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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In a major step towards sustainable transport in India, Henkel Adhesive Technologies has launched what it claims is the country’s first mid-haul re-powered electric truck operations, in collaboration with an integrated logistics and transport company and a partner specialising in EV retrofitting solutions.

The pilot electric logistics service connects key industrial corridors across two major routes: Chennai to Pune (1,321 km) and Pune to Halol (713 km). The trucks, which have been converted from diesel to electric through the installation of a full electric powertrain kit, boast a 250km driving range on a single charge and support payloads of up to 8 tonnes.

According to Henkel, a single round trip on the Chennai–Pune route with the re-powered electric truck could cut greenhouse gas emissions by approximately 1,212kg, showcasing the significant sustainability potential of retrofitted electric freight transport in India’s mid-haul logistics sector.

The initiative aligns with Henkel’s global sustainability goals, which include achieving net-zero emissions across its entire value chain by 2045. The company aims for a minimum 90 percent reduction in Scope 1 and 2 emissions and substantial cuts across Scope 3 emissions by promoting eco-design, low-emission raw materials, supplier engagement and cleaner logistics.

By pioneering this transformation in mid-haul logistics, Henkel India seeks to catalyse broader adoption of electric-powered freight solutions in one of the world’s fastest-growing transportation markets.

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The International Finance Corporation (IFC) has announced a USD 20 million equity investment in Transvolt Mobility (Transvolt) as part of a larger USD 50 million financing round.

This marks IFC's first equity investment in an electric vehicle platform globally. The investment aims to enhance urban transport access, scale EV production and strengthen India's electric mobility ecosystem.

Transvolt aims to deploy the funding towards expanding its electric fleet to 3,500 vehicles and create 8,200 jobs over the next five years. It also aims to deploy 8,000 electric heavy commercial vehicles, including buses and trucks, across India.

Dheeraj Jhawar, Director and Co-Founder, Transvolt Mobility, said, "We are delighted and honoured by the trust IFC has shown in our company to develop and deploy EV fleets across India. This investment strengthens our resolve to build a scalable, sustainable commercial EV platform. With IFC's support, we aim to accelerate the transition to sustainable transport and build inclusive solutions that are aligned with national and global sustainability goals."

Debasis Mohanty, CEO and Co-founder, Transvolt Mobility, added, "Transvolt is India's first integrated and OEM-agnostic EV platform that owns and operates electric buses and trucks for both government and private sector clients. The company is focused on delivering zero-emission mobility solutions aligned with global sustainable transportation goals."

Transvolt stated that India's push for clean mobility targets electrifying 800,000 buses, replacing 10 percent of diesel trucks with 400,000 electric trucks and achieving 18 percent electrification of small commercial vehicles by deploying 111,000 e-SCVs. This transition presents an opportunity to invest in scalable EV solutions and mobilise an estimated USD 200 billion to meet national targets.

Vikram Kumar, IFC's Regional Industry Director for Infrastructure and Natural Resources in Asia and the Pacific, said, "India's transition to sustainable transport hinges on scalable solutions and this investment leverages private sector innovation and technological advances to drive sustainable transportation. Transvolt has been a key partner of IFC, and through our collaboration, we aim to enhance market competitiveness in the sector by enabling the electrification of public and private fleets operated by municipalities and corporations, demonstrating the commercial viability of electric fleets, and expanding access to quality urban transport."

Imad N Fakhoury, IFC's Regional Director for South Asia, said, "Accelerating urban mobility and last-mile connectivity is critical to India's development goals. Our investment in Transvolt will drive the adoption of EVs, especially buses, as they remain the preferred and affordable mode of transportation across India. As IFC's first-ever equity investment in an EV platform, in the country and globally, it reinforces our commitment to India's EV roadmap, supports the country's transition goals, enables job creation, while contributing to long-term economic growth. IFC's private sector solutions such as e-mobility are key to World Bank Group's approach to support Government of India's urban transformation agenda."

Founded in FY2023, Transvolt is claimed to has deployed 500 e-HCVs across various segments, including municipal corporations, corporate employee transportation and haulage for cement manufacturers. It is an OEM-agnostic EV platform, collaborating with multiple OEMs and EV-charging partners to meet project requirements. The company has also established an ecosystem for EV-charging solutions through tie-ups with Charge Point Operators (CPOs) and O&M partners across India.

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Pune-based electric vehicle manufacturer Kinetic Green Energy and Power Solutions, along with its global partner Italy's Tonino Lamborghini, officially launched their range of luxury electric golf and lifestyle carts.

This global unveiling marked Kinetic Green's entry into the bespoke electric four-wheeler market segment, which is part of its ambitious future strategy. The joint venture has set ambitious financial targets, aiming for an annual revenue goal of USD 300 million within the next five years. This aggressive growth plan underscores the company's confidence in disrupting the estimated USD 5 billion global electric golf and lifestyle cart market.

The partners stated that the new Tonino Lamborghini golf and lifestyle carts represent a unique synergy of sophisticated Italian design and robust Indian engineering. These advanced electric vehicles, conceived in Italy, will be manufactured in India and marketed globally under the prestigious Tonino Lamborghini brand, featuring the iconic red shield with the Bull emblem.

The carts will be available in two-seater, four-seater, six-seater and eight-seater configurations to meet a diverse range of applications, including championship golf courses, luxury resorts and hotels, private estates, gated communities, airports, corporate campuses, large recreational and industrial facilities.

The partners have introduced two distinct series:

• The Genesis Range: A tribute to the brand's origins, featuring chic Italian design.
• The Prestige Range: An ultra-premium, futuristic offering representing a legacy for the future.

