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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Kinetic Watts & Volts Ltd. (KWV) is pivoting towards overseas markets as a core pillar of its next-phase development, even as its domestic electric two-wheeler operations gain steady traction. The company has identified a diverse slate of nations for potential entry, with Turkey representing its European gateway; Nepal, Sri Lanka and Bangladesh forming the immediate neighbourhood cluster and Kenya, Nigeria and Egypt making up the African contingent. Each of these regions is being studied for its unique demand dynamics and policy readiness.

The overseas move is not an abrupt shift but a calculated progression from the brand’s current domestic momentum. Preliminary work is underway to map regulatory hurdles, gauge local consumer preferences and identify suitable channel partners who can facilitate a smooth market entry. The objective is not merely to export vehicles but to establish self-sustaining commercial operations tailored to each territory’s specific mobility needs.

Back home, the retail network is expanding at a notable clip, with 45 exclusive showrooms already operational and another 40 slated to go live within the next eight weeks. Additionally, the company has circulated 150 Letters of Intent to prospective dealers, pointing to a high level of trade interest and a strengthening belief in the brand’s long-term viability within the competitive EV space.

To drive this dual-pronged expansion, Kinetic has brought in Makarand Joshi, a seasoned professional with more than 20 years of experience introducing Indian automotive products across Asia, Europe, Middle East and Africa. His background covers two-wheelers, commercial vehicles and farm equipment, giving him a broad perspective on distribution challenges and cross-border business scaling. As the domestic network solidifies, Joshi’s expertise will be directed towards converting the assessed international opportunities into tangible operational realities.

Ajinkya Firodia, Vice Chairman & Managing Director, Kinetic Watts and Volts Ltd., said, “Kinetic Watts and Volts has always been a brand built around innovation, accessibility and a deep understanding of the evolving needs of mobility. As we enter the next phase of our electric mobility journey, international markets represent an important opportunity for Kinetic Watts & Volts. Our products are built in India for the world, with a strong focus on delivering accessible, reliable and contemporary electric mobility solutions that can cater to diverse markets. We are now focused on identifying the right markets, partnerships and opportunities to take the Kinetic EV proposition global.

“Our domestic expansion provides a strong foundation for this next phase. With 45 exclusive showrooms already operational, another 40 expected to come online in the next two months and 150 Letters of Intent issued, we are seeing encouraging interest in the Kinetic EV proposition. As we scale our presence in India, we are simultaneously building the capabilities, partnerships and market understanding required to establish Kinetic as a global electric mobility brand.”

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OHM Global Mobility, the strategic electric mobility subsidiary of Ashok Leyland and part of the Hinduja Group, has expanded its electric bus operations in Chennai with the launch of 130 air-conditioned electric buses. The e-buses were introduced under Phase 2 of the Metropolitan Transport Corporation (MTC) electric bus programme.

The initial batch was flagged off at the Secretariat by Tamil Nadu Chief Minister C. Joseph Vijay, alongside Transport Minister Vijay Tamilan Parthiban, Transport Secretary Nirmal Raj and MTC Managing Director D. Mohan.

Under the Phase 2 contract, OHM will supply and operate a total of 500 electric buses manufactured by Ashok Leyland's electric vehicle subsidiary, Switch. The initial deployment follows the Phase 1 implementation in Chennai, during which OHM buses completed over 30 million kilometres and achieved a schedule adherence rate exceeding 99 percent across operational depots.

Brijesh Gubbi Suresh, CEO, OHM Global Mobility, said, “The launch of the first 130 buses under Phase 2 marks an important milestone in Chennai’s transition towards sustainable public transportation. Our experience in Phase 1, including crossing 30 million green kilometres and achieving 99 percent-plus schedule adherence across our depots, demonstrates that sustainability and operational excellence can go hand in hand. We are proud to build on this foundation with MTC and contribute to a cleaner, quieter and more comfortable public transport experience for the people of Chennai.”

The expansion will see OHM continue to manage fleet operations, vehicle maintenance, and mobility-as-a-service provisions across the city's transport network as additional units enter service under the Phase 2 agreement.

