellcentric’s new fuel cell system is the next major milestone. Building on the success of its predecessor, it represents a new level of efficiency and performance.”

Martin Lundstedt, President and CEO, Volvo Group, said, “With the launch of the BZA375, cellcentric and its partners have created the blueprint for zero-emission long-haul transportation in the heavy-duty segment. This is a game changer for logistics providers and society at large, and it takes us yet another step towards the decarbonization of the industry.”

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Youdha, an electric mobility brand specialising in the three-wheeler segment, has announced its expansion strategy to establish over 200 outlets across India within the next year.

The aim is to capture a larger share of the L5 passenger electric vehicle (EV) market, focusing on both metropolitan areas and Tier-II and Tier-III cities. The expansion follows the launch of the company’s flagship model, the EPOD.

The electric three-wheeler uses a Lithium Iron Phosphate (LFP) battery, designed for urban commuting and fleet operations with an emphasis on durability and low maintenance costs.

The retail rollout expansion will begin in North and East India, specifically targeting Delhi NCR, Uttar Pradesh, Bihar, Jharkhand and Assam, before extending into the southern and western regions.

Each new outlet will offer integrated services including sales, technical support, and financing options. To support this network, Youdha is increasing production capacity at its manufacturing facility and investing in further localisation of components. The strategy aims to address both business-to-business (B2B) fleet requirements and individual ownership.

Ayush Lohia, CEO, Youdha, said, “Our vision is to make Youdha one of the most trusted and accessible EV brands in India. Expanding to 200 outlets is not just about scale – it is about ensuring that customers have reliable access to products, service, and support wherever they are. As demand grows, building a strong on-ground ecosystem becomes critical. This is not just about selling vehicles – it’s about building a complete ecosystem that supports customers throughout their ownership journey.”

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Bengaluru-based electric vehicle company Simple Energy has opened its first Simple Store in Nagpur, marking a further expansion of its retail network in Maharashtra.

Established in partnership with Trinity Automobiles, the facility includes a 700 sqft showroom and a dedicated 1,300 sqft service centre located nearby. The dual launch of retail and service facilities is part of the company's strategy to provide immediate after-sales support to new owners.

The Nagpur outlet displays the manufacturer's full range of electric two-wheelers, including the Simple Ultra, which features an IDC range of 400 km. Also available are the Simple One Gen 2, offering a 265 km range, and the Simple OneS Gen 2, with a 190 km range. Prices in Maharashtra start at INR 164,999 for the OneS Gen 2, reaching INR 234,999 for the flagship Ultra model.

At present, Simple Energy operates approximately 70 outlets across 36 Indian cities, including Bengaluru, Delhi and Hyderabad. The company intends to continue its national expansion with upcoming locations planned for Ranchi and Bhubaneswar. The Nagpur store is equipped to handle customer test rides, accessory sales, and vehicle bookings.

Suhas Rajkumar, Founder & CEO, Simple Energy, said, “We’ve made rapid progress in Maharashtra with recent launches in Nashik and Chhatrapati Sambhaji Maharaj, among others, and our upcoming Nagpur launch is a key step in this expansion. It strengthens our presence in high-potential EV markets and brings the Simple Energy experience closer to customers. With this, we aim to accelerate the shift to electric mobility by offering long-range, dependable and truly worry-free two-wheelers - while moving closer to our goal of making high-performance EVs accessible to more riders.”

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Bengaluru-headquartered Ultraviolette Automotive has launched its second UV Space Station in South Delhi, increasing its retail and service network to 35 cities across India.

The experience centre, established in partnership with Moto Power Mobility, facilitates the sale and servicing of the X-47 Crossover and F77s electric motorcycles. This expansion follows the recent introduction of the company’s ‘Battery Flex’ (BaaS) platform and the UV Crossfade carbon-fibre helmet.

The X-47 Crossover and F77s are equipped with a powertrain delivering 40.2 hp and 100 Nm of torque, enabling acceleration from 0 to 60 kmph in 2.8 seconds. It features a 10.3 kWh battery, the motorcycles provide an IDC range of 323 km on a single charge. The X-47 Crossover also includes a 77 GHz rear radar as standard, supporting the UV HyperSense Advanced Rider Assistance System, which provides blind-spot monitoring, lane change assist and rear collision warnings.

To increase accessibility, Ultraviolette has implemented the Battery Flex ownership model. This allows customers to purchase the X-47 Crossover chassis for INR 149,000, while subscribing to the battery via a monthly fee starting at INR 2,499. The South Delhi facility is designed to manage the entire customer lifecycle, including personalised test rides, sales and technical service.

Narayan Subramaniam, CEO & Co-Founder, Ultraviolette, said, “Delhi has always been at the forefront of change, and the Government’s active push towards electrification to counter the long-term impact of pollution- highlights the city’s commitment towards a sustainable and clean future. The launch of our second experience centre here is a strong reflection of the city’s growing demand for electric vehicles, as well as our commitment to deepening our presence in key markets. We are seeing a clear shift towards customers who value technology, design and safety, and Delhi embodies this evolution. As we continue to scale across India, our focus remains on building a robust, future-ready ecosystem and delivering a seamless, world-class ownership experience.”

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