Shares of Muthoot Capital Services, one of India’s fastest-growing NBFCs and a publicly traded entity of the Muthoot Pappachan Group, surged nearly 6% in today’s intra-day trade, reaching Ôé╣307 apiece after the company announced a significant partnership.

In an exchange filing on Monday, the company informed investors that it partnered with evfin, the 100% ev-focused lending platform of Greaves Finance Limited, to expand electric two-wheeler financing across India.

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The collaboration entails a total deal size of up to Ôé╣150 crore (USD 18 million), highlighting the scale and ambition of the initiative to drive widespread adoption of electric vehicles in India.

As the demand for electric vehicles (EVs) continues to surge in India, this collaboration underscores both companies’ commitment to accelerating the adoption of sustainable transportation alternatives.

Leveraging evfinÔÇÖs expertise in customised automotive financing based on asset lifecycle management and Muthoot Capital’s established presence in the financial sector, this partnership aims to facilitate affordable, customised, and convenient financing options for customers looking to purchase electric two-wheelers.

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Commenting on the development, Mathews Markose, CEO of Muthoot Capital Services, said, ÔÇ£We are happy to announce our first venture into an electric two-wheeler partnership, and we are excited to associate with Greaves Finance Ltd., who is a pioneer in this field. I am sure this partnership will be fruitful in driving our purpose of transforming the lives of the common by ensuring their financial well-being.”

“A two-wheeler is one of the most sought-after vehicles among Indian families, especially the lower middle-income segment, and partnerships such as these will help us move closer to our customers,” he added.

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“Both companies are committed to supporting a diverse range of renowned electric two-wheeler manufacturers, including OLA Electric, Ather Energy, Ampere, Hero MotoCorp, and TVS Motor. By collaborating with leading OEMs, the initiative aims to provide customers with a wide array of options while fostering innovation in the electric vehicle sector. By providing comprehensive financing solutions for electric two-wheelers, the two companies are poised to play a pivotal role in shaping the future of mobility in India,” the company said.

At 10:00 a.m., the stock was trading with a gain of 3.12% at Ôé╣299.15 apiece.

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