New Partnership Of Mahindra Last Mile Mobility Limited And Ecofy

Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra Ltd. (M&M), has announced a strategic partnership with Ecofy. This partnership is aimed at boosting the adoption of electric three-wheelers across the country by financing 10,000 units.

A Strategic Collaboration for Green Mobility

Mahindra Last Mile Mobility Limited MLMML, recognized as India’s leading electric three-wheeler manufacturer, offers an extensive range of electric vehicles designed to meet diverse customer needs. The collaboration with Ecofy, a key player in financing India’s green transition, is expected to provide tailored financial solutions that make green mobility more accessible and affordable.

Suman Mishra, MD & CEO of MLMML, stated, “Our partnership marks a significant stride in accelerating the adoption of electric three-wheelers in India. Rajashree Nambiar, Co-Founder, MD & CEO of Ecofy, added, “This partnership with Mahindra LMM perfectly aligns with our mission to promote sustainable transportation solutions.

Together, we will accelerate the adoption of electric three-wheelers, contributing directly to India’s target of achieving 30% EV penetration by 2030. Through this partnership, Ecofy now caters to 85% of industry demand and is already offering financing, leasing and subscription models.”

Addressing Market Demand and Growth Potential

The global market for electric three-wheelers, valued at approximately USD 677 million in 2020, is projected to grow at a compound annual growth rate (CAGR) of around 10% from 2021 to 2027. This growth is driven by robust government incentives and subsidies that promote electric mobility, making this partnership a crucial step towards a greener and more sustainable future for India’s transportation industry.

About Mahindra Last Mile Mobility (MLMML)

MLMML, a subsidiary of Mahindra & Mahindra Ltd., is responsible for the company’s extensive range of last-mile mobility solutions. This includes a mix of electric, petrol, CNG, and diesel three and four-wheeler passenger and cargo vehicles. The lineup features popular models such as the Mahindra Jeeto 4-wheeler, Alfa range of 3-wheelers, and the electric-only Zor Grand and Treo range, which have been widely acclaimed for their performance and reliability.

About Ecofy

Ecofy, promoted by Eversource Capital, is positioned as India’s green-only financier and a leader in the rooftop solar financing space. The company is dedicated to accelerating the transition towards a net-zero carbon world by partnering with individuals and small businesses to reduce their carbon footprint. Ecofy offers loans for electric vehicles (two and three-wheelers), rooftop solar projects, and small to medium enterprises, providing an end-to-end digital experience.

Driving Towards a Sustainable Future

The partnership between Mahindra Last Mile Mobility Limited and Ecofy is more than just a business collaboration; it is a commitment to driving sustainable change in India’s transportation sector. By combining Mahindra’s expertise in electric vehicle manufacturing with Ecofy’s innovative financing solutions, the two companies are paving the way for a greener future.

As India moves towards achieving its target of 30% EV penetration by 2030, this partnership stands as a testament to the potential of collaborative efforts in driving significant environmental and economic benefits. Through innovative financing and dedicated support, Mahindra Last Mile Mobility Limited and Ecofy are set to make a lasting impact on the landscape of sustainable mobility in India.