In an effort towards encouraging Electric Vehicle (EV) adoption in the country, Omega Seiki Mobility, an Anglian Omega Group Company and Mufin Green Finance, a listed non- banking financial company (NBFC), announced a strategic partnership for providing lease financing solutions to B2B customers and retail financing to B2C customers of Omega Seiki Mobility.
Under the partnership, Mufin Green Finance will finance 3500 units of cargo electric three wheelers for OSM B2B customers by 2023 and 4000 Cargo and Passenger electric vehicles for B2C Retail customers by 2024.Mufin Green Finance will finance over Rs 300 Crore worth Omega Seiki Mobility electric vehicles. Financing will be available across Omega Seiki Mobility existing 140+ dealer touch points and all new dealership to be opened in 2023.
Owing to the low total cost of ownership and robust quality vehicles, the demand for leasing commercial electric vehicles is very robust which is further fuelled by ambitious electrification targets by large e-commerce companies amid the need for lower emission have led to an upsurge in demand of electric vehicles. In addition, financing of commercial electric vehicles is significantly beneficial to entire stakeholders. OSM’s wide range of product offerings across cargo and passenger use allows customers to select vehicle suiting their requirements. The EV market is projected to grow multi-fold over the next 5 years.
Commenting on the partnership, Uday Narang, Founder and Chairman, Omega Seiki Mobility said, “Indian Automotive market has shown a rising demand for electric vehicles and providing EV financing options would be a great way to accelerate India’s transition to an electric future. We have an existing order book of over35,000 electric cargo and passenger vehicles. We are happy to partner with Mufin Green Financeto assist our authorized passenger electric vehicle dealer and B2B partners with an exclusive financing program. We are confident that through this tie-up with Mufin, we will make EVs more affordable and accessible to OSM customers at large.This reflects our continued participation in India’s journey towards a sustainable future.”
“OSM continues to work with multiple financiers to make EVs more affordable and will be adding more financiers for a much wider EV adoption,” added Narang
Kapil Garg, Chairman of Mufin Green Finance said, “EV is a fast evolving market and there’s strong push from various stakeholders. The Partnership with OSM is a solid validation on our climate focused financing mission. We are focused on catering to the underserved or low-income segment and create a meaningful social and climate impact.”
Omega Seiki Mobility has been growing its product line up and manufacturing footprint rapidly in India. OSM has set up large scale manufacturing facilities in Delhi NCR and Pune. The company is also one of a leading last mile service provider with under its brand “UnoXpress”. Omega Seiki Mobility is currently running its fleet in 20 cities, doing more than 20 lakh Km per month. The company is also in the process of investing Rs 800 crore to Set up two new green field manufacturing facilities for manufacturing of EVs and its components.
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