Kinetic Green, Axis Bank Partner for 100% EV Financing
Electric two- and three-wheeler OEM Kinetic Green Energy and Power Solutions has partnered with Axis Bank, one of India’s largest private sector banks, to offer accessible and cost-effective financing options to its two-wheeler electric vehicle customers.
The MoU was signed by Ritesh Mantri, co-founder and director of Kinetic Green, and Irfan Tamboli, senior vice president and Head of Supply Chain finance at Axis Bank.
Under this strategic partnership, Kinetic Green Energy’s two-wheeler customers can avail up to 100% funding for the on-road price of the EV at competitive interest rates with flexible financing tenures that will extend up to 48 months.
The financing solutions are on offer at Axis Bank’s 4,500 branches across India. Kinetic Green’s dealer network currently stands at over 300 across 25 states across the country.
Sulajja Firodia Motwani, founder and CEO of Kinetic Green, stated, "We are delighted to collaborate with one of India's largest and most reputed banks, Axis Bank. Just as customer satisfaction is a top priority for Axis Bank, it holds similar importance for us at Kinetic Green. Together, we aim to provide the best EV financing solutions to the nation, enabling the realization of the dream of sustainable mobility.
"I am also pleased to announce that this scheme will be extended to our highly anticipated two-wheeler, E-Luna. With this alliance, we are confident in reaching our advanced yet affordable EVs to customers across urban and rural landscapes of India, thus accelerating the widespread adoption of electric vehicles."
Commenting on the strategic tie-up with Kinetic Green, Sumit Bali, Group Executive, Head – Retail Lending and Payments, Axis Bank, said, “We are glad to partner with Kinetic Green. Green mobility is the need of the hour and each step taken to bolster it will go a long way in protecting the future generations of the country.
"Axis Bank is deeply committed to driving the objectives of green mobility and green financing, and through this partnership, we will continue to promote sustainable practices and encourage adoption of electric vehicles amongst the masses.’’
Kinetic Green Energy, which currently sells four e-scooters – the Zing, Zing HSS, Zoom and Flex – has sold a total of 6,051 units in the first eight months of CY2023 and is ranked 11th in the Top 25 electric two-wheeler OEMs in India. The strategic alliance with Axis Bank, which comes at the opening of the festive season, should give a fillip to the company’s sales.
Source: Autocar Professional