This partnership will simplify financing for customers buying Wardwizard's L3 Passenger and L5 Cargo electric three-wheelers.Wardwizard Innovations & Mobility Limited (WIML), an Indian electric vehicle manufacturer, and Mufin Green Finance Limited, an NBFC specialising in electric vehicle loans, have partnered to offer financing solutions for WIML's electric three-wheelers. This agreement aims to increase accessibility and ownership of electric vehicles across India. The partnership will also extend financing options to fleet operators for both two and three-wheeled electric vehicles. The collaboration focuses on creating a robust EV financing ecosystem, addressing barriers to EV adoption, and promoting sustainable mobility.
Wardwizard and Mufin Green Finance formalised their partnership with a Memorandum of Understanding (MoU). The signing included Akhtar Khatri, Director of Sales & Strategy at Wardwizard, and Dhiraj Agrawal, Chief Business Officer at Mufin Green Finance, among other representatives.
What does it signify?
This partnership will simplify financing for customers buying Wardwizard's L3 Passenger and L5 Cargo electric three-wheelers. Mufin Green Finance will provide the financial solutions through Wardwizard's authorised dealer network. Wardwizard will handle documentation, vehicle registration, and timely delivery, along with battery support during the warranty period.
Beyond individual customers, the partnership expands to fleet operations. Mufin Green Finance will offer financing solutions for fleet owners and operators of both Joy e-bike electric two-wheelers and Joy e-rik electric three-wheelers. This initiative aims to boost the adoption of electric vehicles in commercial and logistics sectors.
The collaboration outlines distinct responsibilities for both companies. Mufin Green Finance will manage credit evaluations, financing terms, and carbon credit benefits. Wardwizard will provide operational support, including buyback of repossessed vehicles. This division of labor streamlines the financing process and mitigates risks.
Robust EV financing ecosystem
The partnership aims to create a more robust electric vehicle financing ecosystem. By addressing key barriers in financing and accessibility, the two companies strive to make electric vehicles a more practical and achievable transportation option. This initiative contributes to the broader goal of sustainable mobility solutions in India.
“We are excited to partner with Mufin Green Finance as their mission to support sustainability aligns with our mission to drive green mobility. The partnership will help us empower the consumer segment and increase the penetration of EVs by facilitating customers' viable financial support. We look forward to strengthening the EV ecosystem in partnership with Mufin Green Finance Ltd. and making EV ownership more accessible and affordable in India,” said, Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited.
“Our association with Wardwizard reflects our promise to drive the growth of sustainable mobility in India. By offering accessible and flexible financing options for their L3 Passenger and L5 Cargo electric three-wheelers, we aim to make EV adoption seamless and affordable for customers while contributing to a greener future,” mentioned Kapil Garg, Mufin Green Finance Limited, Co-Founder & Managing Director.
This collaboration aims to accelerate the adoption of electric three-wheeled vehicles in India. By combining Mufin Green Finance's financial expertise with Wardwizard's electric vehicle technology, the partnership hopes to facilitate a smoother transition to sustainable transportation for consumers.
