ev.fin Deploys INR 223 Crore to Scale EV Financing Across India, Eyes 80-City Presence by July 2026

ev.fin, the electric vehicle financing subsidiary of Greaves Cotton Limited, has announced the partial deployment of previously sanctioned institutional debt of INR 223 crore for onward lending during the April–March 2026 period. The rapid deployment of funds has enabled the company to scale its operations to over 74 cities in India, with a target of reaching 80-plus cities by July 2026.

The INR 223 crore was raised through a mix of Listed Non-Convertible Debentures and structured term loans, backed by a consortium of leading institutional lenders including AK Capital, Northern Arc Investment Managers, AU Small Finance Bank, Ambit Finvest, MAS Financial Services Limited, and Maanveeya. The capital is being deployed toward accelerating asset book expansion, deepening penetration in high-growth segments, and leveraging technology for operational efficiency.

What sets ev.fin apart in the EV financing space is its OEM-agnostic, differentiated business model. Unlike conventional lenders, ev.fin structures loans based on battery health and resale values rather than solely on the borrower’s income profile — a model that better reflects the realities of EV ownership. The company is embedded into the dealership networks of major OEM brands including Ather, Ampere, River, Hero, Bajaj, TVS, Suzuki, and Ultraviolette, among others. It also offers lifecycle-aligned loan products including buybacks, upgrades, and split-loans covering the battery and vehicle shell separately.

As of March 2026, ev.fin reported a managed AUM of approximately INR 522 crore, with cumulative disbursements exceeding INR 774 crore. The business model has earned the confidence of India Ratings and Research, which has pegged ev.fin’s credit rating at IND A- with a stable outlook.

Mr. P. B. Sunil Kumar, Executive Director and CEO, Greaves Finance Limited, said, “The deployment of substantial funds from our existing INR 223 crore marks an important milestone for ev.fin and reflects strong institutional and investor trust. As India’s electric mobility market accelerates, innovative and accessible financing solutions will remain central to unlocking the next phase of growth. We are actively working toward expanding our lender ecosystem to support our next growth cycle while maintaining robust underwriting and portfolio quality.”

With a network spanning 74 locations and a customer base of over 55,000, ev.fin is positioning itself as a key enabler of EV adoption across retail buyers, MSMEs, and fleet operators. The company says it continues to evaluate additional funding avenues through structured instruments aligned with portfolio growth, as it looks to strengthen its role as a trusted financing partner in India’s evolving electric mobility ecosystem.