GREAVESCOT.NSE Greaves Cotton Ltd.

"Greaves will play a pivotal role in the booming e-rickshaw industry. We aim to empower e-rickshaw operators with a reliable and eco-friendly solution that enhances their profitability and sustainability," said Greave Retail’s CEO Narasimha Jayakumar.

Greaves Retail provides clean mobility and energy solutions. It operates a multi-brand showroom called AutoEVmart, a Greaves Care service network, and over 9,000 dealer and distributor connections with Greaves Spares.Usha Financial Services (UFSL) possesses a diversified product portfolio loans for Individuals, MSME, hypoothecation and small-micro loans. The company is a Delhi based RBI licenced and listed NBFC and launched a specific product for Loans on Electric Vehicles in 2022 .By working together, Greaves Retail aims to extend its reach and make end-customer financing more accessible and seamless across the nation. Through this collaboration, Usha Financals distinctive dealer delivery model will be harnessed to bring the benefits of convenient and localised financing solutions to customers across the country.The model will help dealers identify suitable customers, aid in the collection process, and serve as the primary point of contact to address loan repayment challenges. With a pilot in Bihar, this model has now been effectively deployed in several dealerships across India, where Greaves Retail aims to facilitate financing for their distinct group of electric three-wheeler customers.Narasimha Jayakumar, CEO, Greaves Retail, said: Indias three-wheeler segment witnessed 75 per cent growth in June on an annual basis, which is phenomenal. The partnership with Usha Financial is a major step to enable financing for our e rickshaw customers in key markets. Usha Financials expertise in lending to “livelihood earners” will enhance Greaves Retails capabilities to facilitate the sales and service of these vehicles through our pan-India footprint of retail outlets.”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 company reported a consolidated net loss of Rs 5.08 crore in the quarter ended June 2023 as against net profit of Rs 16.07 crore during the previous quarter ended June 2022. Sales declined 13.87% to Rs 568.59 crore in Q1 FY24 over Q1 FY23.The scrip added 0.83% to currently trade at Rs 133.70 on the BSE.

Greaves Retail has partnered with Usha Financial Services to revolutionise customer financing within the electric three-wheeler segment. By working together, Greaves Retail aims to extend its reach and make end-customer financing more accessible and seamless across the nation. Through this collaboration, Usha Financals distinctive dealer delivery model will be harnessed to bring the benefits of convenient and localised financing solutions to customers across the country. The model will help dealers identify suitable customers, aid in the collection process, and serve as the primary point of contact to address loan repayment challenges. With a pilot in Bihar, this model has now been effectively deployed in several dealerships across India, where Greaves Retail aims to facilitate financing for their distinct group of electric three-wheeler customers.

MLR Auto, a subsidiary of Greaves Electric Mobility (GEMPL), the e-mobility business of Greaves Cotton, has announced its strategic partnership with Vidyuttech, a leading financing platform and lifecycle management service provider. Under the partnership, Vidyuttech will provide flexible financing for MLRs electric three-wheelers. With Vidyuttechs financing and lifecycle management services expertise, MLRs customers across India will benefit from simplified electric vehicle ownership. Vidyuttechs unique pay-perkm battery lease & attractive interest rate of approximately 10 % is designed to facilitate the adoption of Electric 3-wheelers, making them an affordable and sustainable choice for customers. Moreover, Vidyuttechs commitment to providing over 90 % on-road funding for potential customers significantly reduces the burden of downpayment, making electric vehicle ownership more accessible than ever before. Vidyuttechs commitment to enabling customers to switch to electric vehicles aligns perfectly with GEMPLs vision of revolutionising last-mile mobility in India through sustainable solutions. By leveraging Vidyuttechs attractive interest rate and dedication to offering substantial funding, MLRs customers will have greater financial flexibility and convenience in their EV purchases.