Bestway Agencies Private Limited partners with Akasa Finance to provide flexible financing options for electric three-wheeler ownership in India

Customers will receive 80% financing or more on the vehicle's ex-showroom price, along with flexible loan tenures of 18 to 21 months.

BENGALURU, India, Sept. 11, 2023 /PRNewswire/ -- Bestway Agencies Private Limited (BAPL), a wholly-owned subsidiary of Greaves Electric Mobility Private Limited, has announced a strategic collaboration with Akasa Finance Limited, one of the leading e-rickshaw financers in India. This collaboration marks a significant milestone in the electric three-wheeler segment, empowering customers across India to embrace cleaner and more affordable transportation solutions.

Through this partnership, Akasa Finance will offer the customers substantial financing of 80% or more on the ex-showroom price of the e-rickshaw.  Akasa Finance's tailor-made financing solutions will enable BAPL's growing customer base across cities and towns in Uttar Pradesh, Bihar, Assam, and West Bengal to choose loan tenures ranging from 18 to 21 months, ensuring a seamless and hassle-free ownership journey. This customer-centric approach aligns with BAPL's ethos of delivering enhanced experiences and delighting customers.

Commenting on the partnership, Sanjay Behl, CEO and Executive Director, Greaves Electric Mobility Private Limited, said, "Our shared vision of fostering last-mile electric mobility has paved the way for this collaboration and aims to provide financial solutions. We want to make e-rickshaws more accessible to a wider range of individuals."

Mr. Rohit Mehta, Managing Director of Akasa Finance Ltd, remarked, "We are excited to join forces with Bestway Agencies Private Limited, a name synonymous with quality and innovation in the electric rickshaw industry. Our partnership is more than just finance and manufacturing coming together; it's about creating a sustainable future and making green mobility a reality for countless individuals. By providing tailored financing solutions, we aim to empower entrepreneurs, drivers, and small businesses across the country."

About Akasa Finance:

Akasa Finance Limited. is a Non-Banking Finance Company. It is one of India's leading Non-Banking Finance Companies spread across 4 States pan-India. Akasa Finance Ltd. provides various loans like utility vehicles, unsecured Business & Personal loans, two-three wheelers loans, and E-Rickshaw loans, etc. Since its inception in January 1995, up to this day, Akasa Finance has been providing financial services to various clients and their financial needs. Akasa Finance provider of monetary services across client and wholesale businesses, with aspirations to grow into a significant monetary conglomerate.

About Greaves Electric Mobility Private Limited:

Greaves Electric Mobility Private Limited (GEMPL), the electric mobility business of Greaves Cotton Limited (GCL), is a leading player in Electric Vehicle (EV) technology in India. With comprehensive support from GCL's EV ecosystem, GEMPL has been designing and manufacturing electric vehicles for over 13 years and has established a strong presence in the electric 2-wheeler and 3-wheeler segments. In the electric 2-wheeler segment, the 'Ampere' brand is a fast-growing e-scooter brand with a strong presence in both B2C and B2B segments. Furthermore, GEMPL's subsidiary and associate companies, Bestway Agencies Private Limited and MLR Auto Limited, are rapidly expanding businesses in the electric 3-wheeler segment. With a strong base of over 2.3 lakh satisfied customers, GEMPL is committed to creating an affordable and sustainable ecosystem that provides the country with uninterrupted, clean, and last-mile mobility solutions.

For more information, please visit:

https://3wheelers.greaveselectricmobility.com/

Note:

"This press release may include statements of future expectations and other forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects upon  Greaves Cotton Limited and its subsidiaries/ associates ("Greaves "). These forward-looking statements involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements.  Important factors that could cause actual results to differ materially from our expectations include, amongst others: general economic and business conditions in India and overseas, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans, and technological changes, changes in the value of the Indian Rupee and other currency changes,  changes in the Indian and international interest rates, change in laws and regulations that apply to the related industries, increasing competition in and the conditions of the related industries, changes in political conditions in  India and changes in the foreign exchange control regulations in India. Neither Greaves, nor our directors, or any of  our subsidiaries/associates assume any obligation to update any particular forward-looking statement contained in  this release."