Greaves Cotton rises as arm partners with ACKO to facilitate EV ownership in India

Greaves Cotton gained 2.11% to Rs 174.25 after its wholly owned subsidiary, Greaves Finance, a non-banking financial company (NBFC) announced its partnership with ACKO, a tech-first insurer, to encourage seamless EV ownership in the country.

The collaboration, under Greaves 100% ev-focused lending platform evfin, enables cross-selling of the offerings of ACKO on the platform, allowing consumers to access the most optimal insurance policies and financing options with convenience. The customers will get access to specialised financing support, and tailored financing solutions from evfin that are aligned with their unique preferences and requirements. It will also streamline the insurance scouting process for users, offering them affordable policies catered to their needs.

The collaboration between evfin and ACKO aims to ease EV ownership and the financial burden on EV owners in cases of accidents and hospitalisations and drive new innovative EV-centric products, accelerating the adoption of sustainable mobility solutions in India.

P.B. Sunil Kumar, executive director and CEO, Greaves Finance, said, "In FY24, the Electric 2W segment has witnessed a YoY growth of 30%, and we believe that accessible financing and insurance models will push this further, helping accelerate Indias potential to lead the charge in sustainable mobility. We are delighted to partner with Acko on this exciting venture to offer affordable and tailored solutions to our consumers. We share a mutual vision of leveraging technology to increase the accessibility of financial services to customers across India."

Brijesh Unnithan, SVP - Internet Partnerships, ACKO said, "We understand the importance of tailored insurance solutions for EVs to accelerate EV adoption in India. Given the barriers to EV adoption, where the primary factors are cost and battery degradation, it is important to foster an ecosystem that facilitates affordable financing and insurance solutions to encourage individuals to consider EVs. ACKOs collaboration with Greaves Finance is a step in the right direction to enable this."

The company stated, "Earlier this month, evfin celebrated its 1st anniversary. Evfin offerings are available in all leading EV 2- wheeler OEM dealerships like Ather Energy, Ampere from Greaves, Vida from Hero Motocorp., OLA Electric, Bajaj Chetak, and TVS iQube across 31 cities in India."

Greaves Cotton is a multi-product and multi-location engineering company. The company is a leading name in fuel agnostic powertrain solutions, e-mobility, aftermarket & retail.

The companys consolidated net profit tumbled 90.39% to Rs 2.56 crore on 18.67% decline in revenue from operations to Rs 672.53 crore in Q4 FY24 over Q4 FY23.

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