Greaves Finance and ACKO Partner to Streamline EV Ownership

Electric vehicles are gaining traction in India. The prices remain high and challenges like financing and insurance can still deter potential buyers. To address this, Greaves Finance, India's only EV-focused non-banking financial company (NBFC), has joined forces with ACKO, a leading Insurtech company and also the parent company of ACKO Drive. The new joint venture aims to make EV ownership a breeze.

This collaboration brings together two key aspects of EV ownership under one roof - financing and insurance. Through Greaves' Evfin platform, customers can now access both services conveniently. It offers tailored financing solutions designed specifically for EVs,catering to individual needs and preferences. Additionally, ACKO brings its expertise in offering affordable and customised EV insurance policies.

P.B. Sunil Kumar, Executive Director and CEO of Greaves Finance believes that making financing and insurance more accessible will significantly increase the adoption of electric vehicles in India. In other words, by simplifying and streamlining the financial aspects of EV ownership, more people will be likely to consider purchasing an electric vehicle. 

This partnership aims to tackle a major barrier to EV ownership - the initial cost and concerns around battery degradation. By providing tailored financial solutions and specialised insurance, Greaves Finance and ACKO hope to ease the financial burden on EV owners, especially in cases of accidents or hospitalisations.

This collaboration signifies a strategic move to address the specific needs of the EV market in India. ACKO acknowledges the importance of EV-centric insurance solutions. It is considering factors like battery health and potential repair costs. By offering these specialised policies, it aims to make EVs a more secure and attractive option for consumers.

ACKO recognises that offering specialised insurance designed for electric vehicles (EVs) is crucial to growing India's EV market according to Brijesh Unnithan, Senior Vice President of ACKO. Its new partnership is a move towards building a supportive system that encourages the use of eco-friendly transportation options in India.