Greaves Cotton jumps over 4% as arm ties up with River Mobility for EV financing solutions

Greaves Cotton shares gained over 4% to hit a high of ₹ 175 per share on NSE following the announcement. The stock was trading 3.5% higher at ₹173.6 per share later at 3:00 PM.

Greaves Cotton, in a release, stated that the EV-focused lending platform of its NBFC arm, Greaves Finance Ltd, evfin, has collaborated with River Mobility to offer customised financing solutions.

Evfin will offer competitive financing options, including low-interest loans and leases, to River Mobility customers, helping make electric scooter ownership more accessible.

River Mobility is a Bengaluru-based startup building multi-utility electric scooters.

Evfin will offer River customers loans starting at an interest rate of 5.99% with conditions.

“This collaboration ensures that River products become more accessible, catering to a broader audience of potential EV owners,” Greaves Cotton stated. The company’s digital platform offers a swift and hassle-free application process, with loan approvals secured in minutes.

“Our tailored financing solutions will provide consumers with optimal value and competitive deals on their offerings,” said P. B. Sunil Kumar, CEO, Greaves Finance Limited.

Evfin offers various financing options, including zip.fin for budget-conscious buyers seeking the lowest interest rates, eco.fin for environmentally driven consumers, and smart.fin for tech-savvy early adopters who value future upgrade possibilities.

The company's ride.fin caters to daily commuters seeking low monthly payments while protect.fin provides extended warranties and resale value assurance.

The platform also offers solutions for leading EV 2-wheeler OEMs, such as Ather Energy, Ampere from Greaves, Vida from Hero Motocorp, OLA Electric, Bajaj Chetak, and TVS iQube, in 31 cities.

Greaves Cotton is a multi-product company offering fuel-agnostic powertrain solutions, EMobility, and Aftermarket & Retail Services.