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Bengaluru-based electric vehicle maker Ather Energy has launched Konarc e-scooter line built on its EL platform, unveiled during the fourth edition of Ather Community Day 2026. The e-scooter will be available in six variants split between the S and Z product lines.

The Konarc lineup features Indian Driving Cycle range options spanning 100 km, 125 km, 161 km and 200 km across its S line variants, while the Z line includes 125 km and 161 km configurations.

Pricing for the model begins at INR 99,999 for the Konarc S 100 km variant, INR 121,999 for the Konarc S 125 km, and INR 144,999 for the Konarc S 161 km, effective ex-showroom Bengaluru. Bookings and phased deliveries for select variants begin in mid-September 2026.

The EV utilises a steel unibody chassis, metal rear side panels, a sequential gear-drive transmission, a 14-inch front alloy wheel, a 12-inch rear alloy wheel and a 1,352 mm wheelbase.

Tarun Mehta, Co-Founder and Chief Executive Officer, Ather Energy, said, “Konarc has been designed to make EVs mainstream in India. We have understood the needs of the vast majority of buyers who are still waiting to go electric and have engineered Konarc for them. Be it the metal panels, 200 km range, once-a-year service interval, fast home charging, or the plush and comfortable ride, we have pushed the envelope on every fundamental that matters to this buyer, without compromising on the premium experience and advanced technology that Ather is known for. Konarc has also been designed to scale, and with the vertical integration and manufacturing capacity we are building at AURIC, we can take the Ather experience to many more riders and markets across India.”

Just like its other product line, Ather Energy has ensured Konarc remains a power packed product in terms of both software and hardware features. It gets Advanced Electronic Braking System, which dynamically regulates braking force modulation between front and rear wheels via software. Additional functionalities comprise MagicKey keyless operation with proximity unlocking, AutoPop automated under-seat storage opening and AirWalk motor-assisted manual pushing.

Swapnil Jain, Co-Founder and Chief Technical Officer, Ather Energy, said, “Ather has spent over a decade building its technology and engineering capabilities. We started working on software-led braking, fast charging and connected scooter experiences well before they became expected in the market. That head start matters because it gives us the experience to integrate these technologies deeply into the vehicle and bring the engineering depth we have built over the years to a much larger set of riders. AeBS™, MagicKey, AutoPop and AirWalk are examples of that approach, each designed to make everyday riding more effortless.”

The vehicle carries an integrated onboard charger, with an optional 450W offboard unit enabling combined 900W charging. Ather has set the service interval at 10,000 km or one year, alongside introducing a 10-year or 100,000 km warranty for its fifth-generation Bedrock battery pack, guaranteeing a minimum 70 percent battery state of health.

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Bengaluru-based electric vehicle maker Ola Electric has launched the S1Z e-scooter line, introducing the company's indigenously developed 46 series Bharat Cell lithium iron phosphate (LFP) technology to the vehicle market.

The battery cells are developed at Ola’s Battery Innovation Centre and manufactured at the Ola Gigafactory.

The e-scooter is offered in two battery capacity options: a 3.1 kWh variant priced at an introductory INR 79,999 and a 5.1 kWh variant listed at INR 99,999 ex-showroom. The 3.1 kWh model has a claimed certified range of up to 179 kilometres, while the 5.1 kWh configuration provides up to 301 kilometres.

The S1Z runs on 12-inch wheels, operates on the MoveOS 5 software platform and includes features such as cruise control, regenerative braking, reverse mode, GPS tracking and over-the-air (OTA) updates.

It will also serve as the initial vehicle line distributed through Ola Electric's newly established dealer-operated store network alongside its direct-to-consumer locations. Deliveries for the 3.1 kWh model will begin in December 2026, followed by the 5.1 kWh model in March 2027.

Bhavish Aggarwal, Chairman and Managing Director, Ola Electric, said, "The true measure of innovation of our indigenous Bharat Cell LFP technology is how quickly it reaches everyday Indians. The S1Z delivers on that promise. It is the first scooter range to bring our made-in-India LFP technology to the heart of the market, where millions of customers make their mobility decisions. We believe affordability shouldn’t mean settling for less. As we continue building India's EV ecosystem from cell to vehicle, products like the S1Z will play a critical role in taking our mission of bringing EVs to every Indian household."

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