Bengaluru: Greaves Retail, a division of Greaves Cotton Ltd. and a prominent provider of fuel-agnostic mobility solutions in India, has joined forces with Usha Financial Services Ltd. to revolutionize customer financing within the electric three-wheeler sector. By collaborating, Greaves Retail aims to expand its accessibility and streamline end-customer financing nationwide. This partnership leverages Usha Financial’s unique dealer delivery approach to offer localized and convenient financing solutions to customers all over the country.
This model empowers dealers to identify potential customers, assist in the collection process, and serve as the main point of contact for addressing loan repayment concerns. Having successfully piloted this model in Bihar, it has now been implemented in various dealerships across India, as Greaves Retail seeks to simplify financing for its distinct group of electric three-wheeler customers.
Narasimha Jayakumar, CEO of Greaves Retail, commented on the partnership, stating, “The three-wheeler segment in India has seen a remarkable 75 percent growth year-on-year in June. Our collaboration with Usha Financial is a significant stride in facilitating financing for our e-rickshaw customers in key markets. Usha Financial’s expertise in lending to ‘livelihood earners’ will amplify Greaves Retail’s capabilities to promote the sales and servicing of these vehicles through our extensive network of retail outlets across India.”
Rajesh Gupta, Group MD of Usha Financial Services Limited, shared insights into their role in the collaboration, saying, “At Usha Financial Services, we recognize the importance of multi-brand retail businesses. As financiers, we heavily rely on dealers as anchors for our business, and we streamline the lending process through technology, guarantors, and co-applicants. Our strength lies in channeling capital to end users, and our partnership with Greaves Retail, who excels in vehicle sales, presents an excellent opportunity. Our focus is to fund an increasing number of vehicles and elevate the overall portfolio to 10,000 vehicles.”