Montra Electric & Ecofy Signs MoU For EV Financing

The EV brand of Murugappa Group, Montra Electric and Ecofy, a green financing company, has joined forces to offer accessible financing solutions for electric three-wheelers. Ecofy will offer financial assistance for both cargo and passenger vehicles.

Rajashree Nambiar, Co-founder, MD & CEO of Ecofy, highlighted the company's mission, stating, "Through this strategic tie-up with Montra Electric, we intend to offer tailored products and a seamless experience that aligns with the specific needs of customers dedicated to creating a greener future."

Sushant Jena, Head of Montra Electric 3W Division, said, “Financing has often been a significant barrier to the adoption of commercial three-wheelers and passenger vehicles. Together with Ecofy, we aim to overcome this challenge and support the government's efforts to promote widespread electric mobility in the country." 

As India experiences substantial growth in the electric three-wheeler market, with a 58 per cent YoY increase in EV passenger vehicles and a 114 per cent YoY growth in EV cargo vehicles, both the companies are hopeful that this tie-up will empower individuals and businesses to embrace a cleaner and sustainable mode of transportation.