New Delhi: Okaya EV, a prominent name in the electric vehicle (EV) industry, has announced a strategic partnership with the Small Industries Development Bank of India (SIDBI) as part of the “Mission 50K-EV4ECO” initiative. This collaboration aims to accelerate the adoption of electric vehicles in India, particularly among micro, small, and medium enterprises (MSMEs).
Established in 1990, SIDBI has become a key source of financial support for India’s growing small industries sector. Its unwavering commitment to fostering growth and development among MSMEs has earned it a reputation as a trusted financial partner.
Mission 50K-EV4ECO
The launch of the Mission 50K-EV4ECO pilot scheme underscores SIDBI’s dedication to promoting EVs across the nation. This initiative is designed to facilitate quick replicability and scalability of EV adoption through multilateral support. It paves the way for the forthcoming EVOLVE scheme, a collaborative effort between SIDBI and the World Bank, which will offer improved financing terms and innovative solutions to address the evolving challenges within the Indian EV ecosystem.
Okaya EV’s Commitment to Sustainability
Dr. Anshul Gupta, Managing Director of Okaya Electric Vehicle, expressed the company’s commitment to deploying 25,000 electric vehicle units, representing half of the SIDBI ‘Mission 50K-EV4ECO’ initiative. Okaya EV is an eligible original equipment manufacturer (OEM) for the EVOLVE-RSP/EV4W scheme, possessing the necessary capacity and infrastructure to make this vision a reality.
Expanded Accessibility Through Scooter Models
Under this partnership, Okaya EV has registered several scooter models—FAAST F2B, F2T, F4, and F3—under the Mission 50K-EV4ECO scheme. This move enhances accessibility and affordability for those looking to embrace electric mobility.
Streamlining Financing for EVs
The core objective of this partnership is to simplify the financing process for EVs, making it more accessible to dealers, authorized partners, small businesses, and MSMEs while reducing the overall cost of ownership. An innovative indirect program targeting Non-Banking Financial Companies (NBFCs), especially smaller, unrated, specialized, and emerging ones involved in EV finance, aims to extend the benefits of this initiative to the “last mile” of operations, reaching those who can have a transformative impact on India’s EV landscape.
A Shared Vision of a Greener India
This partnership between Okaya EV and SIDBI embodies a shared vision of a greener, more sustainable India. By offering advantages to dealers, authorized partners, and small businesses, this initiative empowers them to leverage the benefits of the Mission 50K-EV4ECO scheme. In doing so, it not only makes electric vehicles more accessible but also paves the way for a significant transition towards sustainable transportation options, aligning with India’s broader environmental goals.