Dr. Sulajja Firodia Motwani, Founder and CEO of Kinetic Green said, "For a long, the golf cart segment has awaited a true disruptor – an extraordinary offering that transcends the mundane. Over the years, the use of golf carts has extended well beyond golf to luxury resorts, world-class airports, sprawling townships and corporate campuses and to personal use. But the design and specifications of popular golf carts has remained much the same, and this is where we see a large global market ready for disruption! Our JV will leverage the long legacy of the Kinetic Group in automotive engineering, Kinetic Green’s pioneering expertise in design and manufacture of electric vehicles and the experience of our partner, Tonino Lamborghini’s global experience in redefining design and lifestyle experiences and to top it all, marketing our products globally using the famous red shield with the iconic Bull. This fusion of our robust Indian engineering and EV capabilities with Tonino Lamborghini’s unparalleled design prowess and global luxury vision is not just a partnership; it is a confident declaration. We are poised to create a disruption in this segment and work towards seizing leadership, globally, bringing a confident, and ambitious new benchmark to markets that are ripe for revolution. For Kinetic Green, this marks the beginning of our global journey, bringing Made in India EVs to the World. Kinetic Green’s aim is to build a USD 1 billion EV business by 2030 and this JV will play a key part in our global ambitions.”

Ferruccio Lamborghini, Vice-President, Tonino Lamborghini, said, "This collaboration with Kinetic Green marks an exciting new chapter in the history of the brand founded by my father over 45 years ago. Together, we have created a project that combines the best of two worlds: the elegance and identity of Italian design with the strength, efficiency, and innovation of Indian manufacturing. This is more than an industrial joint venture – it is a bridge between two entrepreneurial cultures, united by a shared vision of the future. At Tonino Lamborghini, we believe in redefining everyday experiences into expressions of style, performance, and unmistakable identity. Our brand philosophy is deeply rooted in my family’s heritage yet constantly driven by innovation and a passion for excellence. With these golf and lifestyle carts, we are bringing that philosophy to life in a new segment – delivering not just vehicles, but a bold statement of lifestyle in motion. We chose India not only as a strategic production base, but also as a symbol of openness, growth, and global ambition. With Kinetic Green, we share fundamental values: a deep focus on the customer, continuous innovation, and meticulous attention to detail. The result is a product range that reflects the very soul of our brand – powered by cutting-edge technology and destined for discerning customers around the world. The Tonino Lamborghini Golf Carts embody our vision of electric lifestyle mobility: elegant, high-performing, and purpose-driven. We are proud to launch this journey in such a dynamic market as India, confident that it will carry our style and passion for excellence to every corner of the world."

The Tonino Lamborghini golf carts technical specifications feature a tailored MacPherson suspension for a smooth ride and advanced four-wheel hydraulic brakes for secure stopping. Power comes from a robust 45 Nm of torque and 30 percent gradeability, allowing for effortless navigation across various terrains. An advanced, maintenance-free li-ion battery with a 10-year life provides a claimed range of up to 150km on a single charge, supported by a wireless battery charging system and an on-board charger, all backed by a 5-year warranty. For enhanced usability, the carts include Universal Drive for both left and right-hand configurations, a Smart TFT Dashboard and safety features like Hill Hold and Electronic Parking Brakes. Convenience is key with wireless mobile charging, LED headlights, extended smart storage, a golf bag holder, a caddie stand and a foldable windshield.

At present, the partners state that they holds a commanding 40.3 percent market share in North America, with Europe and Asia-Pacific also showing substantial growth. Kinetic Green Tonino Lamborghini has ambitious global expansion plans. The initial phase will focus on Asia, specifically India and the UAE, before rapidly expanding into Europe, the USA and other key markets.

The joint venture aims to be present in 30 countries within the next five years, representing 80 percent of the global golf cart market.

Manufacturing of these e-carts has commenced at Kinetic Green's integrated facility near Pune, India, with the Nhava Sheva port near Mumbai designated for export operations. The company has already appointed distributors in India, various markets in the UAE (including Dubai, Abu Dhabi and Saudi Arabia) and the Maldives. Distribution partners in New Zealand, Sri Lanka, Thailand and Indonesia are expected to be finalised soon. Following this initial phase, Kinetic Green Tonino Lamborghini will expand its operations to the rest of Asia, Europe and the USA.

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NueGo, GreenCell Mobility’s premium intercity electric bus service, has launched a specialised training programme to equip its drivers and onboard staff with the skills needed for the EV era. As India’s largest electric bus operator, NueGo combines sustainability, safety and passenger comfort in its approach.

Designed specifically for electric buses, the training programme sets a new benchmark in the mobility sector. More than 3,000 drivers and 400 onboard staff have already completed the intensive course, which blends classroom learning, simulator exercises and hands-on driving experience. The week-long onboarding ensures that every team member is fully prepared to deliver a smooth, efficient and customer-friendly journey.

The curriculum includes 11 focused modules, covering defensive driving techniques, energy-efficient operation and passenger service. Drivers master regenerative braking, battery optimisation and charging protocols while also learning critical safety measures for high-voltage systems. Beyond technical expertise, the programme fosters a customer-first mindset, transforming drivers into ambassadors for sustainable transport.

Training is conducted by NueGo’s in-house experts across key hubs like Delhi, Bengaluru and Hyderabad. To maintain high standards, mandatory refresher courses are held every three months, with practical assessments in manoeuvring, hazard awareness and parking. This initiative highlights how the EV revolution must be supported by continuous skill development, operational excellence and a commitment to greener mobility.

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