JSW MG Motor India and Ecofy Partner for EV Financing Solutions

By siliconindia  |  Thursday, 20 June 2024, 02:35:15 PM IST

JSW MG Motor India and Ecofy Partner for EV Financing Solutions
In a significant move to boost electric vehicle (EV) adoption in India, JSW MG Motor India has teamed up with Eversource Capital-backed non-banking financial company (NBFC) Ecofy to provide innovative financing and leasing solutions. The partnership, formalized through a Memorandum of Understanding (MoU) signed on Thursday, aims to finance and lease up to 10,000 JSW MG electric vehicles over the next three years.
The collaboration will offer a range of financial products, including loan options and leasing arrangements, tailored for both retail customers and B2B operators. These solutions will be applicable to JSW MG Motor India's current and upcoming EV models, enhancing affordability and accessibility for a broader segment of the market.
“This partnership reflects our commitment to providing innovative EV ownership solutions and supporting the broader adoption of electric vehicles in India”, said Gaurav Gupta, Chief Growth Officer of JSW MG Motor India. By leveraging the expertise of Ecofy in financial services, JSW MG aims to make EV ownership more convenient and affordable, thereby encouraging more consumers to make the switch to electric.
Rajashree Nambiar, Co-Founder, MD & CEO of Ecofy, echoed this sentiment, stating, “Combining our financial expertise with JSW MG's advanced EV technology allows us to offer flexible and accessible financing solutions. Our goal is to empower individuals and businesses to adopt a greener lifestyle without compromising on convenience or cost-effectiveness”.
This partnership aligns with India’s growing focus on sustainable transportation and is expected to contribute significantly to the country’s EV ecosystem.

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