Muthoot Capital stock up 3% on deal to finance electric two-wheelers

Both companies are committed to supporting electric two-wheeler manufacturers such as OLA Electric, Ather Energy, Ampere, Hero MotoCorp, and TVS Motor, the firm has said

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Shares of Muthoot Capital Services Limited traded 3 percent higher in the morning trade on March 13 after the company announced a tie up with evfin, an EV-focused lending platform, for electric two-wheeler financing.

“The collaboration entails a total deal size of up to Rs 150 crore ($18 million USD), highlighting the scale and ambition of the initiative to drive widespread adoption of electric vehicles in India,” the company said in a regulatory filing.

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At 9.20 am, the stock was trading at Rs 296, up 2 percent from the previous close on the NSE. The stock has slipped over 23 percent in the past three months.

Capitalising on evfin’s proficiency in customised automotive financing, focusing on asset lifecycle management, and Muthoot Capital’s presence in the financial sector, the collaboration aims to provide affordable, personalized, and convenient financing options to customers seeking to purchase electric two-wheelers, the company said.

Both companies are committed to supporting various 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, it said.

evfin is India’s only ev-focused non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Limited.

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