Greaves Finance Subsidiary Ev.fin Expands Presence to 74 Indian Cities

Ev.fin, the dedicated electric vehicle financing subsidiary of Greaves Cotton Limited, has announced the successful deployment of ₹223 crore in institutional debt. This capital, sanctioned during the 2025 to 2026 financial cycle, is being utilised to fuel the expansion of its multi-brand financing platform.

The rapid deployment of these funds has enabled the company to scale its operations to 74 cities across India, with plans to reach over 80 locations by July 2026.

The funding was raised through a combination of listed non convertible debentures and structured term loans. Key institutional backers include AK Capital, Northern Arc Investment Managers, AU Small Finance Bank, Ambit Finvest, MAS Financial Service Limited, and Maanveeya.

This strong support from marquee lenders reflects a growing investor appetite for Ev.fin’s unique business model. Unlike traditional lenders, ev.fin evaluates creditworthiness based on battery health and resale values, providing specialised loans for upgrades and battery splitting.

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Currently, ev.fin is embedded within the dealerships of major manufacturers such as Ather, Bajaj, TVS, and Hero. As of March 2026, the company reported a managed assets under management (AUM) of approximately ₹522 crore, with cumulative disbursements surpassing ₹774 crore. This robust financial performance is further supported by an IND A- credit rating with a stable outlook from India Ratings and Research.

P B Sunil Kumar, Executive Director and CEO of Greaves Finance Limited, stated that the deployment marks an essential milestone. He emphasised that institutional trust provides a solid foundation for the company’s next growth phase. He noted that as the Indian electric mobility sector matures, innovative financing remains vital for mass adoption.

With a customer base exceeding 55,000, Ev.fin is well positioned to bridge the credit gap for retail buyers and fleet operators. The company continues to explore additional funding avenues to support its asset book expansion while maintaining prudent credit frameworks.